Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in Shopify Inc. (NYSE:SHOP – Get Rating) (TSE:SHOP) by 905.6% during the 2nd quarter, HoldingsChannel reports. The fund owned 407,996 shares of the software maker's stock after buying an additional 367,425 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank's holdings in Shopify were worth $12,746,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of SHOP. Baillie Gifford & Co. grew its stake 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 worth $1,782,089,000 after acquiring an additional 51,672,341 shares during the last quarter. Sands Capital Management LLC lifted its position in 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 worth $736,038,000 after purchasing an additional 21,433,161 shares during the period. Loomis Sayles & Co. L P lifted its position in 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 worth $491,450,000 after purchasing an additional 14,493,237 shares during the period. Renaissance Technologies LLC bought a new position in Shopify in the second quarter worth $438,508,000. Finally, Franklin Resources Inc. lifted its position in 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 during the period. Institutional investors and hedge funds own 54.64% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts recently commented on the company. StockNews.com raised Shopify to a "sell" rating in a research report on Friday, October 28th. Moffett Nathanson assumed coverage on Shopify in a research report on Tuesday, November 15th. They issued a "market perform" rating and a $30.00 target price for the company. Morgan Stanley raised their target price on Shopify from $40.00 to $42.00 and gave the stock an "equal weight" rating in a research report on Friday, October 28th. Oppenheimer began coverage on Shopify in a research report on Tuesday. They issued a "buy" rating and a $45.00 target price for the company. Finally, KeyCorp cut their price objective on Shopify from $50.00 to $45.00 and set an "overweight" rating for the company in a report on Monday, October 24th. Two equities research analysts have rated the stock with a sell rating, eighteen have assigned a hold rating and sixteen have given a buy rating to the company. According to MarketBeat.com, Shopify presently has an average rating of "Hold" and an average price target of $57.25.

Shopify Trading Up 10.0 %

Shopify (NYSE:SHOP – Get Rating) (TSE:SHOP) last released its 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. The firm had revenue of $1.37 billion for the quarter, compared to analysts' expectations of $1.33 billion. Shopify had a negative return on equity of 3.82% and a negative net margin of 61.17%. As a group, analysts anticipate that Shopify Inc. will post -0.5 earnings per share for the current fiscal 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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