Shopify Inc. (NYSE:SHOP) is Addenda Capital Inc.’s 2nd Largest Position

Addenda Capital Inc. lessened its stake in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 3.7% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 869,869 shares of the software maker’s stock after selling 33,258 shares during the period. Shopify comprises about 4.2% of Addenda Capital Inc.’s investment portfolio, making the stock its 2nd largest position. Addenda Capital Inc.’s holdings in Shopify were worth $92,493,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently added to or reduced their stakes in the company. Oliver Lagore Vanvalin Investment Group raised its stake in Shopify by 100.0% during the second quarter. Oliver Lagore Vanvalin Investment Group now owns 400 shares of the software maker’s stock valued at $26,000 after buying an additional 200 shares in the last quarter. Brooklyn Investment Group bought a new stake in shares of Shopify in the 3rd quarter valued at approximately $33,000. Rosenberg Matthew Hamilton raised its position in shares of Shopify by 41.3% during the 3rd quarter. Rosenberg Matthew Hamilton now owns 455 shares of the software maker’s stock valued at $36,000 after acquiring an additional 133 shares in the last quarter. Truvestments Capital LLC acquired a new stake in shares of Shopify during the 3rd quarter valued at approximately $45,000. Finally, GAMMA Investing LLC lifted its stake in Shopify by 73.5% during the third quarter. GAMMA Investing LLC now owns 597 shares of the software maker’s stock worth $48,000 after purchasing an additional 253 shares during the last quarter. 69.27% of the stock is owned by institutional investors and hedge funds.

Shopify Trading Down 0.2 %

Shares of SHOP opened at $103.25 on Tuesday. The business’s 50-day moving average price is $109.39 and its 200 day moving average price is $85.84. 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 stock has a market capitalization of $133.41 billion, a P/E ratio of 96.50, a P/E/G ratio of 2.17 and a beta of 2.46. Shopify Inc. has a 1-year low of $48.56 and a 1-year high of $120.72.

Analyst Upgrades and Downgrades

Several analysts have weighed in on the stock. Cantor Fitzgerald reiterated a “neutral” rating and set a $70.00 target price on shares of Shopify in a research note on Monday, October 7th. Oppenheimer lifted their target price on Shopify from $90.00 to $130.00 and gave the company an “outperform” rating in a research note on Wednesday, November 13th. The Goldman Sachs Group upped their target price on Shopify from $88.00 to $135.00 and gave the company a “buy” rating in a report on Wednesday, November 13th. Barclays raised their price target on Shopify from $70.00 to $93.00 and gave the stock an “equal weight” rating in a report on Wednesday, November 13th. Finally, Wells Fargo & Company upped their price objective on Shopify from $90.00 to $120.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 13th. One investment analyst has rated the stock with a sell rating, fifteen have issued a hold rating, twenty-four have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $100.31.

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.