Investment Management Corp of Ontario Sells 65,663 Shares of Shopify Inc. $SHOP

Investment Management Corp of Ontario lessened its holdings in shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 24.6% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 200,757 shares of the software maker’s stock after selling 65,663 shares during the quarter. Investment Management Corp of Ontario’s holdings in Shopify were worth $23,157,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Rothschild Investment LLC raised its position in shares of Shopify by 47.5% during the second quarter. Rothschild Investment LLC now owns 233 shares of the software maker’s stock worth $27,000 after purchasing an additional 75 shares during the period. Prosperity Consulting Group LLC increased its stake in Shopify by 1.5% during the 2nd quarter. Prosperity Consulting Group LLC now owns 6,011 shares of the software maker’s stock worth $693,000 after purchasing an additional 90 shares in the last quarter. Hummer Financial Advisory Services Inc raised its holdings in Shopify by 3.8% during the 2nd quarter. Hummer Financial Advisory Services Inc now owns 2,595 shares of the software maker’s stock worth $299,000 after buying an additional 95 shares during the period. Lakeridge Wealth Management LLC lifted its stake in Shopify by 1.5% in the second quarter. Lakeridge Wealth Management LLC now owns 6,656 shares of the software maker’s stock valued at $768,000 after buying an additional 97 shares in the last quarter. Finally, SouthState Corp boosted its holdings in shares of Shopify by 3.7% in the second quarter. SouthState Corp now owns 2,768 shares of the software maker’s stock valued at $319,000 after buying an additional 99 shares during the period. 69.27% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities research analysts recently commented on SHOP shares. JPMorgan Chase & Co. raised their price objective on shares of Shopify from $179.00 to $180.00 and gave the stock an “overweight” rating in a report on Wednesday, November 5th. Needham & Company LLC reiterated a “buy” rating and set a $180.00 target price on shares of Shopify in a report on Wednesday, November 5th. CIBC restated an “outperform” rating on shares of Shopify in a report on Wednesday, November 5th. Zacks Research cut Shopify from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, November 12th. Finally, KeyCorp increased their price objective on Shopify from $175.00 to $200.00 and gave the stock an “overweight” rating in a report on Thursday, October 30th. Twenty-two research analysts have rated the stock with a Buy rating and twenty-three have issued a Hold rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $166.53.

Shopify Stock Performance

NASDAQ:SHOP opened at $158.41 on Tuesday. Shopify Inc. has a 52-week low of $69.84 and a 52-week high of $182.19. The company has a market cap of $206.22 billion, a P/E ratio of 117.34, a P/E/G ratio of 5.98 and a beta of 2.82. The stock’s 50-day simple moving average is $158.67 and its 200 day simple moving average is $138.33.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last issued its quarterly earnings results on Tuesday, November 4th. The software maker reported $0.27 EPS for the quarter, beating the consensus estimate of $0.24 by $0.03. The firm had revenue of $2.84 billion during the quarter, compared to analysts’ expectations of $2.75 billion. Shopify had a return on equity of 11.72% and a net margin of 16.65%. As a group, equities analysts predict that Shopify Inc. will post 1.12 earnings per share for the current fiscal year.

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.