JARISLOWSKY FRASER Ltd Cuts Holdings in Shopify Inc. $SHOP

JARISLOWSKY FRASER Ltd lessened its holdings in shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 4.4% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 4,861,383 shares of the software maker’s stock after selling 221,596 shares during the quarter. Shopify accounts for approximately 4.0% of JARISLOWSKY FRASER Ltd’s portfolio, making the stock its 6th largest position. JARISLOWSKY FRASER Ltd owned about 0.37% of Shopify worth $722,395,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in SHOP. Family Legacy Financial Solutions LLC acquired a new stake in shares of Shopify in the 2nd quarter worth about $25,000. Financial Gravity Companies Inc. bought a new stake in Shopify during the 2nd quarter worth approximately $27,000. Rothschild Investment LLC raised its stake in shares of Shopify by 47.5% in the second 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. Heartwood Wealth Advisors LLC bought a new position in shares of Shopify in the third quarter valued at approximately $27,000. Finally, Tradewinds Capital Management LLC lifted its stake in Shopify by 71.4% during the 2nd quarter. Tradewinds Capital Management LLC now owns 240 shares of the software maker’s stock valued at $28,000 after acquiring an additional 100 shares in the last quarter. 69.27% of the stock is owned by institutional investors.

Analysts Set New Price Targets

SHOP has been the topic of a number of recent analyst reports. Truist Financial set a $155.00 price target on shares of Shopify and gave the company a “hold” rating in a research report on Tuesday, November 4th. Stifel Nicolaus set a $175.00 price target on Shopify in a research report on Tuesday, November 4th. UBS Group set a $195.00 price target on Shopify in a report on Wednesday, December 3rd. TD Cowen reissued a “hold” rating and issued a $156.00 price objective on shares of Shopify in a research report on Friday, October 3rd. Finally, DA Davidson raised their target price on Shopify from $185.00 to $195.00 and gave the company a “buy” rating in a research report on Wednesday, November 5th. Twenty-two research 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 presently has a consensus rating of “Hold” and a consensus price target of $168.69.

Shopify Stock Performance

Shares of SHOP opened at $157.20 on Friday. The business has a 50-day moving average of $160.94 and a 200 day moving average of $145.59. Shopify Inc. has a fifty-two week low of $69.84 and a fifty-two week high of $182.19. The firm has a market cap of $204.65 billion, a P/E ratio of 116.44, a price-to-earnings-growth ratio of 4.78 and a beta of 2.82.

Shopify (NASDAQ:SHOP) (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, beating analysts’ consensus estimates of $0.24 by $0.03. The business 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, research analysts predict that Shopify Inc. will post 1.12 earnings per share for the current fiscal year.

Shopify Profile

Shopify is a Canadian commerce technology company that provides a cloud-based platform for businesses to create, manage and scale online and physical retail stores. Its core offering is a software-as-a-service e-commerce platform that enables merchants to build customizable storefronts, manage product catalogs, process orders, and handle inventory. Shopify also supports omnichannel selling through integrated point-of-sale (POS) systems for in-person transactions.

Beyond storefront software, Shopify offers a range of merchant services and tools designed to simplify commerce operations.