Bank of Nova Scotia Has $401.34 Million Stake in Shopify Inc. (NYSE:SHOP)

Bank of Nova Scotia reduced its position in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 34.9% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 3,771,550 shares of the software maker’s stock after selling 2,017,540 shares during the period. Shopify comprises about 0.7% of Bank of Nova Scotia’s investment portfolio, making the stock its 24th largest holding. Bank of Nova Scotia’s holdings in Shopify were worth $401,342,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the company. Jennison Associates LLC acquired a new position in shares of Shopify during the 4th quarter worth about $132,323,000. Watts Gwilliam & Co. LLC grew its stake in Shopify by 53.0% in the fourth quarter. Watts Gwilliam & Co. LLC now owns 13,401 shares of the software maker’s stock valued at $1,431,000 after purchasing an additional 4,641 shares in the last quarter. Teachers Retirement System of The State of Kentucky increased its position in shares of Shopify by 29.3% during the 3rd quarter. Teachers Retirement System of The State of Kentucky now owns 342,030 shares of the software maker’s stock worth $27,409,000 after purchasing an additional 77,500 shares during the last quarter. Public Employees Retirement System of Ohio acquired a new stake in shares of Shopify in the 3rd quarter valued at approximately $33,676,000. Finally, Orion Portfolio Solutions LLC grew its stake in shares of Shopify by 18.2% in the third quarter. Orion Portfolio Solutions LLC now owns 101,691 shares of the software maker’s stock valued at $8,149,000 after buying an additional 15,623 shares in the last quarter. 69.27% of the stock is currently owned by institutional investors.

Shopify Trading Up 2.5 %

Shares of Shopify stock opened at $78.82 on Tuesday. The business has a 50-day moving average price of $108.10 and a two-hundred day moving average price of $101.59. Shopify Inc. has a 1-year low of $48.56 and a 1-year high of $129.38. The company has a market cap of $102.06 billion, a P/E ratio of 50.85, a PEG ratio of 4.82 and a beta of 2.82.

Shopify (NYSE:SHOP) (TSE:SHOP) last released its earnings results on Tuesday, February 11th. The software maker reported $0.34 EPS for the quarter, missing the consensus estimate of $0.44 by ($0.10). Shopify had a return on equity of 12.00% and a net margin of 22.74%. Equities research analysts forecast that Shopify Inc. will post 1.12 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of brokerages have commented on SHOP. Truist Financial increased their price target on shares of Shopify from $110.00 to $120.00 and gave the company a “hold” rating in a research note on Wednesday, February 12th. The Goldman Sachs Group raised their target price on shares of Shopify from $135.00 to $150.00 and gave the stock a “buy” rating in a research note on Wednesday, February 12th. Jefferies Financial Group increased their price target on shares of Shopify from $110.00 to $130.00 and gave the company a “hold” rating in a report on Tuesday, February 18th. UBS Group increased their target price on Shopify from $110.00 to $125.00 and gave the stock a “neutral” rating in a research note on Wednesday, February 12th. Finally, Scotiabank boosted their price target on Shopify from $115.00 to $120.00 and gave the company a “sector perform” rating in a research note on Wednesday, February 12th. One investment analyst has rated the stock with a sell rating, fifteen have given a hold rating, twenty-four have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $126.31.

Shopify Company Profile

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.