PCJ Investment Counsel Ltd. Sells 4,430 Shares of Shopify Inc. (NYSE:SHOP)

PCJ Investment Counsel Ltd. reduced its position in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 6.4% during the 3rd quarter, HoldingsChannel.com reports. The fund owned 65,020 shares of the software maker’s stock after selling 4,430 shares during the quarter. Shopify accounts for 1.6% of PCJ Investment Counsel Ltd.’s investment portfolio, making the stock its 16th biggest holding. PCJ Investment Counsel Ltd.’s holdings in Shopify were worth $5,208,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Capital World Investors grew its stake in shares of Shopify by 26.2% in the first quarter. Capital World Investors now owns 49,764,809 shares of the software maker’s stock valued at $3,840,332,000 after acquiring an additional 10,340,040 shares in the last quarter. Baillie Gifford & Co. lifted its holdings in shares of Shopify by 14.7% in the third quarter. Baillie Gifford & Co. now owns 63,366,308 shares of the software maker’s stock worth $5,078,176,000 after acquiring an additional 8,131,160 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its holdings in shares of Shopify by 21.2% in the first quarter. Price T Rowe Associates Inc. MD now owns 34,239,525 shares of the software maker’s stock worth $2,642,265,000 after acquiring an additional 5,982,434 shares during the last quarter. Mackenzie Financial Corp lifted its holdings in shares of Shopify by 49.9% in the second quarter. Mackenzie Financial Corp now owns 6,315,028 shares of the software maker’s stock worth $417,386,000 after acquiring an additional 2,102,939 shares during the last quarter. Finally, Toronto Dominion Bank lifted its holdings in shares of Shopify by 214.5% in the first quarter. Toronto Dominion Bank now owns 2,909,052 shares of the software maker’s stock worth $224,492,000 after acquiring an additional 1,983,996 shares during the last quarter. 69.27% of the stock is owned by institutional investors.

Shopify Stock Down 1.2 %

SHOP stock opened at $104.58 on Wednesday. Shopify Inc. has a twelve month low of $48.56 and a twelve month high of $115.62. The company has a quick ratio of 7.10, a current ratio of 7.10 and a debt-to-equity ratio of 0.10. The firm has a market capitalization of $134.95 billion, a PE ratio of 97.74, a PEG ratio of 3.45 and a beta of 2.36. The stock has a 50-day simple moving average of $83.46 and a two-hundred day simple moving average of $71.48.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the stock. Benchmark reissued a “hold” rating on shares of Shopify in a report on Tuesday, August 6th. Cantor Fitzgerald reissued a “neutral” rating and issued a $70.00 target price on shares of Shopify in a report on Monday, October 7th. JPMorgan Chase & Co. raised their price objective on shares of Shopify from $74.00 to $76.00 and gave the company an “overweight” rating in a report on Tuesday, August 20th. Truist Financial raised their price objective on shares of Shopify from $65.00 to $110.00 and gave the company a “hold” rating in a report on Wednesday, November 13th. Finally, Oppenheimer raised their price objective on shares of Shopify from $90.00 to $130.00 and gave the company an “outperform” rating in a report on Wednesday, November 13th. One investment analyst has rated the stock with a sell rating, seventeen have assigned a hold rating, twenty-three have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $94.95.

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.