Shopify Inc. (NYSE:SHOP) Position Lessened by Great Diamond Partners LLC

Great Diamond Partners LLC reduced its stake in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 2.4% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 5,345 shares of the software maker’s stock after selling 129 shares during the quarter. Great Diamond Partners LLC’s holdings in Shopify were worth $568,000 at the end of the most recent quarter.

Other large investors have also recently added to or reduced their stakes in the company. Baillie Gifford & Co. boosted its holdings in shares of Shopify by 14.7% during the third quarter. Baillie Gifford & Co. now owns 63,366,308 shares of the software maker’s stock valued at $5,078,176,000 after acquiring an additional 8,131,160 shares during the period. FMR LLC lifted its position in Shopify by 16.1% in the 3rd quarter. FMR LLC now owns 42,306,077 shares of the software maker’s stock valued at $3,389,637,000 after purchasing an additional 5,869,795 shares during the last quarter. The Manufacturers Life Insurance Company boosted its stake in Shopify by 6.3% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 8,211,511 shares of the software maker’s stock valued at $658,248,000 after purchasing an additional 484,561 shares during the period. National Bank of Canada FI grew its position in Shopify by 28.0% in the 3rd quarter. National Bank of Canada FI now owns 7,408,880 shares of the software maker’s stock worth $593,588,000 after purchasing an additional 1,621,981 shares during the last quarter. Finally, Geode Capital Management LLC increased its stake in shares of Shopify by 9.6% in the third quarter. Geode Capital Management LLC now owns 5,387,806 shares of the software maker’s stock valued at $432,573,000 after purchasing an additional 471,280 shares during the period. 69.27% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on SHOP shares. New Street Research began coverage on Shopify in a report on Friday, January 10th. They issued a “neutral” rating and a $115.00 price objective for the company. Wells Fargo & Company increased their price target on Shopify from $90.00 to $120.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 13th. Cantor Fitzgerald restated a “neutral” rating and set a $70.00 price objective on shares of Shopify in a research note on Monday, October 7th. Moffett Nathanson increased their target price on shares of Shopify from $86.00 to $99.00 and gave the company a “neutral” rating in a research report on Tuesday, November 26th. Finally, Royal Bank of Canada reissued an “outperform” rating and set a $130.00 target price on shares of Shopify in a research note on Wednesday, January 22nd. One research analyst has rated the stock with a sell rating, fifteen have given a hold rating, twenty-three have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $100.32.

Shopify Price Performance

NYSE SHOP opened at $116.70 on Friday. The company has a debt-to-equity ratio of 0.09, a current ratio of 7.10 and a quick ratio of 7.10. The firm has a market capitalization of $150.79 billion, a price-to-earnings ratio of 109.07, a price-to-earnings-growth ratio of 2.45 and a beta of 2.46. The company has a 50 day simple moving average of $110.16 and a 200-day simple moving average of $88.30. Shopify Inc. has a 52-week low of $48.56 and a 52-week high of $122.00.

About Shopify

Shopify Inc, a commerce company, provides a commerce platform and services in Canada, the United States, Europe, the Middle East, Africa, the Asia Pacific, Australia, China, and Latin America. The company’s platform enables merchants to displays, manages, markets, and sells its products through various sales channels, including web and mobile storefronts, physical retail locations, pop-up shops, social media storefronts, native mobile apps, buy buttons, and marketplaces; and enables to manage products and inventory, process orders and payments, fulfill and ship orders, new buyers and build customer relationships, source products, leverage analytics and reporting, manage cash, payments and transactions, and access financing.