Quantinno Capital Management LP Purchases 9,602 Shares of Shopify Inc. (NYSE:SHOP)

Quantinno Capital Management LP grew its stake in Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 24.7% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 48,553 shares of the software maker's stock after buying an additional 9,602 shares during the period. Quantinno Capital Management LP's holdings in Shopify were worth $5,163,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of SHOP. Jennison Associates LLC acquired a new position in Shopify in the fourth quarter valued at $132,323,000. Western Financial Corp CA purchased a new stake in Shopify in the fourth quarter valued at approximately $239,000. Kessler Investment Group LLC purchased a new stake in shares of Shopify during the 4th quarter valued at $6,105,000. Whalen Wealth Management Inc. acquired a new stake in shares of Shopify during the 4th quarter worth $461,000. Finally, First National Corp MA ADV acquired a new stake in shares of Shopify during the 4th quarter worth $237,000. 69.27% of the stock is owned by hedge funds and other institutional investors.

Shopify Trading Down 2.4%

Shares of SHOP stock traded down $2.67 on Tuesday, hitting $106.43. 8,290,534 shares of the stock were exchanged, compared to its average volume of 9,562,005. The firm has a market capitalization of $137.81 billion, a P/E ratio of 68.66, a price-to-earnings-growth ratio of 4.82 and a beta of 2.66. Shopify Inc. has a fifty-two week low of $48.56 and a fifty-two week high of $129.38. The business has a 50-day moving average of $94.87 and a 200 day moving average of $104.30.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on SHOP. TD Securities increased their price target on Shopify from $100.00 to $130.00 and gave the company a "hold" rating in a report on Wednesday, February 12th. DA Davidson decreased their target price on shares of Shopify from $150.00 to $115.00 and set a "buy" rating for the company in a research note on Monday, April 14th. JPMorgan Chase & Co. dropped their price target on shares of Shopify from $124.00 to $115.00 and set an "overweight" rating on the stock in a research note on Friday, May 9th. Royal Bank of Canada reduced their price objective on Shopify from $145.00 to $125.00 and set an "outperform" rating for the company in a research report on Thursday, April 17th. Finally, Robert W. Baird lifted their target price on Shopify from $126.00 to $135.00 and gave the stock an "outperform" rating in a report on Wednesday, February 12th. One investment analyst has rated the stock with a sell rating, fourteen have issued a hold rating, twenty-six have issued a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, Shopify has an average rating of "Moderate Buy" and a consensus target price of $115.37.

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.