Intact Investment Management Inc. Sells 42,860 Shares of Shopify Inc. $SHOP

Intact Investment Management Inc. decreased its holdings in shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 10.0% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 387,834 shares of the software maker’s stock after selling 42,860 shares during the quarter. Shopify makes up about 1.7% of Intact Investment Management Inc.’s holdings, making the stock its 15th biggest position. Intact Investment Management Inc.’s holdings in Shopify were worth $57,625,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Heartwood Wealth Advisors LLC acquired a new position in Shopify during the third quarter worth $27,000. Rothschild Investment LLC lifted its position in shares of Shopify by 47.5% in the second quarter. Rothschild Investment LLC now owns 233 shares of the software maker’s stock worth $27,000 after buying an additional 75 shares during the last quarter. Financial Gravity Companies Inc. bought a new stake in shares of Shopify during the 2nd quarter worth about $27,000. Tradewinds Capital Management LLC increased its holdings in shares of Shopify by 71.4% during the 2nd 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 last quarter. Finally, Coastline Trust Co acquired a new position in shares of Shopify during the 2nd quarter valued at about $29,000. Institutional investors own 69.27% of the company’s stock.

Analyst Ratings Changes

SHOP has been the subject of several analyst reports. Royal Bank Of Canada restated an “outperform” rating and issued a $200.00 target price on shares of Shopify in a report on Wednesday, January 7th. Oppenheimer reaffirmed an “outperform” rating on shares of Shopify in a report on Monday, December 1st. DZ Bank upgraded shares of Shopify from a “strong sell” rating to a “hold” rating in a research note on Thursday, November 6th. Robert W. Baird lifted their target price on shares of Shopify from $160.00 to $170.00 and gave the stock an “outperform” rating in a report on Tuesday, October 7th. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Shopify in a report on Monday, December 29th. Twenty-four equities research analysts have rated the stock with a Buy rating and twenty have given a Hold rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $171.61.

Shopify Price Performance

Shares of Shopify stock opened at $137.89 on Monday. The company has a market cap of $179.51 billion, a PE ratio of 102.14, a price-to-earnings-growth ratio of 4.08 and a beta of 2.83. The firm has a fifty day moving average price of $159.00 and a two-hundred day moving average price of $150.76. Shopify Inc. has a fifty-two week low of $69.84 and a fifty-two week high of $182.19.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last posted its quarterly earnings data on Tuesday, November 4th. The software maker reported $0.27 earnings per share (EPS) for the quarter, topping the consensus estimate 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 the consensus estimate of $2.75 billion. Analysts expect that Shopify Inc. will post 1.12 earnings per share for the current fiscal year.

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.