AGF Management Ltd. Reduces Holdings in Shopify Inc. (NYSE:SHOP)

Key Points

• AGF Management Ltd. has reduced its stake in Shopify Inc. by 36.9%, selling 588,283 shares during the first quarter, and now owns about 0.08% of the company valued at $95.9 million.
• Several institutional investors have adjusted their positions in Shopify, with some increasing their holdings by over 149% recently.
• Research analysts have raised price targets for Shopify shares significantly, with estimates ranging from $150 to $175, reflecting a consensus rating of "Moderate Buy."

AGF Management Ltd. trimmed its stake in Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 36.9% during the first quarter, according to its most recent 13F filing with the SEC. The firm owned 1,003,871 shares of the software maker's stock after selling 588,283 shares during the period. AGF Management Ltd. owned about 0.08% of Shopify worth $95,936,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also made changes to their positions in SHOP. Fourth Dimension Wealth LLC acquired a new position in Shopify during the 4th quarter worth approximately $30,000. Smithfield Trust Co boosted its holdings in shares of Shopify by 149.2% in the 1st quarter. Smithfield Trust Co now owns 314 shares of the software maker's stock valued at $30,000 after buying an additional 188 shares in the last quarter. Cary Street Partners Investment Advisory LLC boosted its holdings in shares of Shopify by 86.8% in the 1st quarter. Cary Street Partners Investment Advisory LLC now owns 355 shares of the software maker's stock valued at $34,000 after buying an additional 165 shares in the last quarter. Strategic Investment Solutions Inc. IL acquired a new position in shares of Shopify in the 4th quarter valued at $46,000. Finally, Accent Capital Management LLC acquired a new position in shares of Shopify in the 1st quarter valued at $46,000. 69.27% of the stock is owned by hedge funds and other institutional investors.

Shopify Trading Up 1.2%

Shares of SHOP traded up $1.80 during trading hours on Tuesday, reaching $149.30. The company had a trading volume of 7,172,887 shares, compared to its average volume of 10,527,135. The firm has a 50 day simple moving average of $119.20 and a 200-day simple moving average of $108.43. The company has a market capitalization of $193.70 billion, a price-to-earnings ratio of 96.32, a PEG ratio of 4.82 and a beta of 2.63. Shopify Inc. has a 12-month low of $65.86 and a 12-month high of $156.85.

Shopify (NYSE:SHOP - Get Free Report) TSE: SHOP last announced its quarterly earnings results on Wednesday, August 6th. The software maker reported $0.35 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.29 by $0.06. The business had revenue of $2.68 billion during the quarter, compared to the consensus estimate of $2.55 billion. Shopify had a net margin of 22.74% and a return on equity of 12.00%. The business's revenue was up 31.1% compared to the same quarter last year. During the same quarter last year, the firm posted $0.26 EPS. Sell-side analysts forecast that Shopify Inc. will post 1.12 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on SHOP shares. Cantor Fitzgerald restated a "neutral" rating and issued a $91.00 target price on shares of Shopify in a report on Wednesday, June 11th. Royal Bank Of Canada upped their target price on shares of Shopify from $145.00 to $170.00 and gave the company an "outperform" rating in a report on Thursday, August 7th. Atb Cap Markets cut shares of Shopify from a "strong-buy" rating to a "hold" rating in a report on Wednesday, August 6th. Mizuho upped their target price on shares of Shopify from $85.00 to $150.00 and gave the company a "neutral" rating in a report on Thursday, August 7th. Finally, Stifel Nicolaus increased their price target on shares of Shopify from $110.00 to $150.00 and gave the stock a "hold" rating in a research note on Thursday, August 7th. One equities research analyst has rated the stock with a sell rating, eighteen have given a hold rating and twenty-four have issued a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $148.51.

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.