PCJ Investment Counsel Ltd. Has $5.21 Million Holdings in Shopify Inc. (NYSE:SHOP)

PCJ Investment Counsel Ltd. lowered its position in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 6.4% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 65,020 shares of the software maker’s stock after selling 4,430 shares during the quarter. Shopify accounts for about 1.6% of PCJ Investment Counsel Ltd.’s holdings, making the stock its 16th largest position. PCJ Investment Counsel Ltd.’s holdings in Shopify were worth $5,208,000 at the end of the most recent reporting period.

A number of other large investors have also made changes to their positions in SHOP. Edgestream Partners L.P. raised its holdings in shares of Shopify by 91.4% during the first quarter. Edgestream Partners L.P. now owns 6,083 shares of the software maker’s stock valued at $469,000 after acquiring an additional 2,905 shares during the period. UniSuper Management Pty Ltd increased its stake in Shopify by 96.6% in the 1st quarter. UniSuper Management Pty Ltd now owns 17,100 shares of the software maker’s stock valued at $1,320,000 after buying an additional 8,400 shares during the period. CreativeOne Wealth LLC increased its stake in Shopify by 62.4% in the 1st quarter. CreativeOne Wealth LLC now owns 6,392 shares of the software maker’s stock valued at $494,000 after buying an additional 2,456 shares during the period. Sheaff Brock Investment Advisors LLC increased its stake in shares of Shopify by 1.6% during the 1st quarter. Sheaff Brock Investment Advisors LLC now owns 13,100 shares of the software maker’s stock worth $1,011,000 after purchasing an additional 210 shares during the last quarter. Finally, Napean Trading & Investment Co Singapore PTE Ltd increased its stake in shares of Shopify by 12.3% during the 1st quarter. Napean Trading & Investment Co Singapore PTE Ltd now owns 97,694 shares of the software maker’s stock worth $7,539,000 after purchasing an additional 10,733 shares during the last quarter. Institutional investors and hedge funds own 69.27% of the company’s stock.

Shopify Stock Down 1.2 %

Shopify stock opened at $104.58 on Wednesday. The company has a 50 day moving average of $83.46 and a 200-day moving average of $71.48. The company has a quick ratio of 7.10, a current ratio of 7.10 and a debt-to-equity ratio of 0.10. The stock has a market capitalization of $134.95 billion, a PE ratio of 97.74, a price-to-earnings-growth ratio of 3.45 and a beta of 2.36. Shopify Inc. has a twelve month low of $48.56 and a twelve month high of $115.62.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on SHOP shares. Royal Bank of Canada upped their price objective on shares of Shopify from $100.00 to $130.00 and gave the stock an “outperform” rating in a report on Wednesday, November 13th. KeyCorp upped their price objective on shares of Shopify from $80.00 to $130.00 and gave the stock an “overweight” rating in a report on Wednesday, November 13th. Mizuho upped their price objective on shares of Shopify from $68.00 to $105.00 and gave the stock a “neutral” rating in a report on Wednesday, November 13th. UBS Group upped their price objective on shares of Shopify from $71.00 to $75.00 and gave the stock a “neutral” rating in a report on Thursday, August 8th. Finally, Barclays increased their price target on shares of Shopify from $70.00 to $93.00 and gave the company an “equal weight” rating in a report on Wednesday, November 13th. One investment analyst has rated the stock with a sell rating, seventeen have given a hold rating, twenty-three have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Shopify has an average rating of “Moderate Buy” and a consensus price target of $94.95.

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.