Quantinno Capital Management LP Has $26.30 Million Stock Holdings in Shopify Inc. $SHOP

Quantinno Capital Management LP boosted its stake in shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 10.4% in the first quarter, HoldingsChannel reports. The firm owned 221,747 shares of the software maker’s stock after purchasing an additional 20,879 shares during the quarter. Quantinno Capital Management LP’s holdings in Shopify were worth $26,304,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Kingdom Financial Group LLC. acquired a new stake in shares of Shopify during the 4th quarter worth about $26,000. Curio Wealth LLC acquired a new position in Shopify in the 4th quarter valued at about $27,000. Mowery & Schoenfeld Wealth Management LLC acquired a new position in Shopify in the 4th quarter valued at about $29,000. Lloyd Advisory Services LLC. bought a new position in Shopify in the 4th quarter valued at about $31,000. Finally, Lodestone Wealth Management LLC bought a new position in Shopify in the 4th quarter valued at about $31,000. 69.27% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

SHOP has been the topic of several research reports. Stifel Nicolaus set a $150.00 target price on Shopify and gave the company a “buy” rating in a research report on Thursday, July 9th. Piper Sandler reaffirmed an “overweight” rating and issued a $150.00 price objective (down from $165.00) on shares of Shopify in a report on Tuesday, May 5th. Weiss Ratings downgraded Shopify from a “hold (c)” rating to a “hold (c-)” rating in a report on Wednesday, May 6th. BMO Capital Markets started coverage on shares of Shopify in a research note on Friday, July 10th. They issued a “market perform” rating on the stock. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $180.00 price target on shares of Shopify in a research report on Tuesday, May 5th. Three analysts have rated the stock with a Strong Buy rating, thirty-three have issued a Buy rating and nine have issued a Hold rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $157.69.

Shopify Price Performance

Shares of NASDAQ SHOP opened at $117.15 on Friday. The stock has a market capitalization of $152.02 billion, a PE ratio of 115.99, a P/E/G ratio of 2.64 and a beta of 2.58. The business has a fifty day moving average price of $116.58 and a two-hundred day moving average price of $120.67. Shopify Inc. has a fifty-two week low of $94.00 and a fifty-two week high of $182.19.

Shopify Company Profile

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.