Healthcare of Ontario Pension Plan Trust Fund reduced its position in shares of Shopify Inc. (NASDAQ:SHOP – Free Report) (TSE:SHOP) by 44.3% during the first quarter, Holdings Channel reports. The firm owned 676,388 shares of the software maker’s stock after selling 538,645 shares during the period. Healthcare of Ontario Pension Plan Trust Fund’s holdings in Shopify were worth $80,231,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also recently modified their holdings of SHOP. TBH Global Asset Management LLC raised its position in shares of Shopify by 1.2% in the fourth quarter. TBH Global Asset Management LLC now owns 6,438 shares of the software maker’s stock valued at $1,036,000 after purchasing an additional 75 shares during the period. Smartleaf Asset Management LLC grew its stake in Shopify by 13.9% in the 2nd quarter. Smartleaf Asset Management LLC now owns 631 shares of the software maker’s stock valued at $72,000 after buying an additional 77 shares in the last quarter. Pacific Sage Partners LLC raised its holdings in Shopify by 3.9% during the 4th quarter. Pacific Sage Partners LLC now owns 2,133 shares of the software maker’s stock valued at $343,000 after acquiring an additional 80 shares during the period. WealthCollab LLC lifted its position in shares of Shopify by 26.7% during the fourth quarter. WealthCollab LLC now owns 380 shares of the software maker’s stock worth $61,000 after acquiring an additional 80 shares in the last quarter. Finally, Secure Asset Management LLC boosted its holdings in shares of Shopify by 1.8% in the fourth quarter. Secure Asset Management LLC now owns 4,724 shares of the software maker’s stock worth $760,000 after acquiring an additional 83 shares during the period. 69.27% of the stock is owned by institutional investors.
Wall Street Analysts Forecast Growth
A number of research firms have recently commented on SHOP. Robert W. Baird set a $150.00 price objective on shares of Shopify in a research report on Wednesday, May 6th. Wells Fargo & Company reduced their price target on shares of Shopify from $166.00 to $144.00 and set an “overweight” rating for the company in a research report on Wednesday, May 6th. Oppenheimer reaffirmed an “outperform” rating and issued a $175.00 price target on shares of Shopify in a report on Wednesday, May 6th. Royal Bank Of Canada reaffirmed an “outperform” rating on shares of Shopify in a research note on Monday, July 20th. Finally, Barclays set a $126.00 price target on shares of Shopify and gave the stock an “equal weight” rating in a report on Wednesday, May 6th. Three investment analysts have rated the stock with a Strong Buy rating, thirty-three have issued a Buy rating and nine have assigned a Hold rating to the stock. According to MarketBeat.com, Shopify currently has an average rating of “Moderate Buy” and an average price target of $157.69.
Shopify News Summary
Here are the key news stories impacting Shopify this week:
- Positive Sentiment: Citigroup lowered its price target on Shopify to $150 from $156 but kept a Buy rating, implying meaningful upside from current levels. Benzinga
- Positive Sentiment: Several analyst-focused articles highlighted Shopify as a buy and pointed to roughly 28% upside based on consensus price targets, which can support sentiment around the stock. Wall Street Analysts See Shopify (SHOP) as a Buy: Should You Invest?
- Positive Sentiment: Growth-oriented coverage continued to argue that Shopify’s strong fundamentals and growth profile could make it attractive for long-term investors. 3 Reasons Why Growth Investors Shouldn’t Overlook Shopify (SHOP)
- Neutral Sentiment: Reports about Shopify merchants processing record GMV and the broader merchant ecosystem underscore platform momentum, but they were more of an industry/operating backdrop than a direct stock-moving announcement. DSCP Smart Fulfillment Addresses Critical Gap as Shopify Merchants Process Record $378 Billion in Annual Sales
- Negative Sentiment: Rothschild & Co Redburn cut Shopify to Hold, a downgrade that likely pressured the shares and signaled more caution on the stock’s near-term upside. Shopify (NASDAQ:SHOP) Cut to “Hold” at Rothschild & Co Redburn
Shopify Trading Up 1.6%
NASDAQ SHOP opened at $113.75 on Friday. The firm has a market cap of $147.61 billion, a PE ratio of 112.62, a price-to-earnings-growth ratio of 2.45 and a beta of 2.58. Shopify Inc. has a 1-year low of $94.00 and a 1-year high of $182.19. The stock has a 50-day moving average of $114.39 and a 200-day moving average of $122.13.
Shopify 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.
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