Kovack Advisors Inc. Reduces Position in Shopify Inc. (NYSE:SHOP)

Key Points

• Kovack Advisors Inc. has decreased its stake in Shopify Inc. by 50.1%, resulting in ownership of 5,263 shares valued at approximately $503,000 at the end of the quarter.
• Other institutional investors have significantly increased their positions in Shopify, with some firms like Arrowstreet Capital and Jennison Associates raising their holdings by over 300% in recent months.
• Shopify's stock has seen recent price target increases, with analysts from KeyCorp and Royal Bank of Canada raising their targets to $145.00, reflecting a generally positive sentiment among analysts.

Kovack Advisors Inc. lessened its stake in shares of Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 50.1% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 5,263 shares of the software maker's stock after selling 5,290 shares during the quarter. Kovack Advisors Inc.'s holdings in Shopify were worth $503,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Arrowstreet Capital Limited Partnership raised its holdings in shares of Shopify by 79.8% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 16,487,579 shares of the software maker's stock valued at $1,752,834,000 after acquiring an additional 7,316,862 shares in the last quarter. Jennison Associates LLC raised its holdings in shares of Shopify by 324.3% during the first quarter. Jennison Associates LLC now owns 5,280,781 shares of the software maker's stock valued at $504,209,000 after acquiring an additional 4,036,326 shares in the last quarter. Alliancebernstein L.P. raised its holdings in shares of Shopify by 631.3% during the fourth quarter. Alliancebernstein L.P. now owns 4,459,580 shares of the software maker's stock valued at $474,187,000 after acquiring an additional 3,849,796 shares in the last quarter. Marshall Wace LLP raised its holdings in shares of Shopify by 623.8% during the fourth quarter. Marshall Wace LLP now owns 1,870,891 shares of the software maker's stock valued at $198,932,000 after acquiring an additional 2,228,091 shares in the last quarter. Finally, Durable Capital Partners LP raised its holdings in shares of Shopify by 86.9% during the fourth quarter. Durable Capital Partners LP now owns 3,950,348 shares of the software maker's stock valued at $420,041,000 after acquiring an additional 1,836,294 shares in the last quarter. Hedge funds and other institutional investors own 69.27% of the company's stock.

Shopify Stock Up 1.9%

SHOP stock opened at $124.43 on Friday. Shopify Inc. has a twelve month low of $48.56 and a twelve month high of $129.38. The stock has a market cap of $161.43 billion, a P/E ratio of 80.28, a PEG ratio of 4.82 and a beta of 2.61. The business's 50-day moving average price is $112.05 and its 200-day moving average price is $105.92.

Analyst Ratings Changes

SHOP has been the subject of a number of recent analyst reports. KeyCorp upped their target price on Shopify from $115.00 to $145.00 and gave the company an "overweight" rating in a report on Tuesday. Royal Bank Of Canada upped their target price on Shopify from $125.00 to $145.00 and gave the company an "outperform" rating in a report on Friday, July 18th. Atb Cap Markets upgraded Shopify from a "hold" rating to a "strong-buy" rating in a report on Thursday, May 8th. Arete reiterated a "neutral" rating on shares of Shopify in a report on Wednesday. Finally, Morgan Stanley increased their price objective on Shopify from $106.00 to $112.00 and gave the stock an "overweight" rating in a report on Friday, May 9th. One analyst has rated the stock with a sell rating, eighteen have given a hold rating, twenty-two have given a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $119.16.

Shopify Company 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.

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