Kennedy Investment Group Sells 2,250 Shares of Shopify Inc. (NYSE:SHOP)

Kennedy Investment Group reduced its holdings in Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 12.6% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 15,665 shares of the software maker's stock after selling 2,250 shares during the quarter. Kennedy Investment Group's holdings in Shopify were worth $1,666,000 at the end of the most recent reporting period.

Other large investors have also recently bought and sold shares of the company. Baillie Gifford & Co. increased its position in shares of Shopify by 14.7% in the 3rd quarter. Baillie Gifford & Co. now owns 63,366,308 shares of the software maker's stock valued at $5,078,176,000 after buying an additional 8,131,160 shares in the last quarter. FMR LLC increased its position in shares of Shopify by 16.1% in the 3rd 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. Clearbridge Investments LLC increased its position in shares of Shopify by 54.2% in the 2nd 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. National Bank of Canada FI increased its position in shares of Shopify by 28.0% in the 3rd quarter. National Bank of Canada FI now owns 7,408,880 shares of the software maker's stock valued at $593,588,000 after buying an additional 1,621,981 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA increased its position in shares of Shopify by 52.5% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 3,848,143 shares of the software maker's stock valued at $308,390,000 after buying an additional 1,325,350 shares in the last quarter. Institutional investors and hedge funds own 69.27% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on SHOP. Piper Sandler upped their price objective on shares of Shopify from $67.00 to $94.00 and gave the company a "neutral" rating in a research report on Wednesday, November 13th. The Goldman Sachs Group increased their target price on Shopify from $88.00 to $135.00 and gave the stock a "buy" rating in a report on Wednesday, November 13th. Scotiabank increased their target price on Shopify from $75.00 to $80.00 and gave the stock a "sector perform" rating in a report on Thursday, October 24th. Canaccord Genuity Group increased their target price on Shopify from $80.00 to $125.00 and gave the stock a "buy" rating in a report on Wednesday, November 13th. Finally, Cantor Fitzgerald reiterated a "neutral" rating and set a $70.00 target price on shares of Shopify in a report on Monday, October 7th. One research analyst has rated the stock with a sell rating, fifteen have given a hold rating, twenty-three have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $100.32.

Shopify Stock Performance

Shares of Shopify stock traded down $0.77 on Wednesday, reaching $116.69. 9,089,978 shares of the company traded hands, compared to its average volume of 6,170,773. Shopify Inc. has a 52 week low of $48.56 and a 52 week high of $120.72. The company has a 50 day moving average of $109.65 and a 200 day moving average of $87.89. The firm has a market capitalization of $150.77 billion, a PE ratio of 109.05, a PEG ratio of 2.24 and a beta of 2.46. The company has a debt-to-equity ratio of 0.09, a current ratio of 7.10 and a quick ratio of 7.10.

Shopify 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.