TD Asset Management Inc Raises Holdings in Shopify Inc. $SHOP

Key Points

• TD Asset Management Inc. increased its Shopify stake by 2.2% in the fourth quarter, adding 185,252 shares and bringing its total to 8.7 million shares valued at about $1.4 billion.
• Shopify’s board approved an additional $3 billion for share repurchases, raising the total buyback authorization to $5 billion. The move is seen as a sign of management confidence and could help support the stock.
• Despite a recent 3.5% decline in the share price, analysts remain broadly positive, with a consensus rating of Moderate Buy and an average price target of $157.17. Shopify also reported strong quarterly revenue of $3.17 billion, topping estimates.

TD Asset Management Inc raised its position in shares of Shopify Inc. (NASDAQ:SHOP - Free Report) TSE: SHOP by 2.2% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 8,713,762 shares of the software maker's stock after buying an additional 185,252 shares during the period. Shopify comprises about 1.1% of TD Asset Management Inc's holdings, making the stock its 17th largest holding. TD Asset Management Inc owned about 0.67% of Shopify worth $1,404,790,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Moloney Securities Asset Management LLC boosted its position in shares of Shopify by 1.8% during the third quarter. Moloney Securities Asset Management LLC now owns 3,951 shares of the software maker's stock worth $587,000 after buying an additional 70 shares during the period. Seros Financial LLC boosted its position in shares of Shopify by 2.7% during the third quarter. Seros Financial LLC now owns 2,856 shares of the software maker's stock worth $424,000 after buying an additional 75 shares during the period. First Affirmative Financial Network boosted its position in shares of Shopify by 3.4% during the third quarter. First Affirmative Financial Network now owns 2,275 shares of the software maker's stock worth $338,000 after buying an additional 75 shares during the period. TBH Global Asset Management LLC boosted its position in shares of Shopify by 1.2% during the fourth quarter. TBH Global Asset Management LLC now owns 6,438 shares of the software maker's stock worth $1,036,000 after buying an additional 75 shares during the period. Finally, Smartleaf Asset Management LLC boosted its position in shares of Shopify by 13.9% during the second quarter. Smartleaf Asset Management LLC now owns 631 shares of the software maker's stock worth $72,000 after buying an additional 77 shares during the period. 69.27% of the stock is currently owned by hedge funds and other institutional investors.

Key Stories Impacting Shopify

Here are the key news stories impacting Shopify this week:

• Positive Sentiment: Shopify’s board approved an additional $3 billion for share repurchases, lifting the total authorization to $5 billion. Buybacks can support the stock by reducing share count and signaling management confidence in the business. Shopify Board Approves Expanding Share Repurchase Program to US$5 Billion
• Positive Sentiment: Analyst and momentum commentary remained favorable, with Zacks highlighting Shopify’s earnings and price momentum and noting continued investor interest in the name. Shopify (SHOP) Boasts Earnings & Price Momentum: Should You Buy?
• Positive Sentiment: Third-party product activity continues to build around Shopify, including a new payment rewards application for merchants and a Shopify Payment Extension added to EMTWerx 2.0, reinforcing ecosystem expansion. RealFi Announces Development of XRP Ledger-Powered Payment Rewards Application for Shopify Merchants
• Neutral Sentiment: Shopify resolved a roughly two-hour outage that affected storefronts and checkouts. While the issue was fixed quickly, it may have reminded investors that platform reliability remains important for merchant confidence. Shopify Resolves 2-Hour Outage Impacting Storefronts and Checkouts
• Negative Sentiment: Some articles pointed to broader volatility and recent profit-taking after a sharp move higher, suggesting investors may be locking in gains rather than chasing the stock immediately. Why Shopify (SHOP) Stock Is Down Today

Shopify Trading Down 3.5%

Shares of NASDAQ SHOP opened at $112.94 on Thursday. The stock has a market cap of $146.56 billion, a P/E ratio of 111.82, a PEG ratio of 3.28 and a beta of 2.60. Shopify Inc. has a 12-month low of $94.00 and a 12-month high of $182.19. The business's fifty day simple moving average is $114.73 and its 200-day simple moving average is $133.18.

Shopify (NASDAQ:SHOP - Get Free Report) TSE: SHOP last posted its quarterly earnings results on Tuesday, May 5th. The software maker reported $999.00 earnings per share for the quarter, beating analysts' consensus estimates of $0.22 by $998.78. Shopify had a return on equity of 12.07% and a net margin of 10.77%.The company had revenue of $3.17 billion for the quarter, compared to analysts' expectations of $3.08 billion. On average, equities analysts forecast that Shopify Inc. will post 1.36 EPS for the current fiscal year.

Analysts Set New Price Targets

Several research analysts have recently commented on SHOP shares. Deutsche Bank Aktiengesellschaft restated a "buy" rating and set a $175.00 price target on shares of Shopify in a research report on Thursday, February 12th. Truist Financial set a $150.00 price target on Shopify and gave the stock a "buy" rating in a research report on Tuesday, February 17th. Barclays set a $126.00 price target on Shopify and gave the stock an "equal weight" rating in a research report on Wednesday, May 6th. Oppenheimer restated an "outperform" rating and set a $175.00 price target on shares of Shopify in a research report on Wednesday, May 6th. Finally, Wells Fargo & Company reduced their price objective on Shopify from $166.00 to $144.00 and set an "overweight" rating on the stock in a research note on Wednesday, May 6th. Two investment analysts have rated the stock with a Strong Buy rating, thirty-one have issued a Buy rating and ten have given a Hold rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $157.17.

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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