Investment Management Corp of Ontario Lowers Stock Holdings in Shopify Inc. (NYSE:SHOP)

Investment Management Corp of Ontario trimmed its position in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 1.3% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 349,290 shares of the software maker’s stock after selling 4,500 shares during the period. Shopify comprises 0.6% of Investment Management Corp of Ontario’s holdings, making the stock its 27th biggest holding. Investment Management Corp of Ontario’s holdings in Shopify were worth $27,992,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in SHOP. Oliver Lagore Vanvalin Investment Group raised its stake in shares of Shopify by 100.0% during the 2nd quarter. Oliver Lagore Vanvalin Investment Group now owns 400 shares of the software maker’s stock worth $26,000 after buying an additional 200 shares during the period. Brooklyn Investment Group acquired a new position in Shopify in the 3rd quarter valued at $33,000. Rosenberg Matthew Hamilton raised its holdings in Shopify by 41.3% during the third quarter. Rosenberg Matthew Hamilton now owns 455 shares of the software maker’s stock worth $36,000 after purchasing an additional 133 shares during the last quarter. Cultivar Capital Inc. purchased a new stake in Shopify in the 2nd quarter worth approximately $33,000. Finally, Hazlett Burt & Watson Inc. purchased a new position in Shopify in the second quarter valued at approximately $33,000. Institutional investors own 69.27% of the company’s stock.

Shopify Stock Down 2.3 %

SHOP opened at $112.98 on Tuesday. Shopify Inc. has a 12 month low of $48.56 and a 12 month high of $116.35. The company has a current ratio of 7.10, a quick ratio of 7.10 and a debt-to-equity ratio of 0.09. The company has a market cap of $145.98 billion, a PE ratio of 105.59, a price-to-earnings-growth ratio of 3.04 and a beta of 2.46. The company has a 50 day moving average of $89.16 and a 200 day moving average of $74.06.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on SHOP shares. Robert W. Baird lifted their target price on Shopify from $90.00 to $126.00 and gave the company an “outperform” rating in a research note on Wednesday, November 13th. Redburn Atlantic raised Shopify from a “neutral” rating to a “buy” rating and set a $99.00 price objective for the company in a report on Tuesday, September 17th. Citigroup raised their target price on shares of Shopify from $90.00 to $103.00 and gave the company a “buy” rating in a research report on Monday, September 30th. KeyCorp lifted their price target on shares of Shopify from $80.00 to $130.00 and gave the company an “overweight” rating in a research report on Wednesday, November 13th. Finally, Wells Fargo & Company boosted their target price on shares of Shopify from $90.00 to $120.00 and gave the stock an “overweight” rating in a report on Wednesday, November 13th. One equities research analyst has rated the stock with a sell rating, seventeen have given a hold rating, twenty-three have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Shopify currently has a consensus rating of “Moderate Buy” and an average target price of $95.84.

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.