CIBC Asset Management Inc Has $498.04 Million Stake in Shopify Inc. (NYSE:SHOP)

CIBC Asset Management Inc lowered its holdings in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 2.0% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 4,680,449 shares of the software maker’s stock after selling 96,499 shares during the quarter. Shopify accounts for about 1.6% of CIBC Asset Management Inc’s portfolio, making the stock its 17th biggest position. CIBC Asset Management Inc owned about 0.36% of Shopify worth $498,044,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of SHOP. Creative Planning raised its position in shares of Shopify by 4.4% during the third quarter. Creative Planning now owns 392,415 shares of the software maker’s stock worth $31,448,000 after purchasing an additional 16,375 shares during the period. Global Retirement Partners LLC grew its holdings in shares of Shopify by 4.4% during the third quarter. Global Retirement Partners LLC now owns 10,651 shares of the software maker’s stock worth $854,000 after buying an additional 449 shares in the last quarter. Bleakley Financial Group LLC grew its holdings in shares of Shopify by 26.7% during the third quarter. Bleakley Financial Group LLC now owns 17,113 shares of the software maker’s stock worth $1,371,000 after buying an additional 3,610 shares in the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd grew its holdings in shares of Shopify by 1.2% during the third quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 16,079 shares of the software maker’s stock worth $1,289,000 after buying an additional 194 shares in the last quarter. Finally, Claro Advisors LLC bought a new position in shares of Shopify during the third quarter worth about $96,000. Institutional investors and hedge funds own 69.27% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on SHOP. Citigroup increased their price objective on Shopify from $143.00 to $175.00 and gave the stock a “buy” rating in a report on Tuesday, February 11th. Royal Bank of Canada raised their price target on Shopify from $130.00 to $145.00 and gave the company an “outperform” rating in a research note on Wednesday, February 12th. JMP Securities reiterated a “market outperform” rating and set a $120.00 target price on shares of Shopify in a research note on Thursday, December 12th. UBS Group lifted their target price on Shopify from $110.00 to $125.00 and gave the stock a “neutral” rating in a research note on Wednesday, February 12th. Finally, Atb Cap Markets cut Shopify from a “strong-buy” rating to a “hold” rating in a report on Tuesday, November 12th. One research analyst has rated the stock with a sell rating, fourteen have assigned a hold rating, twenty-four have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $126.21.

Shopify Stock Up 0.6 %

Shares of NYSE:SHOP opened at $128.36 on Monday. The company has a market capitalization of $165.85 billion, a price-to-earnings ratio of 119.96, a P/E/G ratio of 2.49 and a beta of 2.47. The company has a debt-to-equity ratio of 0.09, a current ratio of 7.10 and a quick ratio of 7.10. The business’s 50-day moving average is $111.90 and its 200-day moving average is $93.20. Shopify Inc. has a 1 year low of $48.56 and a 1 year high of $128.57.

Shopify (NYSE:SHOP) (TSE:SHOP) last announced its quarterly earnings data on Tuesday, February 11th. The software maker reported $0.34 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.44 by ($0.10). Shopify had a net margin of 16.84% and a return on equity of 11.60%. Equities research analysts predict that Shopify Inc. will post 0.91 earnings per share for the current year.

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.