Healthcare of Ontario Pension Plan Trust Fund Sells 538,645 Shares of Shopify Inc. $SHOP

Key Points

• Healthcare of Ontario Pension Plan Trust Fund cut its Shopify stake by 44.3% in the first quarter, selling 538,645 shares and leaving it with 676,388 shares worth about $80.2 million.
• Institutional ownership of Shopify remains high at 69.27%, with several large investors such as Vanguard, Norges Bank, and Invesco recently adjusting their positions.
• Analyst sentiment is still broadly positive: Shopify has a Moderate Buy consensus rating with an average price target of $157.69, though some firms have trimmed targets or downgraded the stock to Hold.

Healthcare of Ontario Pension Plan Trust Fund lessened its holdings in shares of Shopify Inc. (NASDAQ:SHOP - Free Report) TSE: SHOP by 44.3% in the first quarter, according to its most recent filing with the SEC. The firm owned 676,388 shares of the software maker's stock after selling 538,645 shares during the period. Healthcare of Ontario Pension Plan Trust Fund owned 0.05% of Shopify worth $80,231,000 as of its most recent filing with the SEC.

Other large investors also recently made changes to their positions in the company. Vanguard Group Inc. lifted its stake in Shopify by 1.5% in the fourth quarter. Vanguard Group Inc. now owns 50,670,627 shares of the software maker's stock valued at $8,158,643,000 after buying an additional 743,803 shares during the period. Norges Bank bought a new stake in shares of Shopify in the 4th quarter valued at about $2,611,797,000. Invesco Ltd. raised its position in shares of Shopify by 9.8% in the 4th quarter. Invesco Ltd. now owns 14,026,193 shares of the software maker's stock valued at $2,257,796,000 after acquiring an additional 1,252,074 shares during the period. Geode Capital Management LLC boosted its stake in Shopify by 6.2% during the 4th quarter. Geode Capital Management LLC now owns 12,601,476 shares of the software maker's stock worth $2,043,365,000 after acquiring an additional 737,892 shares during the last quarter. Finally, Mackenzie Financial Corp boosted its position in shares of Shopify by 9.1% during the fourth quarter. Mackenzie Financial Corp now owns 9,961,097 shares of the software maker's stock worth $1,627,352,000 after purchasing an additional 827,643 shares in the last quarter. Institutional investors and hedge funds own 69.27% of the company's stock.

Analyst Ratings Changes

Several analysts recently commented on SHOP shares. Zacks Research raised Shopify from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, July 7th. National Bank Financial set a $155.00 price target on Shopify and gave the stock an "outperform" rating in a research report on Monday, July 20th. Canaccord Genuity Group decreased their price objective on Shopify from $165.00 to $145.00 and set a "buy" rating for the company in a research report on Wednesday, May 6th. Bank of America started coverage on shares of Shopify in a report on Tuesday, July 7th. They set a "buy" rating and a $150.00 target price on the stock. Finally, Wells Fargo & Company cut their price target on shares of Shopify from $166.00 to $144.00 and set an "overweight" rating on the stock in a research note on Wednesday, May 6th. Three research analysts have rated the stock with a Strong Buy rating, thirty-three have assigned a Buy rating and nine have assigned a Hold rating to the stock. According to MarketBeat, Shopify presently has an average rating of "Moderate Buy" and a consensus price target of $157.69.

Shopify News Summary

Here are the key news stories impacting Shopify this week:

• Positive Sentiment: Citigroup lowered its price target on Shopify to $150 from $156 but kept a Buy rating, implying meaningful upside from current levels. Benzinga
• Positive Sentiment: Several analyst-focused articles highlighted Shopify as a buy and pointed to roughly 28% upside based on consensus price targets, which can support sentiment around the stock. Wall Street Analysts See Shopify (SHOP) as a Buy: Should You Invest?
• Positive Sentiment: Growth-oriented coverage continued to argue that Shopify’s strong fundamentals and growth profile could make it attractive for long-term investors. 3 Reasons Why Growth Investors Shouldn't Overlook Shopify (SHOP)
• Neutral Sentiment: Reports about Shopify merchants processing record GMV and the broader merchant ecosystem underscore platform momentum, but they were more of an industry/operating backdrop than a direct stock-moving announcement. DSCP Smart Fulfillment Addresses Critical Gap as Shopify Merchants Process Record $378 Billion in Annual Sales
• Negative Sentiment: Rothschild & Co Redburn cut Shopify to Hold, a downgrade that likely pressured the shares and signaled more caution on the stock’s near-term upside. Shopify NASDAQ: SHOP Cut to "Hold" at Rothschild & Co Redburn

Shopify Trading Up 1.6%

SHOP stock opened at $113.75 on Friday. The firm has a market capitalization of $147.61 billion, a PE ratio of 112.62, a PEG ratio of 2.45 and a beta of 2.58. Shopify Inc. has a 1-year low of $94.00 and a 1-year high of $182.19. The business's 50 day simple moving average is $114.39 and its 200 day simple moving average is $122.13.

Shopify 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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