Shopify Inc. $SHOP Stock Position Lowered by Hillsdale Investment Management Inc.

Hillsdale Investment Management Inc. decreased its holdings in shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 3.1% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 536,813 shares of the software maker’s stock after selling 17,323 shares during the quarter. Shopify comprises approximately 2.4% of Hillsdale Investment Management Inc.’s holdings, making the stock its 4th biggest holding. Hillsdale Investment Management Inc.’s holdings in Shopify were worth $79,733,000 as of its most recent SEC filing.

Other large investors have also recently added to or reduced their stakes in the company. Financial Gravity Companies Inc. purchased a new stake in shares of Shopify in the second quarter worth about $27,000. Rothschild Investment LLC raised its holdings in shares of Shopify by 47.5% during the 2nd quarter. Rothschild Investment LLC now owns 233 shares of the software maker’s stock valued at $27,000 after buying an additional 75 shares during the period. Heartwood Wealth Advisors LLC acquired a new position in Shopify during the 3rd quarter worth approximately $27,000. Estabrook Capital Management purchased a new position in Shopify in the 2nd quarter worth approximately $29,000. Finally, Access Investment Management LLC purchased a new position in Shopify in the 2nd quarter worth approximately $31,000. 69.27% of the stock is currently owned by institutional investors and hedge funds.

Shopify Stock Performance

NASDAQ:SHOP opened at $126.20 on Friday. The company has a market capitalization of $164.29 billion, a price-to-earnings ratio of 135.70, a price-to-earnings-growth ratio of 4.51 and a beta of 2.83. Shopify Inc. has a one year low of $69.84 and a one year high of $182.19. The stock has a 50-day simple moving average of $145.96 and a 200 day simple moving average of $150.53.

Analyst Ratings Changes

A number of analysts have recently issued reports on SHOP shares. Scotiabank upgraded shares of Shopify from a “sector perform” rating to an “outperform” rating and lifted their price objective for the company from $165.00 to $200.00 in a research note on Thursday, January 8th. Morgan Stanley reaffirmed an “overweight” rating and set a $192.00 price target (up from $165.00) on shares of Shopify in a report on Wednesday, November 5th. ATB Cormark Capital Markets upgraded shares of Shopify from a “sector perform” rating to an “outperform” rating in a report on Tuesday, February 10th. Royal Bank Of Canada set a $170.00 price objective on shares of Shopify and gave the company an “outperform” rating in a research report on Thursday, February 12th. Finally, Mizuho upgraded Shopify from a “neutral” rating to an “outperform” rating and set a $150.00 target price for the company in a research note on Thursday, February 12th. Two research analysts have rated the stock with a Strong Buy rating, thirty-one have assigned a Buy rating and ten have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $162.64.

About Shopify

Shopify is a Canadian commerce technology company that provides a cloud-based platform for businesses to create, manage and scale online and physical retail stores. Its core offering is a software-as-a-service e-commerce platform that enables merchants to build customizable storefronts, manage product catalogs, process orders, and handle inventory. Shopify also supports omnichannel selling through integrated point-of-sale (POS) systems for in-person transactions.

Beyond storefront software, Shopify offers a range of merchant services and tools designed to simplify commerce operations.