Korea Investment CORP Sells 65,464 Shares of Shopify Inc. $SHOP

Korea Investment CORP lowered its stake in shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 6.3% during the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 981,949 shares of the software maker’s stock after selling 65,464 shares during the quarter. Korea Investment CORP’s holdings in Shopify were worth $145,917,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in the company. Brighton Jones LLC grew its stake in shares of Shopify by 2.8% during the fourth quarter. Brighton Jones LLC now owns 21,176 shares of the software maker’s stock valued at $2,252,000 after buying an additional 584 shares during the last quarter. AQR Capital Management LLC raised its holdings in shares of Shopify by 107.3% in the 1st quarter. AQR Capital Management LLC now owns 14,576 shares of the software maker’s stock valued at $1,392,000 after purchasing an additional 7,544 shares in the last quarter. Sivia Capital Partners LLC raised its stake in Shopify by 6.6% in the second quarter. Sivia Capital Partners LLC now owns 8,190 shares of the software maker’s stock worth $945,000 after buying an additional 506 shares in the last quarter. Atlantic Union Bankshares Corp bought a new position in shares of Shopify in the 2nd quarter worth $528,000. Finally, SouthState Corp lifted its position in shares of Shopify by 3.7% during the second quarter. SouthState Corp now owns 2,768 shares of the software maker’s stock valued at $319,000 after buying an additional 99 shares during the last quarter. 69.27% of the stock is currently owned by institutional investors.

Shopify Stock Performance

Shares of Shopify stock opened at $130.20 on Friday. Shopify Inc. has a one year low of $69.84 and a one year high of $182.19. The company has a market cap of $169.50 billion, a price-to-earnings ratio of 140.00, a PEG ratio of 4.74 and a beta of 2.83. The business’s 50 day moving average price is $137.30 and its 200 day moving average price is $149.06.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on the company. Stifel Nicolaus set a $115.00 price target on Shopify and gave the stock a “hold” rating in a research report on Wednesday, February 11th. Raymond James Financial reiterated a “market perform” rating on shares of Shopify in a research note on Monday, December 1st. Wolfe Research upgraded Shopify from a “hold” rating to an “outperform” rating in a research report on Tuesday, January 6th. BMO Capital Markets set a $160.00 price target on shares of Shopify in a report on Thursday, February 12th. Finally, BNP Paribas Exane assumed coverage on Shopify in a research report on Monday, November 24th. They issued a “neutral” rating on the stock. Two investment analysts have rated the stock with a Strong Buy rating, thirty-one have issued a Buy rating and ten have given a Hold rating to the company. According to data from MarketBeat.com, Shopify presently has a consensus rating of “Moderate Buy” and a consensus target price of $162.64.

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.