BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp grew its stake in Shopify Inc. (NYSE:SHOP – Get Rating) (TSE:SHOP) by 701.7% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,257,951 shares of the software maker's stock after buying an additional 1,976,315 shares during the quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp owned 0.18% of Shopify worth $70,401,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds also recently made changes to their positions in SHOP. Baillie Gifford & Co. boosted its holdings in shares of Shopify by 961.7% in the second quarter. Baillie Gifford & Co. now owns 57,045,303 shares of the software maker's stock valued at $1,782,089,000 after buying an additional 51,672,341 shares during the period. Sands Capital Management LLC boosted its holdings in shares of Shopify by 1,007.4% in the second quarter. Sands Capital Management LLC now owns 23,560,742 shares of the software maker's stock valued at $736,038,000 after buying an additional 21,433,161 shares during the period. Loomis Sayles & Co. L P boosted its holdings in shares of Shopify by 1,170.5% in the second quarter. Loomis Sayles & Co. L P now owns 15,731,416 shares of the software maker's stock valued at $491,450,000 after buying an additional 14,493,237 shares during the period. Franklin Resources Inc. lifted its position in shares of Shopify by 1,071.3% in the second quarter. Franklin Resources Inc. now owns 13,590,250 shares of the software maker's stock worth $424,574,000 after purchasing an additional 12,429,980 shares in the last quarter. Finally, Jarislowsky Fraser Ltd lifted its position in shares of Shopify by 992.1% in the second quarter. Jarislowsky Fraser Ltd now owns 12,517,695 shares of the software maker's stock worth $390,296,000 after purchasing an additional 11,371,541 shares in the last quarter. Institutional investors and hedge funds own 54.64% of the company's stock.
Get Shopify alerts:Analysts Set New Price Targets
A number of analysts have recently commented on the stock. Royal Bank of Canada cut their price objective on shares of Shopify from $60.00 to $55.00 and set an "outperform" rating on the stock in a research report on Friday, October 21st. TD Securities boosted their price objective on shares of Shopify from $35.00 to $38.00 and gave the stock a "hold" rating in a research report on Friday, October 28th. Atlantic Securities raised shares of Shopify from a "neutral" rating to an "overweight" rating and set a $46.00 price objective on the stock in a research report on Thursday, August 11th. KGI Securities lowered shares of Shopify from an "outperform" rating to a "neutral" rating in a research report on Friday, August 5th. Finally, StockNews.com raised shares of Shopify to a "sell" rating in a research report on Friday, October 28th. Two research analysts have rated the stock with a sell rating, eighteen have assigned a hold rating and seventeen have issued a buy rating to the company. According to MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $61.86.
Shopify Trading Up 0.1 %
SHOP stock opened at $36.79 on Friday. The company has a debt-to-equity ratio of 0.15, a quick ratio of 6.64 and a current ratio of 6.64. The company's 50-day simple moving average is $31.62 and its 200 day simple moving average is $36.01. Shopify Inc. has a 52 week low of $23.63 and a 52 week high of $166.13. The company has a market capitalization of $46.46 billion, a PE ratio of -14.51 and a beta of 1.88.Shopify (NYSE:SHOP – Get Rating) (TSE:SHOP) last released its quarterly earnings results on Thursday, October 27th. The software maker reported ($0.14) EPS for the quarter, beating the consensus estimate of ($0.24) by $0.10. Shopify had a negative net margin of 61.17% and a negative return on equity of 3.82%. The business had revenue of $1.37 billion for the quarter, compared to the consensus estimate of $1.33 billion. As a group, sell-side analysts anticipate that Shopify Inc. will post -0.5 earnings per share for the current year.
Shopify Profile
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Shopify Inc, a commerce company, provides a commerce platform and services in Canada, the United States, Europe, the Middle East, Africa, the Asia Pacific, 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.
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