Investment Management Corp of Ontario Has $23.16 Million Holdings in Shopify Inc. $SHOP

Investment Management Corp of Ontario trimmed its holdings in Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 24.6% in the second quarter, HoldingsChannel.com reports. The institutional investor owned 200,757 shares of the software maker’s stock after selling 65,663 shares during the period. Investment Management Corp of Ontario’s holdings in Shopify were worth $23,157,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Brighton Jones LLC lifted its holdings in Shopify by 2.8% during the 4th quarter. Brighton Jones LLC now owns 21,176 shares of the software maker’s stock valued at $2,252,000 after purchasing an additional 584 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. raised its position in shares of Shopify by 11.2% in the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 2,350 shares of the software maker’s stock valued at $224,000 after purchasing an additional 236 shares during the period. Zions Bancorporation National Association UT acquired a new stake in shares of Shopify during the 1st quarter worth about $167,000. Koss Olinger Consulting LLC bought a new stake in shares of Shopify during the 1st quarter worth about $292,000. Finally, Aigen Investment Management LP grew its stake in Shopify by 92.2% in the 1st quarter. Aigen Investment Management LP now owns 5,404 shares of the software maker’s stock valued at $516,000 after buying an additional 2,593 shares during the last quarter. 69.27% of the stock is currently owned by institutional investors.

Shopify Price Performance

Shopify stock opened at $158.41 on Tuesday. The firm has a market cap of $206.22 billion, a PE ratio of 117.34, a price-to-earnings-growth ratio of 5.98 and a beta of 2.82. The stock’s fifty day moving average price is $158.67 and its two-hundred day moving average price is $138.33. Shopify Inc. has a one year low of $69.84 and a one year high of $182.19.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last released its earnings results 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. Shopify had a return on equity of 11.72% and a net margin of 16.65%.The company had revenue of $2.84 billion for the quarter, compared to analyst estimates of $2.75 billion. Sell-side analysts expect that Shopify Inc. will post 1.12 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the stock. Wedbush restated an “outperform” rating and set a $185.00 price objective (up from $160.00) on shares of Shopify in a research report on Tuesday, November 4th. National Bankshares increased their target price on Shopify from $180.00 to $200.00 and gave the stock an “outperform” rating in a research note on Thursday, October 23rd. 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 research note on Friday, October 17th. TD Cowen reaffirmed a “hold” rating and issued a $156.00 price objective on shares of Shopify in a report on Friday, October 3rd. Finally, Benchmark reissued a “buy” rating on shares of Shopify in a report on Wednesday, December 3rd. Twenty-two equities research analysts have rated the stock with a Buy rating and twenty-three have given a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $166.53.

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.