Shopify Inc. (NYSE:SHOP) Shares Sold by Bank of Nova Scotia Trust Co.

Key Points

• Bank of Nova Scotia Trust Co. reduced its stake in Shopify Inc. by 8% during the first quarter, now holding 53,969 shares valued at approximately $5.15 million.
• Several hedge funds have modified their positions in Shopify, with notable increases in holdings from Brighton Jones LLC (2.8%) and Arete Wealth Advisors LLC (194.5%) in the fourth quarter.
• Analysts have given Shopify a consensus rating of "Moderate Buy" with an average target price of $120.34, while individual ratings varied from sell to strong buy across various firms.

Bank of Nova Scotia Trust Co. cut its holdings in Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 8.0% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 53,969 shares of the software maker's stock after selling 4,694 shares during the quarter. Bank of Nova Scotia Trust Co.'s holdings in Shopify were worth $5,153,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of SHOP. LRI Investments LLC lifted its stake in shares of Shopify by 9.8% in the 4th quarter. LRI Investments LLC now owns 889 shares of the software maker's stock worth $94,000 after purchasing an additional 79 shares during the period. Fullcircle Wealth LLC raised its position in shares of Shopify by 2.7% during the first quarter. Fullcircle Wealth LLC now owns 4,240 shares of the software maker's stock valued at $418,000 after buying an additional 110 shares during the last quarter. Avidian Wealth Enterprises LLC grew its holdings in shares of Shopify by 3.4% in the first quarter. Avidian Wealth Enterprises LLC now owns 3,533 shares of the software maker's stock valued at $337,000 after purchasing an additional 116 shares in the last quarter. Pinnacle Financial Partners Inc grew its holdings in shares of Shopify by 4.0% in the first quarter. Pinnacle Financial Partners Inc now owns 3,233 shares of the software maker's stock valued at $320,000 after purchasing an additional 125 shares in the last quarter. Finally, Accurate Wealth Management LLC boosted its stake in Shopify by 4.0% during the first quarter. Accurate Wealth Management LLC now owns 3,408 shares of the software maker's stock worth $325,000 after buying an additional 131 shares during the period. 69.27% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on SHOP shares. Mizuho decreased their price objective on shares of Shopify from $110.00 to $85.00 and set a "neutral" rating for the company in a report on Monday, April 14th. BNP Paribas downgraded Shopify from a "strong-buy" rating to a "hold" rating in a research note on Monday, May 5th. KeyCorp increased their price objective on Shopify from $115.00 to $145.00 and gave the company an "overweight" rating in a research note on Tuesday, July 22nd. Barclays cut their target price on Shopify from $100.00 to $94.00 and set an "equal weight" rating for the company in a research note on Friday, May 9th. Finally, Cantor Fitzgerald reaffirmed a "neutral" rating and issued a $91.00 target price on shares of Shopify in a research note on Wednesday, June 11th. One equities research analyst has rated the stock with a sell rating, eighteen have given a hold rating, twenty-two have assigned a buy rating and two have given a strong buy rating to the company's stock. According to data from MarketBeat.com, Shopify presently has a consensus rating of "Moderate Buy" and a consensus target price of $120.34.

Shopify Price Performance

Shares of NYSE:SHOP traded up $6.61 during trading on Monday, reaching $125.21. The company had a trading volume of 6,873,442 shares, compared to its average volume of 10,339,145. The stock's fifty day moving average price is $113.90 and its 200 day moving average price is $106.60. Shopify Inc. has a fifty-two week low of $48.56 and a fifty-two week high of $129.38. The firm has a market capitalization of $162.45 billion, a price-to-earnings ratio of 80.78, a price-to-earnings-growth ratio of 4.82 and a beta of 2.63.

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.