Shopify Inc. $SHOP Shares Sold by Dakota Wealth Management

Dakota Wealth Management cut its holdings in shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 41.9% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 6,296 shares of the software maker’s stock after selling 4,533 shares during the period. Dakota Wealth Management’s holdings in Shopify were worth $936,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Knights of Columbus Asset Advisors LLC acquired a new stake in Shopify during the 3rd quarter valued at $4,110,000. Principal Financial Group Inc. grew its holdings in shares of Shopify by 16.3% during the third quarter. Principal Financial Group Inc. now owns 450,895 shares of the software maker’s stock valued at $67,006,000 after buying an additional 63,300 shares in the last quarter. Triton Financial Group Inc acquired a new position in Shopify during the third quarter valued at $1,931,000. IQ EQ FUND MANAGEMENT IRELAND Ltd raised its position in Shopify by 65.5% during the third quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 158,514 shares of the software maker’s stock valued at $23,557,000 after buying an additional 62,743 shares during the period. Finally, TriaGen Wealth Management LLC purchased a new stake in Shopify in the 3rd quarter worth about $2,562,000. Institutional investors and hedge funds own 69.27% of the company’s stock.

Wall Street Analysts Forecast Growth

SHOP has been the topic of several research analyst reports. Morgan Stanley reaffirmed an “overweight” rating and set a $192.00 target price (up from $165.00) on shares of Shopify in a research note on Wednesday, November 5th. Oppenheimer reiterated an “outperform” rating on shares of Shopify in a research report on Monday, December 1st. Wells Fargo & Company set a $191.00 price target on shares of Shopify and gave the company an “overweight” rating in a report on Thursday, February 12th. Jefferies Financial Group set a $125.00 price objective on Shopify and gave the company a “hold” rating in a research report on Monday, February 16th. Finally, Citizens Jmp cut their price target on Shopify from $200.00 to $160.00 and set a “market outperform” rating for the company in a research note on Thursday, February 12th. Two 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 MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $162.64.

Shopify Stock Up 4.7%

Shares of SHOP stock opened at $125.93 on Friday. Shopify Inc. has a 12 month low of $69.84 and a 12 month high of $182.19. The stock has a 50 day moving average of $142.53 and a 200-day moving average of $149.82. The firm has a market cap of $163.94 billion, a PE ratio of 135.41, a price-to-earnings-growth ratio of 4.38 and a beta of 2.83.

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.