Intact Investment Management Inc. Decreases Stock Position in Shopify Inc. (NYSE:SHOP)

Intact Investment Management Inc. cut its stake in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 17.6% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 273,124 shares of the software maker’s stock after selling 58,240 shares during the period. Shopify comprises about 1.0% of Intact Investment Management Inc.’s holdings, making the stock its 25th largest holding. Intact Investment Management Inc.’s holdings in Shopify were worth $29,065,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the stock. PFG Private Wealth Management LLC increased its position in shares of Shopify by 3,657.1% during the fourth quarter. PFG Private Wealth Management LLC now owns 263 shares of the software maker’s stock worth $28,000 after purchasing an additional 256 shares in the last quarter. Brooklyn Investment Group acquired a new stake in shares of Shopify during the third quarter worth about $33,000. New Wave Wealth Advisors LLC acquired a new stake in shares of Shopify during the fourth quarter worth about $39,000. Mather Group LLC. increased its position in shares of Shopify by 84.8% during the fourth quarter. Mather Group LLC. now owns 401 shares of the software maker’s stock worth $43,000 after purchasing an additional 184 shares in the last quarter. Finally, Truvestments Capital LLC acquired a new stake in shares of Shopify during the third quarter worth about $45,000. 69.27% of the stock is currently owned by hedge funds and other institutional investors.

Shopify Price Performance

NYSE SHOP opened at $90.51 on Friday. Shopify Inc. has a 12 month low of $48.56 and a 12 month high of $129.38. The firm has a market capitalization of $117.19 billion, a PE ratio of 58.39, a P/E/G ratio of 4.82 and a beta of 2.60. The company’s 50 day simple moving average is $111.17 and its 200 day simple moving average is $98.29.

Shopify (NYSE:SHOP) (TSE:SHOP) last posted 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 net margin of 22.74% and a return on equity of 12.00%. Sell-side analysts anticipate that Shopify Inc. will post 1.12 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on SHOP shares. Citigroup boosted their price target on Shopify from $143.00 to $175.00 and gave the company a “buy” rating in a research report on Tuesday, February 11th. Moffett Nathanson boosted their price target on Shopify from $86.00 to $99.00 and gave the company a “neutral” rating in a research report on Tuesday, November 26th. Loop Capital upgraded Shopify from a “hold” rating to a “buy” rating and boosted their price target for the company from $110.00 to $140.00 in a research report on Friday, December 6th. Deutsche Bank Aktiengesellschaft boosted their price target on Shopify from $125.00 to $150.00 and gave the company a “buy” rating in a research report on Wednesday, February 12th. Finally, Jefferies Financial Group lifted their price objective on Shopify from $110.00 to $130.00 and gave the company a “hold” rating in a report on Tuesday, February 18th. One equities research analyst has rated the stock with a sell rating, fifteen have issued a hold rating, twenty-four have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $126.31.

Shopify 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.