Shopify Inc. $SHOP Shares Purchased by CIBC Asset Management Inc

CIBC Asset Management Inc increased its position in shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 2.6% during the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 4,360,113 shares of the software maker’s stock after buying an additional 108,887 shares during the period. Shopify accounts for 1.9% of CIBC Asset Management Inc’s holdings, making the stock its 12th biggest position. CIBC Asset Management Inc owned about 0.34% of Shopify worth $648,906,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in SHOP. Norges Bank purchased a new stake in shares of Shopify during the 2nd quarter worth about $1,794,952,000. Jennison Associates LLC increased its stake in shares of Shopify by 64.3% in the 3rd quarter. Jennison Associates LLC now owns 18,923,431 shares of the software maker’s stock valued at $2,812,211,000 after purchasing an additional 7,403,821 shares in the last quarter. Brown Advisory Inc. raised its holdings in Shopify by 5,193.6% in the 2nd quarter. Brown Advisory Inc. now owns 2,066,884 shares of the software maker’s stock worth $238,419,000 after purchasing an additional 2,027,839 shares during the period. Geode Capital Management LLC boosted its position in Shopify by 19.9% during the second quarter. Geode Capital Management LLC now owns 10,731,795 shares of the software maker’s stock worth $1,247,007,000 after purchasing an additional 1,781,530 shares in the last quarter. Finally, Picton Mahoney Asset Management boosted its position in Shopify by 246,359.0% during the second quarter. Picton Mahoney Asset Management now owns 1,759,717 shares of the software maker’s stock worth $202,146,000 after purchasing an additional 1,759,003 shares in the last quarter. Hedge funds and other institutional investors own 69.27% of the company’s stock.

Shopify Stock Up 0.2%

Shares of NASDAQ SHOP opened at $137.89 on Friday. The firm has a 50-day simple moving average of $159.00 and a 200-day simple moving average of $150.51. The stock has a market capitalization of $179.51 billion, a price-to-earnings ratio of 102.14, a price-to-earnings-growth ratio of 4.08 and a beta of 2.83. Shopify Inc. has a 52 week low of $69.84 and a 52 week high of $182.19.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last posted its quarterly earnings results on Tuesday, November 4th. The software maker reported $0.27 earnings per share for the quarter, topping analysts’ consensus estimates of $0.24 by $0.03. Shopify had a net margin of 16.65% and a return on equity of 11.72%. The firm had revenue of $2.84 billion for the quarter, compared to analyst estimates of $2.75 billion. As a group, equities research analysts expect that Shopify Inc. will post 1.12 EPS for the current year.

Analysts Set New Price Targets

SHOP has been the subject of a number of recent analyst reports. Barclays set a $140.00 price objective on Shopify and gave the company an “equal weight” rating in a research report on Wednesday, November 5th. DZ Bank raised shares of Shopify from a “strong sell” rating to a “hold” rating in a report on Thursday, November 6th. JPMorgan Chase & Co. increased their price objective on shares of Shopify from $179.00 to $180.00 and gave the company an “overweight” rating in a report on Wednesday, November 5th. TD Securities upgraded shares of Shopify to a “hold” rating in a research report on Thursday, December 4th. Finally, Zacks Research downgraded shares of Shopify from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, November 12th. Twenty-four investment analysts have rated the stock with a Buy rating and twenty have given a Hold rating to the company’s stock. According to data from MarketBeat, Shopify currently has a consensus rating of “Moderate Buy” and an average target price of $171.61.

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.