Shopify Inc. $SHOP Shares Purchased by Bank of Nova Scotia

Bank of Nova Scotia raised its holdings in shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 24.2% in the 1st quarter, Holdings Channel reports. The firm owned 3,196,004 shares of the software maker’s stock after purchasing an additional 621,893 shares during the quarter. Shopify comprises about 0.6% of Bank of Nova Scotia’s investment portfolio, making the stock its 26th biggest holding. Bank of Nova Scotia’s holdings in Shopify were worth $379,111,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently modified their holdings of the business. M&T Bank Corp raised its position in shares of Shopify by 37.1% in the 4th quarter. M&T Bank Corp now owns 81,082 shares of the software maker’s stock worth $13,051,000 after acquiring an additional 21,945 shares in the last quarter. Triasima Portfolio Management inc. lifted its stake in shares of Shopify by 11.0% in the 4th quarter. Triasima Portfolio Management inc. now owns 182,338 shares of the software maker’s stock valued at $29,398,000 after purchasing an additional 18,028 shares during the period. Assetmark Inc. boosted its position in shares of Shopify by 6.7% during the fourth quarter. Assetmark Inc. now owns 213,583 shares of the software maker’s stock valued at $34,380,000 after purchasing an additional 13,415 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its position in shares of Shopify by 12.8% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 526,114 shares of the software maker’s stock valued at $84,689,000 after purchasing an additional 59,745 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA grew its stake in Shopify by 6.4% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 5,892,833 shares of the software maker’s stock worth $948,569,000 after purchasing an additional 356,008 shares during the period. 69.27% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities analysts have issued reports on SHOP shares. Zacks Research upgraded Shopify from a “hold” rating to a “strong-buy” rating in a report on Tuesday, July 7th. Jefferies Financial Group raised Shopify from a “hold” rating to a “buy” rating and boosted their target price for the stock from $140.00 to $160.00 in a report on Sunday, July 12th. Wells Fargo & Company cut their price target on shares of Shopify from $166.00 to $144.00 and set an “overweight” rating on the stock in a report on Wednesday, May 6th. Needham & Company LLC reiterated a “buy” rating and issued a $180.00 price objective on shares of Shopify in a report on Tuesday, May 5th. Finally, Weiss Ratings cut Shopify from a “hold (c)” rating to a “hold (c-)” rating in a report on Wednesday, May 6th. Three investment analysts have rated the stock with a Strong Buy rating, thirty-two have issued a Buy rating and ten have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $157.86.

Shopify Price Performance

Shares of NASDAQ:SHOP opened at $112.00 on Friday. The company has a market capitalization of $145.34 billion, a P/E ratio of 110.89, a P/E/G ratio of 2.55 and a beta of 2.58. Shopify Inc. has a 1-year low of $94.00 and a 1-year high of $182.19. The firm’s 50 day simple moving average is $114.12 and its two-hundred day simple moving average is $122.19.

Key Shopify News

Here are the key news stories impacting Shopify this week:

• Positive Sentiment: Several recent articles highlighted Shopify’s strong growth profile, pointing to its ability to generate exceptional returns and calling it attractive for growth investors. 3 Reasons Why Growth Investors Shouldn’t Overlook Shopify (SHOP)
• Positive Sentiment: Analyst coverage remained upbeat overall, with reports saying Wall Street sees Shopify as a buy and consensus price targets implying meaningful upside from current levels. Wall Street Analysts See Shopify (SHOP) as a Buy: Should You Invest?
• Positive Sentiment: Another analyst-focused piece said Shopify could surge about 27.9% based on consensus estimates, suggesting expectations for continued earnings momentum. Wall Street Analysts Think Shopify (SHOP) Could Surge 27.88%: Read This Before Placing a Bet
• Neutral Sentiment: Shopify ecosystem news remained constructive, as OneMagnify earned Premier Partner status, which underscores ongoing platform adoption and partner activity. OneMagnify Achieves Shopify Premier Partner Status, Powering Measurable Growth for Global Commerce Brands
• Negative Sentiment: Offsetting the bullish commentary, Rothschild & Co Redburn downgraded Shopify from buy to hold, which likely weighed on sentiment even though its new price target still implies upside. Zacks.com
• Negative Sentiment: Separate coverage noted unusually high options volume and an earlier session where Shopify lagged the broader market, suggesting traders have been active and cautious around the stock. Shopify Sees Unusually High Options Volume (NASDAQ:SHOP)

Shopify 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.