Kessler Investment Group LLC Acquires 3,550 Shares of Shopify Inc. (NYSE:SHOP)

Kessler Investment Group LLC lifted its holdings in shares of Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 6.2% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 60,967 shares of the software maker's stock after acquiring an additional 3,550 shares during the quarter. Shopify accounts for about 2.8% of Kessler Investment Group LLC's holdings, making the stock its 15th largest position. Kessler Investment Group LLC's holdings in Shopify were worth $5,819,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of the business. Allianz SE bought a new position in shares of Shopify during the 4th quarter valued at approximately $27,000. PFG Private Wealth Management LLC grew its holdings in Shopify by 3,657.1% during the fourth quarter. PFG Private Wealth Management LLC now owns 263 shares of the software maker's stock valued at $28,000 after purchasing an additional 256 shares during the period. Fourth Dimension Wealth LLC bought a new position in Shopify during the fourth quarter valued at $30,000. Mark Sheptoff Financial Planning LLC increased its position in Shopify by 50.0% in the fourth quarter. Mark Sheptoff Financial Planning LLC now owns 300 shares of the software maker's stock worth $32,000 after buying an additional 100 shares during the last quarter. Finally, Strategic Investment Solutions Inc. IL bought a new stake in shares of Shopify in the fourth quarter valued at $46,000. 69.27% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

SHOP has been the subject of several analyst reports. KeyCorp cut their price objective on shares of Shopify from $140.00 to $105.00 and set an "overweight" rating for the company in a report on Wednesday, April 23rd. Benchmark reduced their price target on Shopify from $150.00 to $125.00 and set a "buy" rating for the company in a research report on Tuesday, May 6th. Truist Financial decreased their price objective on Shopify from $120.00 to $100.00 and set a "hold" rating on the stock in a research note on Tuesday, May 6th. Loop Capital cut their target price on Shopify from $150.00 to $120.00 and set a "buy" rating for the company in a research note on Wednesday, April 16th. Finally, Capital One Financial raised Shopify from an "equal weight" rating to an "overweight" rating in a report on Thursday, May 8th. One analyst has rated the stock with a sell rating, fourteen have given a hold rating, twenty-five have issued a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $115.66.

Shopify Stock Up 0.5%

Shares of Shopify stock opened at $113.65 on Friday. Shopify Inc. has a twelve month low of $48.56 and a twelve month high of $129.38. The company's 50 day moving average is $103.68 and its 200 day moving average is $104.80. The company has a market cap of $147.45 billion, a price-to-earnings ratio of 73.32, a price-to-earnings-growth ratio of 4.82 and a beta of 2.63.

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.

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