Shopify Inc. $SHOP Shares Sold by Hillsdale Investment Management Inc.

Hillsdale Investment Management Inc. trimmed its holdings in shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 3.1% during the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 536,813 shares of the software maker’s stock after selling 17,323 shares during the period. Shopify accounts for 2.4% of Hillsdale Investment Management Inc.’s portfolio, making the stock its 4th biggest position. Hillsdale Investment Management Inc.’s holdings in Shopify were worth $79,733,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. China Universal Asset Management Co. Ltd. raised its stake in Shopify by 39.0% during the third quarter. China Universal Asset Management Co. Ltd. now owns 51,918 shares of the software maker’s stock worth $7,716,000 after acquiring an additional 14,561 shares during the period. Kovack Advisors Inc. boosted its stake in Shopify by 34.0% in the third quarter. Kovack Advisors Inc. now owns 12,801 shares of the software maker’s stock valued at $1,902,000 after acquiring an additional 3,251 shares during the period. WT Asset Management Ltd bought a new position in shares of Shopify during the third quarter valued at approximately $33,021,000. BIT Capital GmbH raised its position in shares of Shopify by 76.4% during the 3rd quarter. BIT Capital GmbH now owns 188,752 shares of the software maker’s stock worth $28,050,000 after purchasing an additional 81,723 shares during the period. Finally, ICICI Prudential Asset Management Co Ltd raised its position in shares of Shopify by 22.8% during the 3rd quarter. ICICI Prudential Asset Management Co Ltd now owns 18,742 shares of the software maker’s stock worth $2,785,000 after purchasing an additional 3,476 shares during the period. 69.27% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

SHOP has been the subject of a number of analyst reports. Citizens Jmp reduced their price objective on Shopify from $200.00 to $160.00 and set a “market outperform” rating for the company in a research report on Thursday, February 12th. Barclays set a $130.00 target price on Shopify and gave the company an “equal weight” rating in a research note on Thursday, February 12th. BMO Capital Markets set a $160.00 price target on shares of Shopify in a research report on Thursday, February 12th. BNP Paribas Exane began coverage on shares of Shopify in a report on Monday, November 24th. They issued a “neutral” rating on the stock. Finally, Arete Research set a $175.00 price objective on shares of Shopify in a research report on Monday, February 2nd. Two equities research analysts have rated the stock with a Strong Buy rating, thirty-one have issued a Buy rating and ten have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $162.64.

Shopify Trading Up 1.9%

Shopify stock opened at $126.20 on Friday. Shopify Inc. has a 52 week low of $69.84 and a 52 week high of $182.19. The stock has a market cap of $164.29 billion, a price-to-earnings ratio of 135.70, a PEG ratio of 4.51 and a beta of 2.83. The company’s 50-day moving average price is $145.96 and its two-hundred day moving average price is $150.53.

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.