Toronto Dominion Bank Has $169 Million Position in Shopify Inc. (NYSE:SHOP)

Toronto Dominion Bank decreased its holdings in shares of Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 21.4% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 2,108,854 shares of the software maker's stock after selling 575,648 shares during the period. Toronto Dominion Bank owned about 0.16% of Shopify worth $169,004,000 as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of SHOP. Baillie Gifford & Co. grew its position in Shopify by 14.7% in the 3rd quarter. Baillie Gifford & Co. now owns 63,366,308 shares of the software maker's stock worth $5,078,176,000 after purchasing an additional 8,131,160 shares during the last quarter. FMR LLC grew its holdings in Shopify by 16.1% in the 3rd quarter. FMR LLC now owns 42,306,077 shares of the software maker's stock worth $3,389,637,000 after buying an additional 5,869,795 shares in the last quarter. Mackenzie Financial Corp increased its position in Shopify by 49.9% in the 2nd quarter. Mackenzie Financial Corp now owns 6,315,028 shares of the software maker's stock valued at $417,386,000 after acquiring an additional 2,102,939 shares during the period. Clearbridge Investments LLC increased its position in Shopify by 54.2% in the 2nd quarter. Clearbridge Investments LLC now owns 4,714,691 shares of the software maker's stock valued at $311,404,000 after acquiring an additional 1,657,251 shares during the period. Finally, National Bank of Canada FI raised its stake in Shopify by 28.0% during the 3rd quarter. National Bank of Canada FI now owns 7,408,880 shares of the software maker's stock valued at $593,588,000 after acquiring an additional 1,621,981 shares in the last quarter. Institutional investors own 69.27% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on the stock. JPMorgan Chase & Co. increased their price objective on shares of Shopify from $74.00 to $76.00 and gave the company an "overweight" rating in a report on Tuesday, August 20th. Robert W. Baird upped their price objective on Shopify from $90.00 to $126.00 and gave the company an "outperform" rating in a report on Wednesday, November 13th. Piper Sandler boosted their price target on shares of Shopify from $67.00 to $94.00 and gave the stock a "neutral" rating in a research report on Wednesday, November 13th. Barclays raised their price objective on shares of Shopify from $70.00 to $93.00 and gave the company an "equal weight" rating in a research report on Wednesday, November 13th. Finally, Wells Fargo & Company boosted their target price on shares of Shopify from $90.00 to $120.00 and gave the stock an "overweight" rating in a report on Wednesday, November 13th. One research analyst has rated the stock with a sell rating, sixteen have issued a hold rating, twenty-three have assigned a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $98.08.

Shopify Price Performance

Shares of NYSE:SHOP traded up $4.02 during midday trading on Wednesday, reaching $117.47. 4,711,581 shares of the company's stock were exchanged, compared to its average volume of 9,229,202. The firm has a market capitalization of $151.78 billion, a PE ratio of 106.86, a price-to-earnings-growth ratio of 3.08 and a beta of 2.46. The company's 50 day simple moving average is $93.99 and its two-hundred day simple moving average is $76.84. Shopify Inc. has a 12 month low of $48.56 and a 12 month high of $120.72. The company has a debt-to-equity ratio of 0.09, a quick ratio of 7.10 and a current ratio of 7.10.

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.