Bank of Nova Scotia reduced its holdings in shares of Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 34.9% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 3,771,550 shares of the software maker's stock after selling 2,017,540 shares during the quarter. Shopify accounts for about 0.7% of Bank of Nova Scotia's investment portfolio, making the stock its 24th largest holding. Bank of Nova Scotia owned about 0.29% of Shopify worth $401,342,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other hedge funds have also made changes to their positions in SHOP. Vanguard Group Inc. grew its position in shares of Shopify by 1.7% in the 4th quarter. Vanguard Group Inc. now owns 47,080,112 shares of the software maker's stock worth $5,010,721,000 after acquiring an additional 781,162 shares in the last quarter. FMR LLC boosted its holdings in Shopify by 3.4% in the fourth quarter. FMR LLC now owns 43,732,077 shares of the software maker's stock worth $4,653,054,000 after purchasing an additional 1,426,000 shares during the period. Arrowstreet Capital Limited Partnership increased its stake in Shopify by 79.8% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 16,487,579 shares of the software maker's stock valued at $1,752,834,000 after purchasing an additional 7,316,862 shares during the last quarter. FIL Ltd raised its holdings in shares of Shopify by 11.9% during the fourth quarter. FIL Ltd now owns 15,774,148 shares of the software maker's stock worth $1,678,865,000 after purchasing an additional 1,682,326 shares during the period. Finally, Norges Bank bought a new position in shares of Shopify in the 4th quarter worth about $1,542,262,000. Institutional investors and hedge funds own 69.27% of the company's stock.
Shopify Trading Down 1.1 %
NYSE SHOP traded down $0.92 during trading on Friday, reaching $83.71. The company's stock had a trading volume of 18,094,214 shares, compared to its average volume of 9,222,259. The stock has a market capitalization of $108.39 billion, a PE ratio of 54.01, a PEG ratio of 4.82 and a beta of 2.82. Shopify Inc. has a 1-year low of $48.56 and a 1-year high of $129.38. The business has a 50-day moving average price of $104.13 and a 200-day moving average price of $101.62.
Shopify (NYSE:SHOP - Get Free Report) TSE: SHOP last issued its quarterly earnings data 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, analysts expect that Shopify Inc. will post 1.12 earnings per share for the current year.
Analyst Upgrades and Downgrades
Several equities research analysts recently weighed in on SHOP shares. Wells Fargo & Company increased their price objective on shares of Shopify from $120.00 to $135.00 and gave the stock an "overweight" rating in a research note on Wednesday, February 12th. New Street Research initiated coverage on Shopify in a report on Friday, January 10th. They issued a "neutral" rating and a $115.00 price target on the stock. Oppenheimer upped 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. TD Securities raised their target price on Shopify from $100.00 to $130.00 and gave the company a "hold" rating in a research note on Wednesday, February 12th. Finally, Barclays upped their price target on shares of Shopify from $93.00 to $100.00 and gave the stock an "equal weight" rating in a research report on Wednesday, February 12th. One research analyst has rated the stock with a sell rating, fifteen have issued a hold rating, twenty-four have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $126.31.
Read Our Latest Stock Report on Shopify
About Shopify
(
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.
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