Addenda Capital Inc. Cuts Stock Holdings in Shopify Inc. $SHOP

Key Points

• Addenda Capital cut its stake in Shopify by 1.8% in Q4 to 683,436 shares, a holding worth about $110.0M that represents roughly 4.0% of the fund's portfolio and is its fourth-largest position.
• Other institutions moved in the opposite direction—Jennison Associates increased its holding by 64.3% to 18.9M shares—and overall institutional ownership of Shopify is about 69.27%.
• Analyst sentiment is positive overall, with a consensus rating of "Moderate Buy" and an average target price of $162.70, versus a recent share price near $120.)

Addenda Capital Inc. cut its stake in Shopify Inc. (NASDAQ:SHOP - Free Report) TSE: SHOP by 1.8% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 683,436 shares of the software maker's stock after selling 12,694 shares during the period. Shopify comprises about 4.0% of Addenda Capital Inc.'s investment portfolio, making the stock its 4th largest position. Addenda Capital Inc. owned 0.05% of Shopify worth $110,013,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently made changes to their positions in SHOP. Jennison Associates LLC grew its holdings in shares of Shopify by 64.3% in the third quarter. Jennison Associates LLC now owns 18,923,431 shares of the software maker's stock worth $2,812,211,000 after purchasing an additional 7,403,821 shares during the last quarter. Foxhaven Asset Management LP bought a new position in Shopify during the 2nd quarter worth about $156,044,000. Select Equity Group L.P. grew its holdings in Shopify by 92.5% during the 2nd quarter. Select Equity Group L.P. now owns 2,246,473 shares of the software maker's stock worth $259,124,000 after acquiring an additional 1,079,494 shares in the last quarter. Massachusetts Financial Services Co. MA grew its holdings in Shopify by 21.3% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 5,536,825 shares of the software maker's stock worth $822,828,000 after acquiring an additional 973,132 shares in the last quarter. Finally, Steadfast Capital Management LP bought a new position in Shopify during the 3rd quarter worth about $140,930,000. 69.27% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on the stock. Arete Research set a $175.00 target price on shares of Shopify in a report on Monday, February 2nd. Bank of America increased their target price on shares of Shopify from $185.00 to $190.00 and gave the stock a "buy" rating in a report on Wednesday, December 17th. Deutsche Bank Aktiengesellschaft reiterated a "buy" rating and set a $175.00 target price on shares of Shopify in a report on Thursday, February 12th. Weiss Ratings reiterated a "hold (c)" rating on shares of Shopify in a report on Friday, March 27th. Finally, Mizuho upgraded shares of Shopify from a "neutral" rating to an "outperform" rating and set a $150.00 target price on the stock in a report on Thursday, February 12th. Three analysts have rated the stock with a Strong Buy rating, thirty-one have assigned a Buy rating and ten have assigned a Hold rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $162.70.

Shopify Stock Up 2.6%

Shares of Shopify stock opened at $120.10 on Thursday. The firm has a market capitalization of $156.62 billion, a P/E ratio of 129.14, a PEG ratio of 4.24 and a beta of 2.82. The company has a 50 day moving average price of $121.38 and a 200 day moving average price of $145.43. Shopify Inc. has a 52 week low of $74.67 and a 52 week high of $182.19.

Shopify Company 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.

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