Caisse DE Depot ET Placement DU Quebec Has $127.54 Million Stake in Shopify Inc. $SHOP

Caisse DE Depot ET Placement DU Quebec trimmed its stake in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 16.6% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,340,230 shares of the software maker’s stock after selling 266,295 shares during the period. Caisse DE Depot ET Placement DU Quebec owned about 0.10% of Shopify worth $127,537,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Fourth Dimension Wealth LLC acquired a new stake in shares of Shopify during the 4th quarter valued at about $30,000. Smithfield Trust Co boosted its position in shares of Shopify by 149.2% during the 1st quarter. Smithfield Trust Co now owns 314 shares of the software maker’s stock valued at $30,000 after acquiring an additional 188 shares in the last quarter. Dagco Inc. acquired a new stake in shares of Shopify during the 1st quarter valued at about $30,000. Cary Street Partners Investment Advisory LLC boosted its position in shares of Shopify by 86.8% during the 1st quarter. Cary Street Partners Investment Advisory LLC now owns 355 shares of the software maker’s stock valued at $34,000 after acquiring an additional 165 shares in the last quarter. Finally, Accent Capital Management LLC acquired a new stake in shares of Shopify during the 1st quarter valued at about $46,000. 69.27% of the stock is currently owned by institutional investors and hedge funds.

Shopify Trading Up 4.0%

Shares of NYSE SHOP opened at $142.11 on Monday. Shopify Inc. has a 1-year low of $65.86 and a 1-year high of $156.85. The company has a market cap of $184.69 billion, a PE ratio of 91.68, a P/E/G ratio of 4.82 and a beta of 2.63. The company has a 50-day moving average of $124.55 and a two-hundred day moving average of $109.77.

Shopify (NYSE:SHOP) (TSE:SHOP) last announced its earnings results on Wednesday, August 6th. The software maker reported $0.35 earnings per share for the quarter, topping analysts’ consensus estimates of $0.29 by $0.06. Shopify had a net margin of 22.74% and a return on equity of 12.00%. The company had revenue of $2.68 billion during the quarter, compared to the consensus estimate of $2.55 billion. During the same period in the previous year, the firm posted $0.26 earnings per share. The company’s revenue was up 31.1% on a year-over-year basis. As a group, equities research analysts forecast that Shopify Inc. will post 1.12 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on SHOP. Atb Cap Markets lowered shares of Shopify from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, August 6th. Benchmark restated a “buy” rating and issued a $140.00 price target (up from $125.00) on shares of Shopify in a research report on Tuesday, August 5th. Scotiabank restated a “sector perform” rating and issued a $150.00 price target (up from $115.00) on shares of Shopify in a research report on Thursday, August 7th. Canaccord Genuity Group boosted their price target on shares of Shopify from $115.00 to $165.00 and gave the company a “buy” rating in a research report on Thursday, August 7th. Finally, Wedbush boosted their price target on shares of Shopify from $115.00 to $160.00 and gave the company an “outperform” rating in a research report on Thursday, August 7th. Twenty-four research analysts have rated the stock with a Buy rating, twenty have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, Shopify presently has a consensus rating of “Moderate Buy” and an average target price of $148.51.

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.