Bank of Nova Scotia Trust Co. Has $6.24 Million Stock Holdings in Shopify Inc. (NYSE:SHOP)

Bank of Nova Scotia Trust Co. lowered its stake in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 1.7% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 58,663 shares of the software maker’s stock after selling 989 shares during the period. Bank of Nova Scotia Trust Co.’s holdings in Shopify were worth $6,238,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in SHOP. Jennison Associates LLC acquired a new stake in Shopify in the 4th quarter valued at about $132,323,000. Watts Gwilliam & Co. LLC raised its stake in Shopify by 53.0% in the 4th quarter. Watts Gwilliam & Co. LLC now owns 13,401 shares of the software maker’s stock valued at $1,431,000 after acquiring an additional 4,641 shares during the period. Synovus Financial Corp acquired a new stake in Shopify during the 3rd quarter valued at $481,000. Western Financial Corp CA bought a new position in Shopify during the fourth quarter worth $239,000. Finally, Kessler Investment Group LLC acquired a new position in shares of Shopify in the fourth quarter valued at $6,105,000. 69.27% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the stock. Jefferies Financial Group raised their target price on shares of Shopify from $110.00 to $130.00 and gave the stock a “hold” rating in a research note on Tuesday, February 18th. New Street Research assumed coverage on Shopify in a report on Friday, January 10th. They set a “neutral” rating and a $115.00 price objective for the company. Cantor Fitzgerald lowered their target price on Shopify from $120.00 to $80.00 and set a “neutral” rating on the stock in a research note on Wednesday. Evercore ISI boosted their price target on Shopify from $125.00 to $140.00 and gave the company an “outperform” rating in a research note on Wednesday, February 12th. Finally, Royal Bank of Canada lowered their price objective on Shopify from $145.00 to $125.00 and set an “outperform” rating on the stock in a research report on Thursday. One investment analyst has rated the stock with a sell rating, fifteen have issued a hold rating, twenty-four have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $120.94.

Shopify Trading Down 0.4 %

Shares of SHOP opened at $83.65 on Friday. The firm’s fifty day simple moving average is $100.46 and its two-hundred day simple moving average is $101.46. Shopify Inc. has a 12 month low of $48.56 and a 12 month high of $129.38. The stock has a market capitalization of $108.31 billion, a P/E ratio of 53.97, a price-to-earnings-growth ratio of 4.82 and a beta of 2.82.

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

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.