Gagnon Securities LLC Decreases Stake in Shopify Inc. (NYSE:SHOP)

Gagnon Securities LLC lowered its position in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 22.2% in the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 5,709 shares of the software maker’s stock after selling 1,625 shares during the quarter. Gagnon Securities LLC’s holdings in Shopify were worth $607,000 as of its most recent filing with the SEC.

A number of other institutional investors have also modified their holdings of SHOP. Swiss National Bank boosted its holdings in Shopify by 0.9% in the 3rd quarter. Swiss National Bank now owns 3,657,800 shares of the software maker’s stock worth $293,507,000 after acquiring an additional 33,300 shares during the period. Watts Gwilliam & Co. LLC boosted its holdings in Shopify by 53.0% in the 4th quarter. Watts Gwilliam & Co. LLC now owns 13,401 shares of the software maker’s stock worth $1,431,000 after acquiring an additional 4,641 shares during the period. Teachers Retirement System of The State of Kentucky boosted its stake in shares of Shopify by 29.3% during the 3rd quarter. Teachers Retirement System of The State of Kentucky now owns 342,030 shares of the software maker’s stock valued at $27,409,000 after buying an additional 77,500 shares during the last quarter. Oppenheimer & Co. Inc. boosted its stake in shares of Shopify by 26.4% during the 3rd quarter. Oppenheimer & Co. Inc. now owns 33,609 shares of the software maker’s stock valued at $2,693,000 after buying an additional 7,027 shares during the last quarter. Finally, Nations Financial Group Inc. IA ADV boosted its stake in shares of Shopify by 4.6% during the 3rd quarter. Nations Financial Group Inc. IA ADV now owns 4,756 shares of the software maker’s stock valued at $381,000 after buying an additional 209 shares during the last quarter. Hedge funds and other institutional investors own 69.27% of the company’s stock.

Analysts Set New Price Targets

SHOP has been the subject of several research analyst reports. Mizuho increased their target price on Shopify from $68.00 to $105.00 and gave the company a “neutral” rating in a research note on Wednesday, November 13th. Wedbush upgraded Shopify from a “neutral” rating to an “outperform” rating and increased their target price for the company from $115.00 to $125.00 in a research note on Monday, January 6th. KeyCorp increased their target price on Shopify from $80.00 to $130.00 and gave the company an “overweight” rating in a research note on Wednesday, November 13th. Scotiabank increased their target price on Shopify from $75.00 to $80.00 and gave the company a “sector perform” rating in a research note on Thursday, October 24th. Finally, Piper Sandler upped their price target on Shopify from $67.00 to $94.00 and gave the company a “neutral” rating in a research report on Wednesday, November 13th. One research analyst has rated the stock with a sell rating, fifteen have assigned a hold rating, twenty-three have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $100.32.

Shopify Trading Down 2.1 %

Shares of SHOP opened at $116.70 on Friday. The business’s 50-day moving average price is $110.16 and its 200 day moving average price is $88.30. The stock has a market capitalization of $150.79 billion, a P/E ratio of 109.07, a P/E/G ratio of 2.45 and a beta of 2.46. Shopify Inc. has a 1-year low of $48.56 and a 1-year high of $122.00. The company has a current ratio of 7.10, a quick ratio of 7.10 and a debt-to-equity ratio of 0.09.

About Shopify

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.