Canada Pension Plan Investment Board Raises Stake in Shopify Inc. (SHOP)
Canada Pension Plan Investment Board raised its position in Shopify Inc. (NYSE:SHOP) (TSE:SH) by 25.4% during the second quarter, according to its most recent 13F filing with the SEC. The firm owned 466,500 shares of the software maker’s stock after buying an additional 94,600 shares during the period. Canada Pension Plan Investment Board’s holdings in Shopify were worth $40,520,000 at the end of the most recent reporting period.
Several other hedge funds have also modified their holdings of the company. Seven Bridges Advisors LLC purchased a new stake in Shopify during the second quarter worth $120,000. FNY Partners Fund LP purchased a new stake in Shopify during the first quarter worth $102,000. Toronto Dominion Bank boosted its stake in Shopify by 148.1% in the first quarter. Toronto Dominion Bank now owns 1,630 shares of the software maker’s stock worth $111,000 after buying an additional 973 shares during the period. SG Americas Securities LLC purchased a new stake in Shopify during the first quarter worth $116,000. Finally, FNY Managed Accounts LLC purchased a new stake in Shopify during the first quarter worth $136,000. 61.47% of the stock is currently owned by institutional investors.
Shopify Inc. (NYSE:SHOP) opened at 91.71 on Friday. Shopify Inc. has a one year low of $37.00 and a one year high of $105.79. The firm has a 50 day moving average of $92.14 and a 200 day moving average of $77.97. The firm’s market capitalization is $9.04 billion.
Shopify (NYSE:SHOP) (TSE:SH) last announced its quarterly earnings data on Tuesday, August 1st. The software maker reported ($0.15) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.20) by $0.05. The firm had revenue of $151.70 million during the quarter, compared to analysts’ expectations of $143.94 million. Shopify had a negative return on equity of 8.26% and a negative net margin of 8.96%. The company’s quarterly revenue was up 75.2% compared to the same quarter last year. During the same period in the previous year, the business posted ($0.04) EPS. Equities analysts forecast that Shopify Inc. will post ($0.05) EPS for the current year.
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A number of research firms recently weighed in on SHOP. Vetr cut shares of Shopify from a “strong-buy” rating to a “hold” rating and set a $107.64 price objective on the stock. in a report on Wednesday, August 2nd. Wedbush reaffirmed an “outperform” rating and issued a $115.00 price objective (up previously from $100.00) on shares of Shopify in a report on Tuesday. Barclays PLC reaffirmed an “equal weight” rating and issued a $90.00 price objective (up previously from $70.00) on shares of Shopify in a report on Wednesday, August 2nd. Robert W. Baird increased their price objective on shares of Shopify from $95.00 to $110.00 and gave the stock an “outperform” rating in a report on Wednesday, August 2nd. Finally, KeyCorp reaffirmed an “overweight” rating on shares of Shopify in a report on Wednesday, August 2nd. One research analyst has rated the stock with a sell rating, sixteen have assigned a hold rating, twenty have issued a buy rating and one has assigned a strong buy rating to the company. Shopify has an average rating of “Buy” and an average target price of $88.33.
Shopify Inc (Shopify) provides a cloud-based, multi-channel commerce platform designed for small and medium-sized businesses. The Company offers subscription solutions and merchant solutions. The Company’s software is used by merchants to run their business across all of their sales channels, including Web and mobile storefronts, physical retail locations, social media storefronts and marketplaces.
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