Connor Clark & Lunn Investment Management Ltd. Increases Position in Shopify Inc. (NYSE:SHOP)

Connor Clark & Lunn Investment Management Ltd. lifted its position in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 30.2% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 7,095,382 shares of the software maker’s stock after buying an additional 1,647,374 shares during the period. Shopify comprises about 3.4% of Connor Clark & Lunn Investment Management Ltd.’s investment portfolio, making the stock its 2nd largest holding. Connor Clark & Lunn Investment Management Ltd. owned 0.55% of Shopify worth $754,201,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in SHOP. Baillie Gifford & Co. lifted its holdings in shares of Shopify by 14.7% during the 3rd quarter. Baillie Gifford & Co. now owns 63,366,308 shares of the software maker’s stock worth $5,078,176,000 after acquiring an additional 8,131,160 shares during the period. FMR LLC raised its holdings in shares of Shopify by 16.1% in the 3rd quarter. FMR LLC now owns 42,306,077 shares of the software maker’s stock worth $3,389,637,000 after acquiring an additional 5,869,795 shares during the last quarter. The Manufacturers Life Insurance Company grew its stake in shares of Shopify by 6.3% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 8,211,511 shares of the software maker’s stock worth $658,248,000 after acquiring an additional 484,561 shares in the last quarter. National Bank of Canada FI lifted its holdings in Shopify by 28.0% during the third quarter. National Bank of Canada FI now owns 7,408,880 shares of the software maker’s stock worth $593,588,000 after acquiring an additional 1,621,981 shares during the period. Finally, Geode Capital Management LLC increased its holdings in Shopify by 9.6% during the third quarter. Geode Capital Management LLC now owns 5,387,806 shares of the software maker’s stock worth $432,573,000 after buying an additional 471,280 shares during the last quarter. 69.27% of the stock is owned by institutional investors.

Shopify Trading Up 0.0 %

Shares of NYSE SHOP opened at $92.79 on Wednesday. Shopify Inc. has a 12 month low of $48.56 and a 12 month high of $129.38. The stock has a market cap of $120.15 billion, a price-to-earnings ratio of 59.86, a PEG ratio of 4.82 and a beta of 2.60. The company has a 50 day simple moving average of $111.70 and a two-hundred day simple moving average of $98.36.

Shopify (NYSE:SHOP) (TSE:SHOP) last issued its quarterly earnings data on Tuesday, February 11th. The software maker reported $0.34 EPS for the quarter, missing analysts’ consensus estimates of $0.44 by ($0.10). Shopify had a return on equity of 12.00% and a net margin of 22.74%. Analysts forecast that Shopify Inc. will post 1.12 EPS for the current year.

Analyst Ratings Changes

A number of analysts recently issued reports on SHOP shares. Benchmark upgraded Shopify from a “hold” rating to a “buy” rating and set a $150.00 price objective on the stock in a research note on Monday, February 10th. Loop Capital raised Shopify from a “hold” rating to a “buy” rating and lifted their price target for the stock from $110.00 to $140.00 in a research note on Friday, December 6th. Truist Financial boosted their price target on Shopify from $110.00 to $120.00 and gave the company a “hold” rating in a report on Wednesday, February 12th. UBS Group raised their price objective on Shopify from $110.00 to $125.00 and gave the company a “neutral” rating in a research report on Wednesday, February 12th. Finally, Royal Bank of Canada upped their target price on shares of Shopify from $130.00 to $145.00 and gave the stock an “outperform” rating in a research note on Wednesday, February 12th. One equities research analyst has rated the stock with a sell rating, fifteen 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.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $126.31.

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.