Shopify Inc. (NYSE:SHOP) Shares Acquired by TD Asset Management Inc.

TD Asset Management Inc. boosted its stake in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 0.2% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 9,044,000 shares of the software maker’s stock after purchasing an additional 19,213 shares during the period. Shopify makes up about 0.9% of TD Asset Management Inc.’s investment portfolio, making the stock its 25th biggest holding. TD Asset Management Inc. owned approximately 0.70% of Shopify worth $962,023,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently added to or reduced their stakes in the company. PFG Private Wealth Management LLC raised its stake in shares of Shopify by 3,657.1% during the fourth quarter. PFG Private Wealth Management LLC now owns 263 shares of the software maker’s stock valued at $28,000 after purchasing an additional 256 shares during the period. New Wave Wealth Advisors LLC purchased a new stake in Shopify during the 4th quarter worth $39,000. Mather Group LLC. lifted its holdings in Shopify by 84.8% in the 4th quarter. Mather Group LLC. now owns 401 shares of the software maker’s stock worth $43,000 after buying an additional 184 shares in the last quarter. Brooklyn Investment Group purchased a new position in Shopify in the 3rd quarter valued at about $33,000. Finally, Sierra Ocean LLC acquired a new stake in shares of Shopify during the fourth quarter valued at about $46,000. 69.27% of the stock is owned by hedge funds and other institutional investors.

Shopify Stock Performance

SHOP opened at $109.41 on Tuesday. The firm has a market cap of $141.67 billion, a P/E ratio of 70.59, a price-to-earnings-growth ratio of 4.82 and a beta of 2.60. The business has a 50 day moving average price of $110.19 and a 200 day moving average price of $100.01. Shopify Inc. has a twelve month low of $48.56 and a twelve month high of $129.38.

Shopify (NYSE:SHOP) (TSE:SHOP) last released 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 net margin of 22.74% and a return on equity of 12.00%. As a group, analysts anticipate that Shopify Inc. will post 1.12 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

SHOP has been the subject of several research analyst reports. Truist Financial increased their target price on Shopify from $110.00 to $120.00 and gave the company a “hold” rating in a research note on Wednesday, February 12th. Piper Sandler boosted their price target on Shopify from $94.00 to $104.00 and gave the company a “neutral” rating in a report on Wednesday, February 12th. Oppenheimer raised their price objective on Shopify from $130.00 to $150.00 and gave the stock an “outperform” rating in a research note on Wednesday, February 12th. Royal Bank of Canada set a $145.00 target price on shares of Shopify and gave the company an “outperform” rating in a research note on Friday. Finally, JPMorgan Chase & Co. raised their price target on shares of Shopify from $121.00 to $124.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 12th. One research analyst has rated the stock with a sell rating, fifteen have assigned a hold rating, twenty-four have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $126.31.

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.