Shopify Inc. $SHOP Shares Purchased by Bank of Nova Scotia

Key Points

• Bank of Nova Scotia increased its Shopify stake by 24.2% in the first quarter, buying an additional 621,893 shares and bringing its holdings to 3,196,004 shares worth about $379.1 million.
• Other large institutional investors also boosted positions in Shopify, and overall institutional ownership stands at 69.27% of the company’s stock.
• Analyst sentiment remains mostly positive despite some recent downgrades: Shopify carries a Moderate Buy consensus rating with an average price target of $157.86, above its recent trading price around $112.

Bank of Nova Scotia boosted its stake in shares of Shopify Inc. (NASDAQ:SHOP - Free Report) TSE: SHOP by 24.2% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 3,196,004 shares of the software maker's stock after purchasing an additional 621,893 shares during the period. Shopify makes up approximately 0.6% of Bank of Nova Scotia's portfolio, making the stock its 26th biggest holding. Bank of Nova Scotia owned approximately 0.25% of Shopify worth $379,111,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in SHOP. Norges Bank acquired a new position in Shopify in the fourth quarter valued at $2,611,797,000. Sands Capital Management LLC grew its position in Shopify by 37.0% during the fourth quarter. Sands Capital Management LLC now owns 9,506,036 shares of the software maker's stock valued at $1,530,187,000 after acquiring an additional 2,568,765 shares during the period. Invesco Ltd. increased its stake in Shopify by 9.8% during the fourth quarter. Invesco Ltd. now owns 14,026,193 shares of the software maker's stock worth $2,257,796,000 after acquiring an additional 1,252,074 shares during the last quarter. Thrivent Financial for Lutherans increased its stake in Shopify by 7,207.2% during the fourth quarter. Thrivent Financial for Lutherans now owns 1,148,259 shares of the software maker's stock worth $184,883,000 after acquiring an additional 1,132,545 shares during the last quarter. Finally, Select Equity Group L.P. raised its holdings in shares of Shopify by 92.5% in the 2nd quarter. Select Equity Group L.P. now owns 2,246,473 shares of the software maker's stock worth $259,124,000 after purchasing an additional 1,079,494 shares during the period. Institutional investors and hedge funds own 69.27% of the company's stock.

Shopify Price Performance

Shares of SHOP stock opened at $112.00 on Friday. The firm has a fifty day moving average of $114.12 and a two-hundred day moving average of $122.19. The firm has a market cap of $145.34 billion, a P/E ratio of 110.89, a P/E/G ratio of 2.55 and a beta of 2.58. Shopify Inc. has a 1-year low of $94.00 and a 1-year high of $182.19.

Wall Street Analysts Forecast Growth

SHOP has been the topic of several research analyst reports. DA Davidson reduced their price objective on Shopify from $195.00 to $140.00 and set a "buy" rating on the stock in a research note on Wednesday, May 6th. Citigroup downgraded shares of Shopify from a "market outperform" rating to a "neutral" rating in a research report on Friday, July 10th. UBS Group reaffirmed a "neutral" rating on shares of Shopify in a research report on Thursday, May 28th. Stifel Nicolaus set a $150.00 price objective on shares of Shopify and gave the stock a "buy" rating in a research report on Thursday, July 9th. Finally, Weiss Ratings downgraded shares of Shopify from a "hold (c)" rating to a "hold (c-)" rating in a research note on Wednesday, May 6th. Three equities research analysts have rated the stock with a Strong Buy rating, thirty-two have assigned a Buy rating and ten have given a Hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $157.86.

Shopify News Roundup

Here are the key news stories impacting Shopify this week:

• Positive Sentiment: Several recent articles highlighted Shopify’s strong growth profile, pointing to its ability to generate exceptional returns and calling it attractive for growth investors. 3 Reasons Why Growth Investors Shouldn't Overlook Shopify (SHOP)
• Positive Sentiment: Analyst coverage remained upbeat overall, with reports saying Wall Street sees Shopify as a buy and consensus price targets implying meaningful upside from current levels. Wall Street Analysts See Shopify (SHOP) as a Buy: Should You Invest?
• Positive Sentiment: Another analyst-focused piece said Shopify could surge about 27.9% based on consensus estimates, suggesting expectations for continued earnings momentum. Wall Street Analysts Think Shopify (SHOP) Could Surge 27.88%: Read This Before Placing a Bet
• Neutral Sentiment: Shopify ecosystem news remained constructive, as OneMagnify earned Premier Partner status, which underscores ongoing platform adoption and partner activity. OneMagnify Achieves Shopify Premier Partner Status, Powering Measurable Growth for Global Commerce Brands
• Negative Sentiment: Offsetting the bullish commentary, Rothschild & Co Redburn downgraded Shopify from buy to hold, which likely weighed on sentiment even though its new price target still implies upside. Zacks.com
• Negative Sentiment: Separate coverage noted unusually high options volume and an earlier session where Shopify lagged the broader market, suggesting traders have been active and cautious around the stock. Shopify Sees Unusually High Options Volume NASDAQ: SHOP

About Shopify

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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