Intact Investment Management Inc. Trims Stock Holdings in Shopify Inc. (NYSE:SHOP)

Intact Investment Management Inc. lowered its holdings in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 17.6% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 273,124 shares of the software maker’s stock after selling 58,240 shares during the quarter. Shopify makes up 1.0% of Intact Investment Management Inc.’s portfolio, making the stock its 25th biggest holding. Intact Investment Management Inc.’s holdings in Shopify were worth $29,065,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in SHOP. Nations Financial Group Inc. IA ADV grew its position in shares of Shopify by 4.6% during the third quarter. Nations Financial Group Inc. IA ADV now owns 4,756 shares of the software maker’s stock worth $381,000 after purchasing an additional 209 shares in the last quarter. GSA Capital Partners LLP purchased a new stake in shares of Shopify during the third quarter worth about $1,011,000. Verus Capital Partners LLC purchased a new stake in shares of Shopify during the third quarter worth about $219,000. Prime Capital Investment Advisors LLC grew its holdings in Shopify by 1.4% during the 3rd quarter. Prime Capital Investment Advisors LLC now owns 13,801 shares of the software maker’s stock valued at $1,106,000 after buying an additional 195 shares in the last quarter. Finally, Aptus Capital Advisors LLC grew its holdings in Shopify by 5.5% during the 3rd quarter. Aptus Capital Advisors LLC now owns 6,059 shares of the software maker’s stock valued at $486,000 after buying an additional 315 shares in the last quarter. Hedge funds and other institutional investors own 69.27% of the company’s stock.

Shopify Stock Down 6.2 %

Shares of SHOP opened at $90.51 on Friday. Shopify Inc. has a 52 week low of $48.56 and a 52 week high of $129.38. The company has a market capitalization of $117.19 billion, a price-to-earnings ratio of 58.39, a PEG ratio of 4.82 and a beta of 2.60. The stock’s 50-day moving average price is $111.17 and its 200-day moving average price is $98.29.

Shopify (NYSE:SHOP) (TSE:SHOP) last issued its quarterly earnings results on Tuesday, February 11th. The software maker reported $0.34 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.44 by ($0.10). Shopify had a return on equity of 12.00% and a net margin of 22.74%. As a group, equities analysts anticipate that Shopify Inc. will post 1.12 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on SHOP shares. JMP Securities restated a “market outperform” rating and set a $120.00 price target on shares of Shopify in a report on Thursday, December 12th. Moffett Nathanson raised their price target on Shopify from $86.00 to $99.00 and gave the company a “neutral” rating in a report on Tuesday, November 26th. Deutsche Bank Aktiengesellschaft raised their price target on Shopify from $125.00 to $150.00 and gave the company a “buy” rating in a report on Wednesday, February 12th. Oppenheimer raised their price target on Shopify from $130.00 to $150.00 and gave the company an “outperform” rating in a report on Wednesday, February 12th. Finally, Benchmark upgraded Shopify from a “hold” rating to a “buy” rating and set a $150.00 price target for the company in a report on Monday, February 10th. One research analyst has rated the stock with a sell rating, fifteen have issued a hold rating, twenty-four have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $126.31.

Shopify 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.