Shopify Inc. $SHOP Holdings Cut by Addenda Capital Inc.

Addenda Capital Inc. decreased its holdings in shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 2.7% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 696,130 shares of the software maker’s stock after selling 19,612 shares during the period. Shopify accounts for about 3.8% of Addenda Capital Inc.’s holdings, making the stock its 4th largest holding. Addenda Capital Inc. owned about 0.05% of Shopify worth $103,452,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. Vanguard Group Inc. raised its holdings in shares of Shopify by 2.8% during the second quarter. Vanguard Group Inc. now owns 49,316,695 shares of the software maker’s stock valued at $5,688,053,000 after acquiring an additional 1,354,415 shares in the last quarter. Norges Bank purchased a new position in Shopify during the 2nd quarter valued at $1,794,952,000. Loomis Sayles & Co. L P increased its position in Shopify by 1.3% during the 2nd quarter. Loomis Sayles & Co. L P now owns 14,622,787 shares of the software maker’s stock valued at $1,686,738,000 after purchasing an additional 191,824 shares during the period. Jennison Associates LLC raised its holdings in Shopify by 118.1% in the 2nd quarter. Jennison Associates LLC now owns 11,519,610 shares of the software maker’s stock worth $1,328,787,000 after purchasing an additional 6,238,829 shares in the last quarter. Finally, Geode Capital Management LLC lifted its position in shares of Shopify by 19.9% in the 2nd quarter. Geode Capital Management LLC now owns 10,731,795 shares of the software maker’s stock worth $1,247,007,000 after purchasing an additional 1,781,530 shares during the period. 69.27% of the stock is currently owned by institutional investors.

Shopify Price Performance

Shares of NASDAQ:SHOP opened at $166.80 on Friday. The business has a fifty day moving average price of $159.51 and a 200-day moving average price of $141.13. The company has a market capitalization of $217.15 billion, a PE ratio of 123.56, a PEG ratio of 6.01 and a beta of 2.82. Shopify Inc. has a 1-year low of $69.84 and a 1-year high of $182.19.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last announced its quarterly earnings results on Tuesday, November 4th. The software maker reported $0.27 earnings per share (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 company had revenue of $2.84 billion for the quarter, compared to analysts’ expectations of $2.75 billion. On average, sell-side analysts anticipate that Shopify Inc. will post 1.12 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several equities analysts recently issued reports on SHOP shares. Wedbush reiterated an “outperform” rating and set a $185.00 price target (up previously from $160.00) on shares of Shopify in a research report on Tuesday, November 4th. Truist Financial set a $155.00 target price on Shopify and gave the stock a “hold” rating in a report on Tuesday, November 4th. Bank of America increased their target price on Shopify from $185.00 to $190.00 and gave the stock a “buy” rating in a research report on Wednesday. Royal Bank Of Canada lifted their price target on Shopify from $170.00 to $200.00 and gave the company an “outperform” rating in a research report on Friday, October 17th. Finally, TD Cowen reaffirmed a “hold” rating and issued a $156.00 price target on shares of Shopify in a research note on Friday, October 3rd. Twenty-two research analysts have rated the stock with a Buy rating and twenty-three have assigned a Hold rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $168.69.

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.