Kennedy Investment Group Cuts Stake in Shopify Inc. $SHOP

Kennedy Investment Group lessened its holdings in shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 26.1% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 11,244 shares of the software maker’s stock after selling 3,969 shares during the quarter. Kennedy Investment Group’s holdings in Shopify were worth $1,671,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Family Legacy Financial Solutions LLC bought a new position in shares of Shopify during the second quarter worth $25,000. Financial Gravity Companies Inc. purchased a new stake in Shopify in the 2nd quarter worth $27,000. Rothschild Investment LLC boosted its holdings in shares of Shopify by 47.5% during the 2nd quarter. Rothschild Investment LLC now owns 233 shares of the software maker’s stock valued at $27,000 after purchasing an additional 75 shares during the last quarter. Heartwood Wealth Advisors LLC purchased a new position in shares of Shopify during the third quarter valued at about $27,000. Finally, Tradewinds Capital Management LLC increased its holdings in shares of Shopify by 71.4% in the second quarter. Tradewinds Capital Management LLC now owns 240 shares of the software maker’s stock worth $28,000 after purchasing an additional 100 shares during the last quarter. 69.27% of the stock is currently owned by institutional investors.

Shopify Trading Down 5.9%

Shopify stock opened at $157.51 on Thursday. Shopify Inc. has a 12-month low of $69.84 and a 12-month high of $182.19. The firm has a 50-day moving average price of $159.94 and a 200-day moving average price of $148.96. The firm has a market capitalization of $205.05 billion, a PE ratio of 116.67, a price-to-earnings-growth ratio of 4.97 and a beta of 2.83.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last issued its quarterly earnings results on Tuesday, November 4th. The software maker reported $0.27 EPS for the quarter, beating the consensus estimate of $0.24 by $0.03. The company had revenue of $2.84 billion for the quarter, compared to the consensus estimate of $2.75 billion. Shopify had a net margin of 16.65% and a return on equity of 11.72%. As a group, sell-side analysts predict that Shopify Inc. will post 1.12 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of equities analysts recently commented on the company. Citigroup reissued a “market outperform” rating on shares of Shopify in a research note on Thursday, December 4th. Weiss Ratings reiterated a “hold (c)” rating on shares of Shopify in a research report on Monday, December 29th. Benchmark restated a “buy” rating on shares of Shopify in a research report on Wednesday, December 3rd. TD Securities raised shares of Shopify to a “hold” rating in a research note on Thursday, December 4th. Finally, KeyCorp lifted their price objective on shares of Shopify from $175.00 to $200.00 and gave the stock an “overweight” rating in a research note on Thursday, October 30th. Twenty-four equities research analysts have rated the stock with a Buy rating and twenty-one have assigned a Hold rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $171.61.

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.