Investment Management Corp of Ontario Has $36.46 Million Position in Shopify Inc. (NYSE:SHOP)

Investment Management Corp of Ontario decreased its stake in Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 1.8% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 342,890 shares of the software maker's stock after selling 6,400 shares during the quarter. Shopify makes up about 1.2% of Investment Management Corp of Ontario's holdings, making the stock its 13th biggest position. Investment Management Corp of Ontario's holdings in Shopify were worth $36,459,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors also recently modified their holdings of the company. J. Goldman & Co LP bought a new stake in Shopify in the fourth quarter worth $2,402,000. Guardian Wealth Advisors LLC NC boosted its stake in shares of Shopify by 25.1% during the 4th quarter. Guardian Wealth Advisors LLC NC now owns 4,899 shares of the software maker's stock worth $521,000 after acquiring an additional 984 shares in the last quarter. Focus Partners Wealth increased its holdings in shares of Shopify by 55.6% during the 4th quarter. Focus Partners Wealth now owns 268,814 shares of the software maker's stock valued at $28,610,000 after acquiring an additional 96,033 shares during the last quarter. Full Sail Capital LLC bought a new position in shares of Shopify in the 4th quarter valued at approximately $252,000. Finally, Elyxium Wealth LLC acquired a new stake in Shopify in the 4th quarter worth approximately $213,000. Institutional investors and hedge funds own 69.27% of the company's stock.

Shopify Stock Performance

Shopify stock opened at $91.77 on Friday. The business's fifty day moving average is $93.29 and its two-hundred day moving average is $102.89. The firm has a market cap of $118.83 billion, a P/E ratio of 59.21, a P/E/G ratio of 4.82 and a beta of 2.66. Shopify Inc. has a 52 week low of $48.56 and a 52 week high of $129.38.

Shopify (NYSE:SHOP - Get Free Report) TSE: SHOP last issued its quarterly earnings data on Tuesday, February 11th. The software maker reported $0.34 EPS for the quarter, missing analysts' consensus estimates of $0.44 by ($0.10). Shopify had a return on equity of 12.00% and a net margin of 22.74%. On average, equities research analysts predict that Shopify Inc. will post 1.12 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on SHOP. UBS Group reduced their price objective on shares of Shopify from $125.00 to $110.00 and set a "neutral" rating for the company in a research note on Friday. Citigroup boosted their target price on shares of Shopify from $143.00 to $175.00 and gave the stock a "buy" rating in a research report on Tuesday, February 11th. Cantor Fitzgerald decreased their price target on shares of Shopify from $120.00 to $80.00 and set a "neutral" rating for the company in a report on Wednesday, April 16th. Deutsche Bank Aktiengesellschaft lifted their price objective on Shopify from $125.00 to $150.00 and gave the stock a "buy" rating in a research note on Wednesday, February 12th. Finally, Truist Financial decreased their target price on Shopify from $120.00 to $100.00 and set a "hold" rating for the company in a research note on Tuesday, May 6th. One equities 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 assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $115.37.

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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