Kovitz Investment Group Partners LLC Acquires New Shares in Shopify Inc. (NYSE:SHOP)

Kovitz Investment Group Partners LLC acquired a new position in shares of Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP in the fourth quarter, according to its most recent disclosure with the SEC. The firm acquired 3,490 shares of the software maker's stock, valued at approximately $371,000.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Jennison Associates LLC acquired a new position in Shopify during the fourth quarter worth $132,323,000. Watts Gwilliam & Co. LLC boosted its position in shares of Shopify by 53.0% in the 4th quarter. Watts Gwilliam & Co. LLC now owns 13,401 shares of the software maker's stock worth $1,431,000 after buying an additional 4,641 shares in the last quarter. Synovus Financial Corp acquired a new stake in Shopify in the 3rd quarter valued at about $481,000. Western Financial Corp CA purchased a new position in Shopify during the 4th quarter valued at about $239,000. Finally, Kessler Investment Group LLC acquired a new position in Shopify during the fourth quarter worth about $6,105,000. 69.27% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on the company. DA Davidson reduced their target price on Shopify from $150.00 to $115.00 and set a "buy" rating on the stock in a research note on Monday, April 14th. New Street Research initiated coverage on shares of Shopify in a research note on Friday, January 10th. They issued a "neutral" rating and a $115.00 target price for the company. Barclays lifted their price target on shares of Shopify from $93.00 to $100.00 and gave the stock an "equal weight" rating in a report on Wednesday, February 12th. Piper Sandler lifted their target price on shares of Shopify from $94.00 to $104.00 and gave the stock a "neutral" rating in a research note on Wednesday, February 12th. Finally, ATB Capital increased their price target on Shopify from $145.00 to $170.00 and gave the stock a "sector perform" rating in a research note on Wednesday, February 12th. One equities research analyst has rated the stock with a sell rating, fifteen have issued a hold rating, twenty-four have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $117.11.

Shopify Stock Down 0.9 %

Shopify stock traded down $0.87 during mid-day trading on Monday, hitting $98.38. The company's stock had a trading volume of 7,648,612 shares, compared to its average volume of 9,306,900. The stock's fifty day moving average price is $94.71 and its two-hundred day moving average price is $102.59. The stock has a market capitalization of $127.38 billion, a P/E ratio of 63.47, a P/E/G ratio of 4.82 and a beta of 2.66. Shopify Inc. has a twelve month low of $48.56 and a twelve month high of $129.38.

Shopify (NYSE:SHOP - Get Free Report) TSE: SHOP last issued its earnings results on Tuesday, February 11th. The software maker reported $0.34 EPS for the quarter, missing the consensus estimate of $0.44 by ($0.10). Shopify had a return on equity of 12.00% and a net margin of 22.74%. Equities analysts expect that Shopify Inc. will post 1.12 earnings per share for the current year.

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.