iA Global Asset Management Inc. Sells 52,838 Shares of Shopify Inc. $SHOP

iA Global Asset Management Inc. trimmed its holdings in Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 26.2% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 149,046 shares of the software maker’s stock after selling 52,838 shares during the period. iA Global Asset Management Inc.’s holdings in Shopify were worth $17,680,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also bought and sold shares of SHOP. Kingdom Financial Group LLC. purchased a new position in shares of Shopify in the fourth quarter valued at $26,000. Curio Wealth LLC bought a new stake in shares of Shopify during the 4th quarter valued at $27,000. Mowery & Schoenfeld Wealth Management LLC purchased a new stake in Shopify during the 4th quarter worth about $29,000. Lloyd Advisory Services LLC. purchased a new stake in Shopify during the 4th quarter worth about $31,000. Finally, Lodestone Wealth Management LLC purchased a new stake in Shopify during the 4th quarter worth about $31,000. Institutional investors own 69.27% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on SHOP shares. National Bank Financial reduced their target price on Shopify from $200.00 to $155.00 and set an “outperform” rating for the company in a report on Wednesday, May 27th. Canaccord Genuity Group decreased their price target on Shopify from $165.00 to $145.00 and set a “buy” rating on the stock in a research report on Wednesday, May 6th. DA Davidson lowered their price target on shares of Shopify from $195.00 to $140.00 and set a “buy” rating on the stock in a report on Wednesday, May 6th. Wells Fargo & Company cut their price objective on shares of Shopify from $166.00 to $144.00 and set an “overweight” rating for the company in a research report on Wednesday, May 6th. Finally, Royal Bank Of Canada reaffirmed an “outperform” rating and set a $170.00 target price on shares of Shopify in a report on Wednesday, May 6th. Two investment analysts have rated the stock with a Strong Buy rating, thirty-one have given a Buy rating and ten have issued a Hold rating to the company’s stock. According to MarketBeat, Shopify currently has a consensus rating of “Moderate Buy” and an average target price of $157.17.

Shopify Stock Down 0.0%

Shopify stock opened at $114.18 on Wednesday. The stock has a market cap of $148.17 billion, a price-to-earnings ratio of 113.05, a PEG ratio of 3.14 and a beta of 2.60. The business has a 50-day simple moving average of $112.08 and a 200 day simple moving average of $127.41. Shopify Inc. has a 52 week low of $94.00 and a 52 week high of $182.19.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last released its quarterly earnings results on Tuesday, May 5th. The software maker reported $999.00 earnings per share for the quarter, beating the consensus estimate of $0.22 by $998.78. The firm had revenue of $3.17 billion for the quarter, compared to analysts’ expectations of $3.08 billion. Shopify had a return on equity of 12.07% and a net margin of 10.77%. On average, research analysts anticipate that Shopify Inc. will post 1.39 earnings per share for the current year.

Shopify Company Profile

Shopify is a Canadian commerce technology company that provides a cloud-based platform for businesses to create, manage and scale online and physical retail stores. Its core offering is a software-as-a-service e-commerce platform that enables merchants to build customizable storefronts, manage product catalogs, process orders, and handle inventory. Shopify also supports omnichannel selling through integrated point-of-sale (POS) systems for in-person transactions.

Beyond storefront software, Shopify offers a range of merchant services and tools designed to simplify commerce operations.