Shopify Inc. (NYSE:SHOP) Shares Sold by Intact Investment Management Inc.

Intact Investment Management Inc. cut its stake in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 36.2% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund owned 370,005 shares of the software maker’s stock after selling 209,730 shares during the period. Shopify makes up 1.2% of Intact Investment Management Inc.’s investment portfolio, making the stock its 27th largest position. Intact Investment Management Inc.’s holdings in Shopify were worth $28,807,000 as of its most recent filing with the SEC.

Several other hedge funds have also modified their holdings of SHOP. Baillie Gifford & Co. lifted its position in Shopify by 2.3% during the fourth quarter. Baillie Gifford & Co. now owns 64,164,758 shares of the software maker’s stock valued at $4,998,476,000 after buying an additional 1,419,749 shares in the last quarter. Vanguard Group Inc. lifted its position in Shopify by 1.6% during the third quarter. Vanguard Group Inc. now owns 40,926,224 shares of the software maker’s stock valued at $2,233,344,000 after buying an additional 634,883 shares in the last quarter. TD Asset Management Inc lifted its position in Shopify by 4.4% during the third quarter. TD Asset Management Inc now owns 7,104,095 shares of the software maker’s stock valued at $389,052,000 after buying an additional 299,788 shares in the last quarter. Legal & General Group Plc lifted its position in Shopify by 6.5% during the third quarter. Legal & General Group Plc now owns 6,196,285 shares of the software maker’s stock valued at $339,750,000 after buying an additional 377,901 shares in the last quarter. Finally, Artisan Partners Limited Partnership lifted its position in Shopify by 78.4% during the third quarter. Artisan Partners Limited Partnership now owns 4,809,633 shares of the software maker’s stock valued at $262,462,000 after buying an additional 2,113,773 shares in the last quarter. 69.27% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on SHOP. Wedbush reissued a “neutral” rating and set a $68.00 target price on shares of Shopify in a research report on Tuesday, February 13th. UBS Group boosted their target price on shares of Shopify from $75.00 to $80.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 14th. Morgan Stanley raised shares of Shopify from an “equal weight” rating to an “overweight” rating and boosted their target price for the stock from $74.00 to $85.00 in a research report on Friday, April 19th. Royal Bank of Canada reissued an “outperform” rating and set a $100.00 target price on shares of Shopify in a research report on Wednesday, February 14th. Finally, Wells Fargo & Company reduced their target price on shares of Shopify from $90.00 to $85.00 and set an “overweight” rating on the stock in a research report on Wednesday, February 14th. Three analysts have rated the stock with a sell rating, nineteen have issued a hold rating and fifteen have given a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $78.30.

Shopify Price Performance

NYSE SHOP traded up $0.78 on Friday, reaching $71.33. The company’s stock had a trading volume of 4,611,766 shares, compared to its average volume of 7,677,671. The firm’s 50 day moving average is $75.28 and its two-hundred day moving average is $72.50. The company has a debt-to-equity ratio of 0.10, a quick ratio of 6.99 and a current ratio of 6.99. The stock has a market cap of $91.77 billion, a PE ratio of 792.64 and a beta of 2.22. Shopify Inc. has a twelve month low of $45.50 and a twelve month high of $91.57.

Shopify (NYSE:SHOP) (TSE:SHOP) last posted its quarterly earnings data on Tuesday, February 13th. The software maker reported $0.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.22 by $0.04. The firm had revenue of $2.14 billion for the quarter, compared to the consensus estimate of $2.07 billion. Shopify had a return on equity of 4.48% and a net margin of 1.87%. As a group, sell-side analysts predict that Shopify Inc. will post 0.58 EPS for the current year.

Shopify Profile

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.