TD Asset Management Inc. Purchases 19,213 Shares of Shopify Inc. (NYSE:SHOP)

TD Asset Management Inc. raised its holdings in shares of Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 0.2% in the fourth quarter, according to the company in its most recent filing with the Securities & 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 quarter. Shopify accounts for 0.9% of TD Asset Management Inc.'s portfolio, making the stock its 25th largest position. TD Asset Management Inc. owned 0.70% of Shopify worth $962,023,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in SHOP. Jennison Associates LLC bought a new position in shares of Shopify in the 4th quarter worth about $132,323,000. Watts Gwilliam & Co. LLC grew its holdings in shares of Shopify by 53.0% during the fourth quarter. Watts Gwilliam & Co. LLC now owns 13,401 shares of the software maker's stock valued at $1,431,000 after purchasing an additional 4,641 shares during the last quarter. Teachers Retirement System of The State of Kentucky increased its position in Shopify by 29.3% in the third quarter. Teachers Retirement System of The State of Kentucky now owns 342,030 shares of the software maker's stock worth $27,409,000 after buying an additional 77,500 shares during the period. Wahed Invest LLC increased its holdings in shares of Shopify by 18.4% in the 3rd quarter. Wahed Invest LLC now owns 57,624 shares of the software maker's stock worth $4,618,000 after acquiring an additional 8,960 shares during the period. Finally, Public Employees Retirement System of Ohio acquired a new position in shares of Shopify during the third quarter worth approximately $33,676,000. Institutional investors own 69.27% of the company's stock.

Remove Ads

Shopify Stock Performance

Shares of Shopify stock traded down $6.01 on Friday, reaching $96.51. The stock had a trading volume of 13,198,615 shares, compared to its average volume of 8,764,471. Shopify Inc. has a fifty-two week low of $48.56 and a fifty-two week high of $129.38. The business's 50-day moving average price is $110.21 and its two-hundred day moving average price is $100.78. The stock has a market cap of $124.96 billion, a P/E ratio of 62.27, a price-to-earnings-growth ratio of 4.82 and a beta of 2.60.

Shopify (NYSE:SHOP - Get Free Report) TSE: SHOP last released its quarterly earnings data on Tuesday, February 11th. The software maker reported $0.34 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, equities analysts forecast that Shopify Inc. will post 1.12 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the company. The Goldman Sachs Group raised their price target on Shopify from $135.00 to $150.00 and gave the company a "buy" rating in a report on Wednesday, February 12th. Truist Financial raised their target price on shares of Shopify from $110.00 to $120.00 and gave the company a "hold" rating in a research note on Wednesday, February 12th. ATB Capital upped their price target on shares of Shopify from $145.00 to $170.00 and gave the stock a "sector perform" rating in a research note on Wednesday, February 12th. Piper Sandler raised their price objective on shares of Shopify from $94.00 to $104.00 and gave the company a "neutral" rating in a research note on Wednesday, February 12th. Finally, Wedbush restated an "outperform" rating and issued a $125.00 target price on shares of Shopify in a research report on Tuesday, February 11th. One equities research analyst has rated the stock with a sell rating, fifteen have assigned a hold rating, twenty-four have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Shopify currently has an average rating of "Moderate Buy" and a consensus price target 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.