Westerkirk Capital Inc. Sells 10,300 Shares of Shopify Inc. $SHOP

Westerkirk Capital Inc. cut its position in Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 16.8% in the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 51,110 shares of the software maker’s stock after selling 10,300 shares during the period. Shopify makes up about 0.9% of Westerkirk Capital Inc.’s investment portfolio, making the stock its 22nd largest holding. Westerkirk Capital Inc.’s holdings in Shopify were worth $7,595,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the company. Heartwood Wealth Advisors LLC bought a new stake in shares of Shopify during the third quarter valued at approximately $27,000. Rothschild Investment LLC lifted its position in 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 acquiring an additional 75 shares in the last quarter. Financial Gravity Companies Inc. purchased a new stake in Shopify during the 2nd quarter valued at $27,000. Estabrook Capital Management bought a new stake in shares of Shopify in the 2nd quarter worth $29,000. Finally, Cornerstone Planning Group LLC raised its stake in shares of Shopify by 104.9% in the third quarter. Cornerstone Planning Group LLC now owns 250 shares of the software maker’s stock worth $37,000 after purchasing an additional 128 shares during the last quarter. Institutional investors own 69.27% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts recently commented on SHOP shares. Wedbush dropped their price objective on Shopify from $185.00 to $160.00 and set an “outperform” rating on the stock in a research report on Thursday, February 12th. TD Cowen upgraded shares of Shopify from a “hold” rating to a “buy” rating and set a $159.00 target price on the stock in a research note on Wednesday, February 11th. Needham & Company LLC reaffirmed a “buy” rating and set a $180.00 price target on shares of Shopify in a report on Thursday, February 12th. Citigroup reiterated a “buy” rating and issued a $172.00 price target (down from $195.00) on shares of Shopify in a research note on Friday, February 13th. Finally, BMO Capital Markets set a $160.00 price objective on shares of Shopify 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 company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $162.64.

Shopify Stock 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 company has a market cap of $164.29 billion, a P/E ratio of 135.70, a P/E/G ratio of 4.60 and a beta of 2.83. The business has a 50-day simple moving average of $145.96 and a two-hundred day simple moving average of $150.69.

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.