Addenda Capital Inc. Sells 82,865 Shares of Shopify Inc. $SHOP

Key Points

• Addenda Capital Inc. reduced its stake in Shopify Inc. by 10.4%, selling 82,865 shares and holding 715,742 shares worth approximately $82.6 million.
• Shopify reported $0.35 EPS for the last quarter, exceeding estimates, with a revenue of $2.68 billion, reflecting a 31.1% year-over-year increase.
• A consensus of twenty-three analysts rated Shopify as a Buy while setting a consensus price target of $151.69 for the stock.

Addenda Capital Inc. decreased its position in shares of Shopify Inc. (NASDAQ:SHOP - Free Report) TSE: SHOP by 10.4% during the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 715,742 shares of the software maker's stock after selling 82,865 shares during the quarter. Shopify makes up approximately 3.7% of Addenda Capital Inc.'s holdings, making the stock its 5th largest holding. Addenda Capital Inc. owned about 0.06% of Shopify worth $82,561,000 as of its most recent filing with the SEC.

Other large investors have also recently bought and sold shares of the company. Brighton Jones LLC raised its position in shares of 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 acquiring an additional 584 shares during the last quarter. Two Sigma Advisers LP acquired a new position in Shopify in the 4th quarter worth $314,000. Centaurus Financial Inc. boosted its stake in Shopify by 15.4% in the 4th quarter. Centaurus Financial Inc. now owns 1,496 shares of the software maker's stock worth $159,000 after purchasing an additional 200 shares during the period. Central Pacific Bank Trust Division boosted its stake in Shopify by 1,635.9% in the 1st quarter. Central Pacific Bank Trust Division now owns 5,121 shares of the software maker's stock worth $489,000 after purchasing an additional 4,826 shares during the period. Finally, Versant Capital Management Inc boosted its stake in Shopify by 1,302.7% in the 1st quarter. Versant Capital Management Inc now owns 2,567 shares of the software maker's stock worth $245,000 after purchasing an additional 2,384 shares during the period. Institutional investors and hedge funds own 69.27% of the company's stock.

Shopify Trading Down 2.2%

SHOP opened at $140.25 on Friday. The company has a fifty day moving average price of $140.00 and a two-hundred day moving average price of $115.28. The company has a market cap of $182.28 billion, a P/E ratio of 78.35, a price-to-earnings-growth ratio of 6.65 and a beta of 2.69. Shopify Inc. has a 1-year low of $69.84 and a 1-year high of $159.01.

Shopify (NASDAQ:SHOP - Get Free Report) TSE: SHOP last posted its earnings results on Wednesday, August 6th. The software maker reported $0.35 EPS for the quarter, topping the consensus estimate of $0.29 by $0.06. The company had revenue of $2.68 billion during the quarter, compared to the consensus estimate of $2.55 billion. Shopify had a net margin of 23.42% and a return on equity of 12.30%. The firm's revenue for the quarter was up 31.1% on a year-over-year basis. During the same period in the previous year, the firm posted $0.26 earnings per share. On average, research analysts forecast that Shopify Inc. will post 1.12 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on SHOP. Phillip Securities downgraded shares of Shopify from a "moderate buy" rating to a "hold" rating in a research note on Tuesday, August 12th. Cantor Fitzgerald set a $156.00 price objective on shares of Shopify and gave the stock a "neutral" rating in a research report on Wednesday, August 27th. Benchmark reaffirmed a "buy" rating and set a $140.00 target price (up from $125.00) on shares of Shopify in a report on Tuesday, August 5th. JMP Securities lifted their price objective on shares of Shopify from $135.00 to $185.00 and gave the company a "market outperform" rating in a research note on Thursday, August 7th. Finally, KeyCorp reaffirmed an "overweight" rating and set a $175.00 target price (up previously from $145.00) on shares of Shopify in a research note on Thursday, August 7th. Twenty-three research analysts have rated the stock with a Buy rating, twenty have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $151.69.

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.

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