Addenda Capital Inc. Sells 71,262 Shares of Shopify Inc. (NYSE:SHOP)

Addenda Capital Inc. cut its holdings in Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 8.2% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 798,607 shares of the software maker's stock after selling 71,262 shares during the quarter. Shopify accounts for 3.6% of Addenda Capital Inc.'s portfolio, making the stock its 5th biggest holding. Addenda Capital Inc. owned 0.06% of Shopify worth $76,251,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of SHOP. Allianz SE acquired a new position in Shopify during the fourth quarter worth $27,000. PFG Private Wealth Management LLC raised its holdings in Shopify by 3,657.1% during the fourth quarter. PFG Private Wealth Management LLC now owns 263 shares of the software maker's stock worth $28,000 after purchasing an additional 256 shares during the last quarter. Fourth Dimension Wealth LLC acquired a new position in Shopify during the fourth quarter worth $30,000. Mark Sheptoff Financial Planning LLC raised its holdings in Shopify by 50.0% during the fourth quarter. Mark Sheptoff Financial Planning LLC now owns 300 shares of the software maker's stock worth $32,000 after purchasing an additional 100 shares during the last quarter. Finally, New Wave Wealth Advisors LLC acquired a new position in Shopify during the fourth quarter worth $39,000. 69.27% of the stock is currently owned by hedge funds and other institutional investors.

Shopify Stock Up 1.3%

Shares of NYSE SHOP traded up $1.38 on Thursday, hitting $104.96. The company had a trading volume of 5,168,103 shares, compared to its average volume of 9,391,727. Shopify Inc. has a 12-month low of $48.56 and a 12-month high of $129.38. The business has a 50 day moving average of $95.55 and a two-hundred day moving average of $105.01. The firm has a market capitalization of $135.90 billion, a P/E ratio of 67.72, a PEG ratio of 4.82 and a beta of 2.66.

Wall Street Analysts Forecast Growth

SHOP has been the subject of a number of analyst reports. TD Securities boosted their price target on Shopify from $100.00 to $130.00 and gave the stock a "hold" rating in a report on Wednesday, February 12th. Piper Sandler boosted their price target on Shopify from $94.00 to $104.00 and gave the stock a "neutral" rating in a report on Wednesday, February 12th. Barclays cut their price target on Shopify from $100.00 to $94.00 and set an "equal weight" rating for the company in a report on Friday, May 9th. Loop Capital cut their price target on Shopify from $150.00 to $120.00 and set a "buy" rating for the company in a report on Wednesday, April 16th. Finally, Morgan Stanley boosted their price target on Shopify from $106.00 to $112.00 and gave the stock an "overweight" rating in a report on Friday, May 9th. One research analyst has rated the stock with a sell rating, fourteen have assigned a hold rating, twenty-six have assigned a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, Shopify presently has an average rating of "Moderate Buy" and a consensus price target of $115.37.

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.