DF Dent & Co. Inc. Decreases Stock Position in Shopify Inc. (NYSE:SHOP)

DF Dent & Co. Inc. reduced its position in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 3.9% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 49,594 shares of the software maker’s stock after selling 2,006 shares during the period. DF Dent & Co. Inc.’s holdings in Shopify were worth $3,974,000 at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. Oliver Lagore Vanvalin Investment Group raised its stake in Shopify by 100.0% during the 2nd quarter. Oliver Lagore Vanvalin Investment Group now owns 400 shares of the software maker’s stock valued at $26,000 after buying an additional 200 shares during the last quarter. Cultivar Capital Inc. purchased a new stake in Shopify during the 2nd quarter valued at $33,000. Hazlett Burt & Watson Inc. purchased a new stake in Shopify during the 2nd quarter valued at $33,000. Brooklyn Investment Group purchased a new stake in Shopify during the 3rd quarter valued at $33,000. Finally, Rosenberg Matthew Hamilton raised its stake in Shopify by 41.3% during the 3rd quarter. Rosenberg Matthew Hamilton now owns 455 shares of the software maker’s stock valued at $36,000 after buying an additional 133 shares during the last quarter. 69.27% of the stock is currently owned by hedge funds and other institutional investors.

Shopify Stock Up 3.8 %

Shares of NYSE SHOP opened at $118.37 on Friday. The firm’s 50-day moving average price is $92.58 and its 200-day moving average price is $75.91. The company has a current ratio of 7.10, a quick ratio of 7.10 and a debt-to-equity ratio of 0.09. The stock has a market capitalization of $152.95 billion, a price-to-earnings ratio of 110.63, a P/E/G ratio of 2.97 and a beta of 2.46. Shopify Inc. has a 12-month low of $48.56 and a 12-month high of $120.72.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the stock. Moffett Nathanson boosted their target price on shares of Shopify from $86.00 to $99.00 and gave the company a “neutral” rating in a research note on Tuesday, November 26th. Wells Fargo & Company boosted their target price on shares of Shopify from $90.00 to $120.00 and gave the company an “overweight” rating in a research note on Wednesday, November 13th. JMP Securities reiterated a “market outperform” rating and set a $120.00 target price on shares of Shopify in a research note on Friday. Robert W. Baird upped their price objective on Shopify from $90.00 to $126.00 and gave the stock an “outperform” rating in a research note on Wednesday, November 13th. Finally, Citigroup upped their price objective on Shopify from $90.00 to $103.00 and gave the stock a “buy” rating in a research note on Monday, September 30th. One research analyst has rated the stock with a sell rating, sixteen have issued a hold rating, twenty-three have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $98.08.

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.