CIBC Private Wealth Group LLC Grows Position in Shopify Inc. (NYSE:SHOP)

CIBC Private Wealth Group LLC raised its position in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 676.6% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 701,381 shares of the software maker’s stock after buying an additional 611,071 shares during the quarter. CIBC Private Wealth Group LLC owned approximately 0.05% of Shopify worth $75,497,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also modified their holdings of the company. RWA Wealth Partners LLC acquired a new stake in shares of Shopify during the fourth quarter worth about $356,000. Schroder Investment Management Group acquired a new stake in Shopify during the 4th quarter worth approximately $93,644,000. Arrowstreet Capital Limited Partnership grew its stake in shares of Shopify by 79.8% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 16,487,579 shares of the software maker’s stock valued at $1,752,834,000 after purchasing an additional 7,316,862 shares during the last quarter. Allianz SE acquired a new position in shares of Shopify in the fourth quarter valued at approximately $27,000. Finally, Biondo Investment Advisors LLC raised its stake in shares of Shopify by 3.5% during the fourth quarter. Biondo Investment Advisors LLC now owns 28,824 shares of the software maker’s stock worth $3,065,000 after purchasing an additional 965 shares during the last quarter. 69.27% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on SHOP shares. CIBC lifted their price objective on shares of Shopify from $135.00 to $160.00 and gave the company an “outperform” rating in a research report on Wednesday, February 12th. Jefferies Financial Group lifted their target price on shares of Shopify from $110.00 to $130.00 and gave the company a “hold” rating in a report on Tuesday, February 18th. Barclays increased their price target on shares of Shopify from $93.00 to $100.00 and gave the stock an “equal weight” rating in a report on Wednesday, February 12th. Citigroup raised their price objective on shares of Shopify from $143.00 to $175.00 and gave the company a “buy” rating in a research report on Tuesday, February 11th. Finally, The Goldman Sachs Group boosted their target price on Shopify from $135.00 to $150.00 and gave the stock a “buy” rating in a research report on Wednesday, February 12th. One research analyst has rated the stock with a sell rating, fifteen have issued a hold rating, twenty-four have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Shopify presently has an average rating of “Moderate Buy” and an average target price of $126.31.

Shopify Price Performance

SHOP opened at $96.51 on Monday. The stock has a market capitalization of $124.96 billion, a price-to-earnings ratio of 62.27, a price-to-earnings-growth ratio of 4.82 and a beta of 2.60. Shopify Inc. has a 12 month low of $48.56 and a 12 month high of $129.38. The business has a 50-day moving average of $110.21 and a two-hundred day moving average of $100.98.

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

Shopify 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.