Intact Investment Management Inc. Boosts Stock Holdings in Shopify Inc. (NYSE:SHOP)

Intact Investment Management Inc. lifted its position in Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 19.8% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 327,284 shares of the software maker's stock after buying an additional 54,160 shares during the period. Shopify makes up about 1.1% of Intact Investment Management Inc.'s portfolio, making the stock its 25th largest position. Intact Investment Management Inc.'s holdings in Shopify were worth $31,140,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of the stock. Norges Bank purchased a new stake in shares of Shopify during the fourth quarter worth $1,542,262,000. Arrowstreet Capital Limited Partnership boosted its stake in Shopify by 79.8% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 16,487,579 shares of the software maker's stock worth $1,752,834,000 after buying an additional 7,316,862 shares during the period. Alliancebernstein L.P. lifted its position in shares of Shopify by 631.3% during the fourth quarter. Alliancebernstein L.P. now owns 4,459,580 shares of the software maker's stock worth $474,187,000 after purchasing an additional 3,849,796 shares in the last quarter. Marshall Wace LLP raised its holdings in Shopify by 623.8% in the fourth quarter. Marshall Wace LLP now owns 1,870,891 shares of the software maker's stock valued at $198,932,000 after acquiring an additional 2,228,091 shares in the last quarter. Finally, Durable Capital Partners LP raised its holdings in Shopify by 86.9% in the fourth quarter. Durable Capital Partners LP now owns 3,950,348 shares of the software maker's stock valued at $420,041,000 after acquiring an additional 1,836,294 shares in the last quarter. 69.27% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

SHOP has been the topic of a number of research reports. Cantor Fitzgerald restated a "neutral" rating and set a $91.00 target price on shares of Shopify in a research report on Wednesday, June 11th. Morgan Stanley boosted their price target on Shopify from $106.00 to $112.00 and gave the company an "overweight" rating in a report on Friday, May 9th. Royal Bank Of Canada dropped their target price on Shopify from $145.00 to $125.00 and set an "outperform" rating for the company in a research note on Thursday, April 17th. Truist Financial cut their price objective on Shopify from $120.00 to $100.00 and set a "hold" rating on the stock in a report on Tuesday, May 6th. Finally, KeyCorp dropped their target price on Shopify from $140.00 to $105.00 and set an "overweight" rating on the stock in a report on Wednesday, April 23rd. One equities research analyst has rated the stock with a sell rating, fourteen have given a hold rating, twenty-five have assigned a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, Shopify has an average rating of "Moderate Buy" and an average price target of $115.66.

Shopify Stock Up 0.4%

Shares of NYSE:SHOP opened at $106.40 on Friday. Shopify Inc. has a 52-week low of $48.56 and a 52-week high of $129.38. The stock has a market cap of $138.04 billion, a price-to-earnings ratio of 68.65, a PEG ratio of 4.82 and a beta of 2.63. The business has a 50-day moving average price of $100.74 and a 200-day moving average price of $104.87.

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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