TD Asset Management Inc Sells 400,109 Shares of Shopify Inc. $SHOP

TD Asset Management Inc lowered its stake in shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 4.5% in the second quarter, Holdings Channel reports. The firm owned 8,409,674 shares of the software maker’s stock after selling 400,109 shares during the period. Shopify comprises about 0.8% of TD Asset Management Inc’s holdings, making the stock its 26th biggest position. TD Asset Management Inc’s holdings in Shopify were worth $968,065,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors also recently modified their holdings of the company. Family Legacy Financial Solutions LLC acquired a new position in Shopify in the 2nd quarter valued at $25,000. Coastline Trust Co bought a new position in Shopify in the 2nd quarter worth approximately $29,000. Smithfield Trust Co increased its holdings in shares of Shopify by 149.2% during the 1st quarter. Smithfield Trust Co now owns 314 shares of the software maker’s stock worth $30,000 after purchasing an additional 188 shares during the period. Dagco Inc. acquired a new position in shares of Shopify during the first quarter valued at about $30,000. Finally, Global Wealth Strategies & Associates lifted its stake in shares of Shopify by 182.8% in the second quarter. Global Wealth Strategies & Associates now owns 263 shares of the software maker’s stock valued at $30,000 after buying an additional 170 shares during the period. Institutional investors own 69.27% of the company’s stock.

Shopify Trading Up 1.7%

SHOP opened at $153.66 on Tuesday. Shopify Inc. has a 1-year low of $69.84 and a 1-year high of $169.69. The stock has a market capitalization of $199.71 billion, a PE ratio of 85.84, a PEG ratio of 7.07 and a beta of 2.72. The firm has a 50-day moving average price of $147.18 and a two-hundred day moving average price of $119.67.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last released its quarterly earnings results on Wednesday, August 6th. The software maker reported $0.35 EPS for the quarter, beating the consensus estimate of $0.29 by $0.06. Shopify had a net margin of 23.42% and a return on equity of 12.30%. The business had revenue of $2.68 billion for the quarter, compared to analysts’ expectations of $2.55 billion. During the same period in the prior year, the firm earned $0.26 earnings per share. Shopify’s revenue was up 31.1% compared to the same quarter last year. On average, research analysts predict that Shopify Inc. will post 1.12 EPS for the current year.

Analyst Upgrades and Downgrades

A number of analysts have commented on the company. Robert W. Baird raised their price objective on Shopify from $160.00 to $170.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 7th. Atb Cap Markets cut Shopify from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, August 6th. Barclays lifted their price target on shares of Shopify from $94.00 to $120.00 and gave the stock an “equal weight” rating in a research note on Thursday, August 7th. TD Cowen restated a “hold” rating and issued a $156.00 price objective on shares of Shopify in a research note on Friday, October 3rd. Finally, ATB Capital downgraded shares of Shopify to a “sector perform” rating in a report on Thursday, August 7th. Twenty-two research analysts have rated the stock with a Buy rating, twenty-three have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $151.95.

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.