Toronto Dominion Bank Sells 575,648 Shares of Shopify Inc. (NYSE:SHOP)

Toronto Dominion Bank cut its stake in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 21.4% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 2,108,854 shares of the software maker’s stock after selling 575,648 shares during the quarter. Toronto Dominion Bank owned 0.16% of Shopify worth $169,004,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also bought and sold shares of the company. Baillie Gifford & Co. increased its position in shares of Shopify by 14.7% during the 3rd quarter. Baillie Gifford & Co. now owns 63,366,308 shares of the software maker’s stock valued at $5,078,176,000 after purchasing an additional 8,131,160 shares during the last quarter. FMR LLC raised its position in Shopify by 16.1% in the third quarter. FMR LLC now owns 42,306,077 shares of the software maker’s stock worth $3,389,637,000 after acquiring an additional 5,869,795 shares during the period. TD Asset Management Inc boosted its stake in Shopify by 6.9% in the second quarter. TD Asset Management Inc now owns 8,661,462 shares of the software maker’s stock valued at $572,263,000 after acquiring an additional 559,917 shares during the last quarter. Legal & General Group Plc grew its position in shares of Shopify by 1.8% during the 2nd quarter. Legal & General Group Plc now owns 8,233,517 shares of the software maker’s stock valued at $544,017,000 after acquiring an additional 145,618 shares during the period. Finally, The Manufacturers Life Insurance Company grew its position in shares of Shopify by 6.3% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 8,211,511 shares of the software maker’s stock valued at $658,248,000 after acquiring an additional 484,561 shares during the period. 69.27% of the stock is currently owned by institutional investors.

Shopify Stock Down 1.6 %

SHOP opened at $113.50 on Wednesday. The company has a market capitalization of $146.65 billion, a PE ratio of 106.08, a price-to-earnings-growth ratio of 3.08 and a beta of 2.46. The firm has a 50-day simple moving average of $93.29 and a two-hundred day simple moving average of $76.44. The company has a quick ratio of 7.10, a current ratio of 7.10 and a debt-to-equity ratio of 0.09. Shopify Inc. has a 52 week low of $48.56 and a 52 week high of $120.72.

Analyst Ratings Changes

SHOP has been the subject of a number of recent research reports. Citigroup lifted their price objective on shares of Shopify from $90.00 to $103.00 and gave the company a “buy” rating in a research note on Monday, September 30th. Piper Sandler upped their price target on Shopify from $67.00 to $94.00 and gave the company a “neutral” rating in a research report on Wednesday, November 13th. The Goldman Sachs Group upped their target price on shares of Shopify from $88.00 to $135.00 and gave the stock a “buy” rating in a report on Wednesday, November 13th. JPMorgan Chase & Co. raised their price target on shares of Shopify from $74.00 to $76.00 and gave the company an “overweight” rating in a report on Tuesday, August 20th. Finally, Wedbush reaffirmed a “neutral” rating and issued a $115.00 price target (up previously from $72.00) on shares of Shopify in a report on Tuesday, November 12th. One analyst has rated the stock with a sell rating, sixteen have issued a hold rating, twenty-three have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $98.08.

Shopify 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.