Ridgewood Investments LLC Has $341,000 Stock Holdings in Shopify Inc. (NYSE:SHOP)

Ridgewood Investments LLC reduced its position in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 8.6% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 3,208 shares of the software maker’s stock after selling 300 shares during the period. Ridgewood Investments LLC’s holdings in Shopify were worth $341,000 as of its most recent filing with the SEC.

Several other hedge funds have also bought and sold shares of the company. Baillie Gifford & Co. increased its stake in Shopify by 14.7% in the third quarter. Baillie Gifford & Co. now owns 63,366,308 shares of the software maker’s stock valued at $5,078,176,000 after acquiring an additional 8,131,160 shares during the last quarter. FMR LLC boosted its position in Shopify by 16.1% in the third quarter. FMR LLC now owns 42,306,077 shares of the software maker’s stock valued at $3,389,637,000 after buying an additional 5,869,795 shares in the last quarter. Mackenzie Financial Corp boosted its position in Shopify by 49.9% in the second quarter. Mackenzie Financial Corp now owns 6,315,028 shares of the software maker’s stock valued at $417,386,000 after buying an additional 2,102,939 shares in the last quarter. Clearbridge Investments LLC boosted its position in Shopify by 54.2% in the second quarter. Clearbridge Investments LLC now owns 4,714,691 shares of the software maker’s stock valued at $311,404,000 after buying an additional 1,657,251 shares in the last quarter. Finally, National Bank of Canada FI lifted its holdings in shares of Shopify by 28.0% during the third quarter. National Bank of Canada FI now owns 7,408,880 shares of the software maker’s stock worth $593,588,000 after purchasing an additional 1,621,981 shares during the period. 69.27% of the stock is currently owned by institutional investors and hedge funds.

Shopify Price Performance

Shares of NYSE:SHOP traded down $5.61 during midday trading on Friday, reaching $102.03. 4,519,864 shares of the company were exchanged, compared to its average volume of 5,022,641. The company has a current ratio of 7.10, a quick ratio of 7.10 and a debt-to-equity ratio of 0.09. The business’s fifty day moving average is $106.86 and its two-hundred day moving average is $83.99. Shopify Inc. has a one year low of $48.56 and a one year high of $120.72. The stock has a market cap of $131.83 billion, a PE ratio of 95.36, a price-to-earnings-growth ratio of 2.98 and a beta of 2.46.

Analyst Ratings Changes

A number of equities analysts have recently commented on the stock. Wells Fargo & Company lifted their price target on shares of Shopify from $90.00 to $120.00 and gave the stock an “overweight” rating in a report on Wednesday, November 13th. DZ Bank lowered shares of Shopify from a “hold” rating to a “sell” rating in a report on Thursday, November 21st. Truist Financial boosted their target price on shares of Shopify from $65.00 to $110.00 and gave the company a “hold” rating in a report on Wednesday, November 13th. Scotiabank boosted their target price on shares of Shopify from $75.00 to $80.00 and gave the company a “sector perform” rating in a report on Thursday, October 24th. Finally, Piper Sandler upped their target price on shares of Shopify from $67.00 to $94.00 and gave the stock a “neutral” rating in a report on Wednesday, November 13th. One research analyst has rated the stock with a sell rating, fifteen have issued a hold rating, twenty-four have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Shopify currently has an average rating of “Moderate Buy” and an average price target of $100.31.

Shopify Company Profile

Shopify Inc, a commerce company, provides a commerce platform and services in Canada, the United States, Europe, the Middle East, Africa, the Asia Pacific, Australia, China, and Latin America. The company’s platform enables merchants to displays, manages, markets, and sells its products through various sales channels, including web and mobile storefronts, physical retail locations, pop-up shops, social media storefronts, native mobile apps, buy buttons, and marketplaces; and enables to manage products and inventory, process orders and payments, fulfill and ship orders, new buyers and build customer relationships, source products, leverage analytics and reporting, manage cash, payments and transactions, and access financing.