Kirtland Hills Capital Management LLC Buys 3,065 Shares of Shopify Inc. (NYSE:SHOP)

Key Points

• Kirtland Hills Capital Management LLC increased its stake in Shopify by 73.6% during the first quarter, bringing its total ownership to 7,229 shares valued at approximately $690,000.
• Several institutional investors have significantly increased their holdings in Shopify, including a 324.3% increase by Jennison Associates LLC and a 631.3% increase by Alliancebernstein L.P.
• Wall Street analysts have mixed ratings for Shopify, with a consensus rating of "Moderate Buy" and a price target averaging $120.34.

Kirtland Hills Capital Management LLC grew its position in shares of Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 73.6% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 7,229 shares of the software maker's stock after purchasing an additional 3,065 shares during the period. Kirtland Hills Capital Management LLC's holdings in Shopify were worth $690,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in the company. Mather Group LLC. increased its stake in shares of Shopify by 127.4% in the first quarter. Mather Group LLC. now owns 912 shares of the software maker's stock worth $87,000 after buying an additional 511 shares during the last quarter. Dynamic Advisor Solutions LLC bought a new stake in shares of Shopify in the first quarter worth $382,000. GAMMA Investing LLC increased its stake in shares of Shopify by 80.0% in the first quarter. GAMMA Investing LLC now owns 963 shares of the software maker's stock worth $92,000 after buying an additional 428 shares during the last quarter. Bessemer Group Inc. increased its stake in shares of Shopify by 3.8% in the first quarter. Bessemer Group Inc. now owns 1,059,585 shares of the software maker's stock worth $101,163,000 after buying an additional 38,616 shares during the last quarter. Finally, Assenagon Asset Management S.A. increased its stake in shares of Shopify by 1.1% in the first quarter. Assenagon Asset Management S.A. now owns 38,732 shares of the software maker's stock worth $3,694,000 after buying an additional 432 shares during the last quarter. Hedge funds and other institutional investors own 69.27% of the company's stock.

Wall Street Analyst Weigh In

SHOP has been the subject of a number of research reports. Arete Research raised shares of Shopify to a "hold" rating in a report on Wednesday, July 23rd. Scotiabank boosted their price target on shares of Shopify from $90.00 to $115.00 and gave the company a "sector perform" rating in a report on Monday. Benchmark reduced their price target on shares of Shopify from $150.00 to $125.00 and set a "buy" rating for the company in a report on Tuesday, May 6th. National Bankshares boosted their price target on shares of Shopify from $120.00 to $140.00 and gave the company an "outperform" rating in a report on Monday, July 21st. Finally, JPMorgan Chase & Co. reduced their price target on shares of Shopify from $124.00 to $115.00 and set an "overweight" rating for the company in a report on Friday, May 9th. One equities research analyst has rated the stock with a sell rating, eighteen have given a hold rating, twenty-two have issued a buy rating and two have assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $120.34.

Shopify Stock Performance

Shares of NYSE SHOP traded down $4.22 during trading hours on Friday, hitting $117.99. The stock had a trading volume of 7,561,318 shares, compared to its average volume of 10,345,198. The company has a market capitalization of $153.08 billion, a P/E ratio of 76.23, a P/E/G ratio of 4.82 and a beta of 2.61. The firm's 50-day moving average price is $113.56 and its two-hundred day moving average price is $106.44. Shopify Inc. has a 52 week low of $48.56 and a 52 week high of $129.38.

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.