Shopify Inc. $SHOP Shares Acquired by K.J. Harrison & Partners Inc

K.J. Harrison & Partners Inc boosted its holdings in Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 13.6% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 50,227 shares of the software maker’s stock after purchasing an additional 6,000 shares during the quarter. Shopify comprises approximately 1.1% of K.J. Harrison & Partners Inc’s portfolio, making the stock its 19th biggest position. K.J. Harrison & Partners Inc’s holdings in Shopify were worth $7,599,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Financial Gravity Companies Inc. purchased a new stake in shares of Shopify during the 2nd quarter worth approximately $27,000. Rothschild Investment LLC grew its position in shares of Shopify by 47.5% in the 2nd quarter. Rothschild Investment LLC now owns 233 shares of the software maker’s stock valued at $27,000 after buying an additional 75 shares during the last quarter. Heartwood Wealth Advisors LLC acquired a new stake in Shopify during the 3rd quarter worth $27,000. Estabrook Capital Management purchased a new stake in Shopify in the second quarter valued at $29,000. Finally, Access Investment Management LLC acquired a new position in Shopify in the second quarter valued at $31,000. 69.27% of the stock is currently owned by hedge funds and other institutional investors.

Shopify Stock Performance

Shares of SHOP opened at $120.24 on Thursday. The stock has a market capitalization of $156.53 billion, a P/E ratio of 129.29, a P/E/G ratio of 4.26 and a beta of 2.83. Shopify Inc. has a 1 year low of $69.84 and a 1 year high of $182.19. The company’s fifty day moving average is $143.35 and its two-hundred day moving average is $149.98.

Analysts Set New Price Targets

Several brokerages have issued reports on SHOP. Canadian Imperial Bank of Commerce reaffirmed an “outperform” rating on shares of Shopify in a report on Wednesday, November 5th. Benchmark cut their price target on Shopify from $195.00 to $145.00 and set a “buy” rating on the stock in a research report on Tuesday, February 10th. JPMorgan Chase & Co. boosted their price objective on Shopify from $179.00 to $180.00 and gave the company an “overweight” rating in a research note on Wednesday, November 5th. Stifel Nicolaus set a $115.00 target price on shares of Shopify and gave the stock a “hold” rating in a research report on Wednesday, February 11th. Finally, TD Securities raised shares of Shopify from a “hold” rating to a “buy” rating and set a $159.00 target price on the stock in a report on Thursday, February 12th. Two equities research analysts have rated the stock with a Strong Buy rating, thirty-one have issued a Buy rating and ten have issued a Hold rating to the stock. Based on data from MarketBeat, Shopify presently has an average rating of “Moderate Buy” and a consensus price target of $162.64.

About Shopify

Shopify is a Canadian commerce technology company that provides a cloud-based platform for businesses to create, manage and scale online and physical retail stores. Its core offering is a software-as-a-service e-commerce platform that enables merchants to build customizable storefronts, manage product catalogs, process orders, and handle inventory. Shopify also supports omnichannel selling through integrated point-of-sale (POS) systems for in-person transactions.

Beyond storefront software, Shopify offers a range of merchant services and tools designed to simplify commerce operations.