Nicholas Investment Partners LP increased its stake in Shopify Inc. (NYSE:SHOP) (TSE:SH) by 66.7% during the fourth quarter, Holdings Channel reports. The institutional investor owned 195,751 shares of the company’s stock after buying an additional 78,353 shares during the period. Nicholas Investment Partners LP’s holdings in Shopify were worth $8,391,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Burgundy Asset Management Ltd. purchased a new stake in shares of Shopify during the fourth quarter valued at about $429,000. Commonwealth of Pennsylvania Public School Empls Retrmt SYS increased its stake in shares of Shopify by 1.6% in the fourth quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 44,800 shares of the company’s stock valued at $1,921,000 after buying an additional 700 shares during the last quarter. Fusion Family Wealth LLC purchased a new stake in shares of Shopify during the fourth quarter valued at about $108,000. Private Advisory Group LLC purchased a new stake in shares of Shopify during the fourth quarter valued at about $217,000. Finally, Pier 88 Investment Partners LLC purchased a new stake in shares of Shopify during the fourth quarter valued at about $322,000. Institutional investors own 69.10% of the company’s stock.
Shares of Shopify Inc. (NYSE:SHOP) traded up 1.50% during midday trading on Monday, hitting $56.05. 2,540,981 shares of the stock were exchanged. Shopify Inc. has a 12 month low of $18.58 and a 12 month high of $57.16. The company’s market cap is $4.99 billion. The stock has a 50 day moving average price of $48.94 and a 200-day moving average price of $43.00.
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Several analysts have issued reports on the stock. BTIG Research reissued a “buy” rating and issued a $65.00 price objective on shares of Shopify in a research note on Monday. Monness Crespi & Hardt raised their price objective on shares of Shopify from $50.00 to $63.00 and gave the stock a “buy” rating in a research note on Monday. Royal Bank Of Canada raised their price objective on shares of Shopify from $52.00 to $63.00 and gave the stock an “outperform” rating in a research note on Monday. RBC Capital Markets reissued a “buy” rating and issued a $63.00 price objective (up previously from $52.00) on shares of Shopify in a research note on Monday. Finally, Vetr downgraded shares of Shopify from a “buy” rating to a “hold” rating and set a $53.19 price objective for the company. in a research note on Wednesday, February 1st. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and nineteen have given a buy rating to the stock. The company presently has a consensus rating of “Buy” and an average price target of $50.13.
Shopify Company Profile
Shopify Inc is a Canada-based company engaged in the offering cloud-based, multi-channel commerce platform. The Company’s platform is designed for small and medium-sized businesses. Using a single interface, the Company’s merchants can design, set up and manage their business across multiple sales channels, including Web and mobile storefronts, social media storefronts and physical retail locations.
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