Canada Pension Plan Investment Board Reduces Stock Holdings in Shopify Inc. (NYSE:SHOP)

Canada Pension Plan Investment Board lowered its holdings in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 1.7% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 3,987,902 shares of the software maker’s stock after selling 70,000 shares during the period. Canada Pension Plan Investment Board owned about 0.31% of Shopify worth $263,490,000 at the end of the most recent reporting period.

Several other institutional investors have also recently modified their holdings of SHOP. GQG Partners LLC raised its holdings in shares of Shopify by 197.9% in the first quarter. GQG Partners LLC now owns 20,901,980 shares of the software maker’s stock worth $1,613,006,000 after acquiring an additional 13,885,473 shares during the last quarter. Capital World Investors lifted its holdings in Shopify by 26.2% in the 1st quarter. Capital World Investors now owns 49,764,809 shares of the software maker’s stock valued at $3,840,332,000 after purchasing an additional 10,340,040 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its stake in shares of Shopify by 21.2% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 34,239,525 shares of the software maker’s stock worth $2,642,265,000 after purchasing an additional 5,982,434 shares during the last quarter. Toronto Dominion Bank grew its holdings in shares of Shopify by 214.5% during the first quarter. Toronto Dominion Bank now owns 2,909,052 shares of the software maker’s stock worth $224,492,000 after buying an additional 1,983,996 shares in the last quarter. Finally, William Blair Investment Management LLC raised its position in shares of Shopify by 5,918.3% in the first quarter. William Blair Investment Management LLC now owns 1,930,003 shares of the software maker’s stock valued at $148,938,000 after buying an additional 1,897,934 shares during the last quarter. 69.27% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of brokerages recently issued reports on SHOP. Citigroup decreased their target price on shares of Shopify from $97.00 to $90.00 and set a “buy” rating on the stock in a research report on Thursday, August 8th. Barclays lifted their price objective on Shopify from $63.00 to $65.00 and gave the company an “equal weight” rating in a research report on Thursday, August 8th. Moffett Nathanson downgraded Shopify from a “buy” rating to a “neutral” rating and reduced their target price for the stock from $74.00 to $65.00 in a research report on Thursday, June 6th. Evercore ISI lifted their price target on Shopify from $75.00 to $80.00 and gave the company an “outperform” rating in a report on Thursday, August 8th. Finally, UBS Group increased their price objective on shares of Shopify from $71.00 to $75.00 and gave the stock a “neutral” rating in a report on Thursday, August 8th. One equities research analyst has rated the stock with a sell rating, sixteen have given a hold rating, twenty-four have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Shopify currently has a consensus rating of “Moderate Buy” and a consensus target price of $77.92.

Shopify Price Performance

Shares of NYSE SHOP opened at $78.70 on Friday. The company has a quick ratio of 7.32, a current ratio of 7.32 and a debt-to-equity ratio of 0.10. Shopify Inc. has a fifty-two week low of $45.50 and a fifty-two week high of $91.57. The business has a 50 day moving average price of $68.13 and a two-hundred day moving average price of $68.39. The firm has a market cap of $101.42 billion, a PE ratio of -462.94, a price-to-earnings-growth ratio of 2.47 and a beta of 2.35.

Shopify (NYSE:SHOP) (TSE:SHOP) last released its quarterly earnings results on Wednesday, August 7th. The software maker reported $0.26 earnings per share for the quarter, topping analysts’ consensus estimates of $0.20 by $0.06. The business had revenue of $2.05 billion during the quarter, compared to the consensus estimate of $2.01 billion. Shopify had a net margin of 16.40% and a return on equity of 10.88%. The business’s quarterly revenue was up 20.7% compared to the same quarter last year. During the same quarter last year, the company earned ($0.08) earnings per share. Sell-side analysts expect that Shopify Inc. will post 0.76 earnings per share 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.