Intact Investment Management Inc. Sells 209,730 Shares of Shopify Inc. (NYSE:SHOP)

Intact Investment Management Inc. lessened its stake in shares of Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 36.2% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 370,005 shares of the software maker's stock after selling 209,730 shares during the quarter. Shopify accounts for about 1.2% of Intact Investment Management Inc.'s holdings, making the stock its 27th biggest holding. Intact Investment Management Inc.'s holdings in Shopify were worth $28,807,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently bought and sold shares of the stock. StoneCrest Wealth Management Inc. purchased a new position in shares of Shopify in the fourth quarter valued at approximately $1,164,000. Asset Management One Co. Ltd. lifted its stake in Shopify by 4,007.4% in the fourth quarter. Asset Management One Co. Ltd. now owns 35,488 shares of the software maker's stock worth $2,807,000 after acquiring an additional 34,624 shares during the last quarter. SeaCrest Wealth Management LLC purchased a new position in Shopify in the fourth quarter worth approximately $433,000. Bleakley Financial Group LLC raised its holdings in Shopify by 18.5% during the fourth quarter. Bleakley Financial Group LLC now owns 10,778 shares of the software maker's stock worth $840,000 after purchasing an additional 1,681 shares in the last quarter. Finally, Advisor Resource Council acquired a new stake in Shopify during the fourth quarter worth approximately $1,488,000. Hedge funds and other institutional investors own 69.27% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on SHOP. National Bankshares lifted their target price on shares of Shopify from $80.00 to $100.00 and gave the company an "outperform" rating in a report on Friday, January 26th. Wedbush reaffirmed a "neutral" rating and issued a $68.00 target price on shares of Shopify in a report on Tuesday, February 13th. Royal Bank of Canada reissued an "outperform" rating and issued a $100.00 price objective on shares of Shopify in a research note on Wednesday, February 14th. DA Davidson boosted their price objective on shares of Shopify from $86.00 to $90.00 and gave the company a "buy" rating in a research note on Wednesday, February 14th. Finally, Citigroup dropped their price objective on shares of Shopify from $96.00 to $93.00 and set a "neutral" rating on the stock in a research note on Wednesday, February 14th. Three research analysts have rated the stock with a sell rating, nineteen have assigned a hold rating and fifteen have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and an average target price of $78.30.

Shopify Trading Up 1.1 %

SHOP traded up $0.78 on Friday, reaching $71.33. 4,611,766 shares of the company's stock were exchanged, compared to its average volume of 7,677,671. The company's 50 day moving average is $75.28 and its 200-day moving average is $72.63. The company has a market cap of $91.77 billion, a price-to-earnings ratio of 792.64 and a beta of 2.22. Shopify Inc. has a twelve month low of $45.50 and a twelve month high of $91.57. The company has a debt-to-equity ratio of 0.10, a quick ratio of 6.99 and a current ratio of 6.99.

Shopify (NYSE:SHOP - Get Free Report) TSE: SHOP last released its quarterly earnings results on Tuesday, February 13th. The software maker reported $0.26 earnings per share for the quarter, topping analysts' consensus estimates of $0.22 by $0.04. The firm had revenue of $2.14 billion during the quarter, compared to analysts' expectations of $2.07 billion. Shopify had a return on equity of 4.48% and a net margin of 1.87%. Equities analysts predict that Shopify Inc. will post 0.58 earnings per share for the current year.

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.