TD Asset Management Inc Decreases Holdings in Shopify Inc. (NYSE:SHOP)

Key Points

• TD Asset Management Inc reduced its holdings in Shopify Inc. by 2.6%, selling 234,217 shares and now owns 8,809,783 shares, accounting for approximately 0.8% of its portfolio.
• Shopify's stock has an average rating of "Moderate Buy" from analysts, with a consensus price target of $119.16.
• As of now, Shopify's market cap stands at $161.43 billion, with shares currently trading at $124.43, up 1.9%.

TD Asset Management Inc reduced its position in shares of Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 2.6% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 8,809,783 shares of the software maker's stock after selling 234,217 shares during the period. Shopify makes up about 0.8% of TD Asset Management Inc's portfolio, making the stock its 28th biggest holding. TD Asset Management Inc owned approximately 0.68% of Shopify worth $838,190,000 at the end of the most recent reporting period.

A number of other hedge funds also recently modified their holdings of SHOP. Mediolanum International Funds Ltd grew its position in Shopify by 104.0% in the first quarter. Mediolanum International Funds Ltd now owns 132,909 shares of the software maker's stock valued at $12,865,000 after acquiring an additional 67,745 shares during the last quarter. Skandinaviska Enskilda Banken AB publ lifted its stake in shares of Shopify by 4.7% in the first quarter. Skandinaviska Enskilda Banken AB publ now owns 169,182 shares of the software maker's stock worth $16,142,000 after acquiring an additional 7,600 shares during the period. Drive Wealth Management LLC lifted its stake in shares of Shopify by 9.8% in the first quarter. Drive Wealth Management LLC now owns 2,259 shares of the software maker's stock worth $216,000 after acquiring an additional 201 shares during the period. Caliber Wealth Management LLC KS acquired a new position in shares of Shopify in the first quarter worth approximately $434,000. Finally, Pacer Advisors Inc. lifted its stake in shares of Shopify by 3.0% in the first quarter. Pacer Advisors Inc. now owns 10,872 shares of the software maker's stock worth $1,038,000 after acquiring an additional 312 shares during the period. Institutional investors own 69.27% of the company's stock.

Wall Street Analysts Forecast Growth

SHOP has been the topic of a number of recent analyst reports. BMO Capital Markets started coverage on Shopify in a research note on Tuesday, May 6th. They issued an "outperform" rating and a $120.00 price objective on the stock. Morgan Stanley boosted their price target on Shopify from $106.00 to $112.00 and gave the company an "overweight" rating in a research note on Friday, May 9th. BNP Paribas lowered Shopify from a "strong-buy" rating to a "hold" rating in a research note on Monday, May 5th. Royal Bank Of Canada boosted their price target on Shopify from $125.00 to $145.00 and gave the company an "outperform" rating in a research note on Friday, July 18th. Finally, Barclays lowered their target price on Shopify from $100.00 to $94.00 and set an "equal weight" rating on the stock in a research report on Friday, May 9th. One investment analyst has rated the stock with a sell rating, eighteen have assigned a hold rating, twenty-two have assigned a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $120.34.

Shopify Stock Up 0.5%

Shares of NYSE SHOP traded up $0.62 during trading hours on Wednesday, reaching $125.47. 2,204,018 shares of the stock traded hands, compared to its average volume of 10,346,669. The company has a market capitalization of $162.78 billion, a P/E ratio of 80.98, a price-to-earnings-growth ratio of 4.82 and a beta of 2.61. Shopify Inc. has a 52-week low of $48.56 and a 52-week high of $129.38. The company's 50-day simple moving average is $112.77 and its two-hundred day simple moving average is $106.18.

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.