Shopify Inc. $SHOP Shares Sold by TD Asset Management Inc

TD Asset Management Inc reduced its position in shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 4.5% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 8,409,674 shares of the software maker’s stock after selling 400,109 shares during the period. Shopify makes up about 0.8% of TD Asset Management Inc’s investment portfolio, making the stock its 26th largest position. TD Asset Management Inc owned approximately 0.65% of Shopify worth $968,065,000 at the end of the most recent quarter.

Other large investors also recently made changes to their positions in the company. Vanguard Group Inc. grew its position in Shopify by 1.9% in the first quarter. Vanguard Group Inc. now owns 47,962,280 shares of the software maker’s stock worth $4,563,106,000 after buying an additional 882,168 shares during the last quarter. Mackenzie Financial Corp boosted its stake in shares of Shopify by 19.7% during the 1st quarter. Mackenzie Financial Corp now owns 8,648,734 shares of the software maker’s stock worth $822,745,000 after acquiring an additional 1,426,406 shares in the last quarter. Nuveen LLC acquired a new position in shares of Shopify in the 1st quarter worth $667,392,000. Canada Pension Plan Investment Board raised its position in shares of Shopify by 34.4% during the first quarter. Canada Pension Plan Investment Board now owns 5,943,409 shares of the software maker’s stock worth $565,504,000 after purchasing an additional 1,522,573 shares during the period. Finally, Massachusetts Financial Services Co. MA raised its position in shares of Shopify by 21.0% during the first quarter. Massachusetts Financial Services Co. MA now owns 5,649,162 shares of the software maker’s stock worth $539,382,000 after purchasing an additional 979,598 shares during the period. Institutional investors own 69.27% of the company’s stock.

Shopify Stock Performance

Shares of NASDAQ SHOP opened at $153.66 on Tuesday. The business has a 50 day simple moving average of $147.18 and a 200 day simple moving average of $119.67. Shopify Inc. has a 52 week low of $69.84 and a 52 week high of $169.69. The stock has a market cap of $199.71 billion, a price-to-earnings ratio of 85.84, a PEG ratio of 7.07 and a beta of 2.72.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last issued its quarterly earnings data on Wednesday, August 6th. The software maker reported $0.35 earnings per share for the quarter, beating the consensus estimate of $0.29 by $0.06. The firm had revenue of $2.68 billion for the quarter, compared to analyst estimates of $2.55 billion. Shopify had a net margin of 23.42% and a return on equity of 12.30%. The company’s revenue for the quarter was up 31.1% on a year-over-year basis. During the same quarter last year, the firm earned $0.26 earnings per share. On average, analysts predict that Shopify Inc. will post 1.12 EPS for the current year.

Wall Street Analyst Weigh In

SHOP has been the topic of several recent analyst reports. UBS Group boosted their price objective on Shopify from $110.00 to $145.00 and gave the stock a “neutral” rating in a report on Thursday, August 7th. Loop Capital lowered Shopify from a “buy” rating to a “hold” rating and set a $120.00 price target on the stock. in a research report on Tuesday, July 22nd. Weiss Ratings reissued a “hold (c)” rating on shares of Shopify in a research note on Wednesday, October 8th. Oppenheimer reaffirmed an “outperform” rating and set a $149.00 target price on shares of Shopify in a research note on Tuesday, September 30th. Finally, ATB Capital lowered shares of Shopify to a “sector perform” rating in a research report on Thursday, August 7th. Twenty-two investment analysts have rated the stock with a Buy rating, twenty-three have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $151.95.

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.