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

Westerkirk Capital Inc. reduced its holdings in Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 16.8% during the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 51,110 shares of the software maker’s stock after selling 10,300 shares during the quarter. Shopify comprises 0.9% of Westerkirk Capital Inc.’s investment portfolio, making the stock its 22nd largest position. Westerkirk Capital Inc.’s holdings in Shopify were worth $7,595,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in SHOP. Vanguard Group Inc. lifted its stake in Shopify by 1.2% in the third quarter. Vanguard Group Inc. now owns 49,926,824 shares of the software maker’s stock worth $7,417,517,000 after acquiring an additional 610,129 shares during the period. Jennison Associates LLC raised its holdings in Shopify by 64.3% in the 3rd quarter. Jennison Associates LLC now owns 18,923,431 shares of the software maker’s stock worth $2,812,211,000 after purchasing an additional 7,403,821 shares in the last quarter. Norges Bank purchased a new stake in shares of Shopify in the 2nd quarter worth about $1,794,952,000. Loomis Sayles & Co. L P boosted its stake in shares of Shopify by 1.3% during the 2nd quarter. Loomis Sayles & Co. L P now owns 14,622,787 shares of the software maker’s stock valued at $1,686,738,000 after purchasing an additional 191,824 shares in the last quarter. Finally, Geode Capital Management LLC boosted its stake in shares of Shopify by 19.9% during the 2nd quarter. Geode Capital Management LLC now owns 10,731,795 shares of the software maker’s stock valued at $1,247,007,000 after purchasing an additional 1,781,530 shares in the last quarter. 69.27% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several analysts have weighed in on SHOP shares. Arete Research set a $175.00 price objective on Shopify in a research report on Monday, February 2nd. Phillip Securities upgraded Shopify from a “hold” rating to a “strong-buy” rating in a research note on Wednesday. Wolfe Research raised Shopify from a “hold” rating to an “outperform” rating in a research note on Tuesday, January 6th. Wedbush reduced their price target on Shopify from $185.00 to $160.00 and set an “outperform” rating on the stock in a research note on Thursday, February 12th. Finally, Robert W. Baird set a $160.00 price objective on Shopify in a research report on Thursday, February 12th. Two research analysts have rated the stock with a Strong Buy rating, thirty-one have assigned a Buy rating and ten have issued a Hold rating to the company. According to MarketBeat, Shopify presently has an average rating of “Moderate Buy” and a consensus price target of $162.64.

Shopify Stock Up 1.9%

SHOP stock opened at $126.20 on Friday. The business has a 50 day moving average of $145.96 and a 200 day moving average of $150.69. The firm has a market cap of $164.29 billion, a PE ratio of 135.70, a price-to-earnings-growth ratio of 4.60 and a beta of 2.83. Shopify Inc. has a twelve month low of $69.84 and a twelve month high of $182.19.

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.