Intact Investment Management Inc. Raises Holdings in Shopify Inc. $SHOP

by · The Markets Daily

Intact Investment Management Inc. boosted its stake in Shopify Inc. (NASDAQ:SHOP – Free Report) (TSE:SHOP) by 31.6% during the second quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 430,694 shares of the software maker’s stock after buying an additional 103,410 shares during the quarter. Shopify makes up about 1.7% of Intact Investment Management Inc.’s holdings, making the stock its 13th biggest position. Intact Investment Management Inc.’s holdings in Shopify were worth $49,660,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Family Legacy Financial Solutions LLC purchased a new stake in Shopify during the 2nd quarter worth about $25,000. Rothschild Investment LLC boosted its stake in shares of Shopify by 47.5% during the 2nd 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 last quarter. Financial Gravity Companies Inc. purchased a new stake in shares of Shopify during the second quarter worth about $27,000. Tradewinds Capital Management LLC lifted its stake in shares of Shopify by 71.4% during the second quarter. Tradewinds Capital Management LLC now owns 240 shares of the software maker’s stock valued at $28,000 after buying an additional 100 shares during the period. Finally, Coastline Trust Co acquired a new stake in Shopify during the second quarter worth approximately $29,000. 69.27% of the stock is currently owned by hedge funds and other institutional investors.

Shopify Stock Up 0.9%

NASDAQ:SHOP opened at $159.89 on Wednesday. The company has a market cap of $208.15 billion, a PE ratio of 118.44, a P/E/G ratio of 5.89 and a beta of 2.82. The business’s 50 day moving average is $158.89 and its two-hundred day moving average is $138.74. Shopify Inc. has a 52 week low of $69.84 and a 52 week high of $182.19.

Shopify (NASDAQ:SHOP – Get Free Report) (TSE:SHOP) last announced 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. The firm had revenue of $2.84 billion for 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, sell-side analysts expect that Shopify Inc. will post 1.12 EPS for the current fiscal year.

Analyst Ratings Changes

Several brokerages have weighed in on SHOP. Royal Bank Of Canada boosted their price target on Shopify from $170.00 to $200.00 and gave the company an “outperform” rating in a report on Friday, October 17th. BNP Paribas Exane assumed coverage on Shopify in a research report on Monday, November 24th. They set a “neutral” rating for the company. JPMorgan Chase & Co. raised their target price on shares of Shopify from $179.00 to $180.00 and gave the company an “overweight” rating in a research note on Wednesday, November 5th. Barclays set a $140.00 target price on Shopify and gave the company an “equal weight” rating in a report on Wednesday, November 5th. Finally, Cantor Fitzgerald reiterated a “neutral” rating and issued a $181.00 price objective (up previously from $156.00) on shares of Shopify in a report on Wednesday, November 5th. Twenty-two investment analysts have rated the stock with a Buy rating and twenty-three have issued a Hold rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $166.53.

Get Our Latest Analysis on Shopify

Shopify Profile

(Free Report)

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.

Recommended Stories

Want to see what other hedge funds are holding SHOP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Shopify Inc. (NASDAQ:SHOP – Free Report) (TSE:SHOP).