Bank of Nova Scotia Trust Co. Trims Stock Position in Shopify Inc. $SHOP

Bank of Nova Scotia Trust Co. trimmed its holdings in Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 2.1% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 52,841 shares of the software maker’s stock after selling 1,128 shares during the quarter. Bank of Nova Scotia Trust Co.’s holdings in Shopify were worth $6,095,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Family Legacy Financial Solutions LLC purchased a new stake in shares of Shopify in the second quarter worth about $25,000. Financial Gravity Companies Inc. purchased a new position in Shopify during the second quarter valued at approximately $27,000. Rothschild Investment LLC lifted its holdings in Shopify by 47.5% in the second quarter. Rothschild Investment LLC now owns 233 shares of the software maker’s stock valued at $27,000 after acquiring an additional 75 shares during the period. Tradewinds Capital Management LLC lifted its holdings in Shopify by 71.4% in the second quarter. Tradewinds Capital Management LLC now owns 240 shares of the software maker’s stock valued at $28,000 after acquiring an additional 100 shares during the period. Finally, Coastline Trust Co purchased a new stake in Shopify in the 2nd quarter worth approximately $29,000. 69.27% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on SHOP shares. The Goldman Sachs Group lifted their target price on shares of Shopify from $120.00 to $176.00 and gave the company a “buy” rating in a report on Thursday, August 7th. BMO Capital Markets raised their price target on shares of Shopify from $180.00 to $190.00 and gave the company an “outperform” rating in a research report on Wednesday, November 5th. Atb Cap Markets cut shares of Shopify from a “strong-buy” rating to a “hold” rating in a report on Wednesday, August 6th. Canaccord Genuity Group upped their price objective on shares of Shopify from $165.00 to $185.00 and gave the stock a “buy” rating in a research report on Tuesday, November 4th. Finally, Benchmark reissued a “buy” rating on shares of Shopify in a research note on Wednesday, November 5th. Twenty-two analysts have rated the stock with a Buy rating and twenty-three have given a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $165.69.

Shopify Stock Up 1.3%

SHOP opened at $159.34 on Friday. The firm’s fifty day simple moving average is $157.37 and its two-hundred day simple moving average is $135.43. Shopify Inc. has a 52-week low of $69.84 and a 52-week high of $182.19. The company has a market cap of $207.44 billion, a price-to-earnings ratio of 118.03, a PEG ratio of 5.89 and a beta of 2.73.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last released its earnings results on Tuesday, November 4th. The software maker reported $0.27 EPS for the quarter, topping analysts’ consensus estimates of $0.24 by $0.03. Shopify had a net margin of 16.65% and a return on equity of 11.72%. The business had revenue of $2.84 billion during the quarter, compared to analysts’ expectations of $2.75 billion. Shopify has set its Q4 2025 guidance at EPS. On average, research analysts forecast that Shopify Inc. will post 1.12 EPS for the current year.

Shopify Company 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.