Shopify Inc. (NYSE:SHOP) Shares Purchased by BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp

BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp increased its stake in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 13.2% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,568,264 shares of the software maker’s stock after acquiring an additional 299,184 shares during the quarter. Shopify comprises approximately 1.0% of BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp’s portfolio, making the stock its 15th largest holding. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp owned about 0.20% of Shopify worth $169,750,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Tradition Wealth Management LLC increased its position in shares of Shopify by 7.5% in the fourth quarter. Tradition Wealth Management LLC now owns 2,007 shares of the software maker’s stock valued at $156,000 after buying an additional 140 shares in the last quarter. Willis Johnson & Associates Inc. increased its stake in shares of Shopify by 5.8% during the 1st quarter. Willis Johnson & Associates Inc. now owns 2,728 shares of the software maker’s stock valued at $211,000 after acquiring an additional 149 shares during the last quarter. Nations Financial Group Inc. IA ADV raised its stake in Shopify by 3.2% during the fourth quarter. Nations Financial Group Inc. IA ADV now owns 4,839 shares of the software maker’s stock worth $377,000 after purchasing an additional 150 shares during the period. Valley National Advisers Inc. raised its position in shares of Shopify by 11.4% in the 1st quarter. Valley National Advisers Inc. now owns 1,482 shares of the software maker’s stock worth $114,000 after buying an additional 152 shares during the period. Finally, Checchi Capital Advisers LLC grew its position in Shopify by 4.0% during the first quarter. Checchi Capital Advisers LLC now owns 4,178 shares of the software maker’s stock valued at $322,000 after acquiring an additional 162 shares during the period. Hedge funds and other institutional investors own 69.27% of the company’s stock.

Shopify Stock Up 1.8 %

SHOP stock opened at $80.11 on Tuesday. Shopify Inc. has a twelve month low of $45.50 and a twelve month high of $91.57. The company has a quick ratio of 7.32, a current ratio of 7.32 and a debt-to-equity ratio of 0.10. The stock has a market cap of $103.24 billion, a P/E ratio of -471.24, a PEG ratio of 2.47 and a beta of 2.35. The business’s 50-day moving average price is $68.72 and its 200-day moving average price is $68.37.

Shopify (NYSE:SHOP) (TSE:SHOP) last issued its quarterly earnings data on Wednesday, August 7th. The software maker reported $0.26 earnings per share for the quarter, beating analysts’ consensus estimates of $0.20 by $0.06. Shopify had a return on equity of 10.88% and a net margin of 16.40%. The firm had revenue of $2.05 billion during the quarter, compared to analyst estimates of $2.01 billion. During the same quarter last year, the business posted ($0.08) earnings per share. The business’s quarterly revenue was up 20.7% compared to the same quarter last year. On average, equities research analysts forecast that Shopify Inc. will post 0.76 EPS for the current year.

Analyst Ratings Changes

A number of equities analysts have commented on SHOP shares. Royal Bank of Canada reiterated an “outperform” rating and issued a $85.00 price objective on shares of Shopify in a report on Thursday, August 8th. Wells Fargo & Company raised their price target on shares of Shopify from $80.00 to $90.00 and gave the stock an “overweight” rating in a research report on Wednesday, September 11th. KeyCorp assumed coverage on shares of Shopify in a research report on Thursday, July 25th. They issued an “overweight” rating and a $80.00 target price for the company. Truist Financial cut their target price on Shopify from $65.00 to $55.00 and set a “hold” rating for the company in a research report on Tuesday, August 6th. Finally, JPMorgan Chase & Co. boosted their target price on Shopify from $74.00 to $76.00 and gave the stock an “overweight” rating in a research report on Tuesday, August 20th. One analyst has rated the stock with a sell rating, sixteen have issued a hold rating, twenty-four have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Shopify currently has a consensus rating of “Moderate Buy” and a consensus price target of $77.92.

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.