CIBC Asset Management Inc Boosts Stake in Shopify Inc. (NYSE:SHOP)

CIBC Asset Management Inc boosted its stake in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 1.2% in the third quarter, according to its most recent disclosure with the SEC. The firm owned 4,776,948 shares of the software maker’s stock after acquiring an additional 55,614 shares during the period. Shopify comprises about 1.2% of CIBC Asset Management Inc’s holdings, making the stock its 20th biggest holding. CIBC Asset Management Inc owned 0.37% of Shopify worth $383,316,000 as of its most recent filing with the SEC.

Several other institutional investors have also modified their holdings of the stock. Oliver Lagore Vanvalin Investment Group raised its position in shares of Shopify by 100.0% in the second quarter. Oliver Lagore Vanvalin Investment Group now owns 400 shares of the software maker’s stock valued at $26,000 after buying an additional 200 shares during the last quarter. Rosenberg Matthew Hamilton lifted its position in Shopify by 41.3% during the third quarter. Rosenberg Matthew Hamilton now owns 455 shares of the software maker’s stock worth $36,000 after buying an additional 133 shares in the last quarter. Cultivar Capital Inc. acquired a new position in Shopify during the second quarter worth $33,000. Hazlett Burt & Watson Inc. purchased a new stake in Shopify in the 2nd quarter valued at $33,000. Finally, Thurston Springer Miller Herd & Titak Inc. acquired a new stake in shares of Shopify in the 2nd quarter worth $39,000. Institutional investors and hedge funds own 69.27% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on the stock. Barclays upped their price objective on shares of Shopify from $70.00 to $93.00 and gave the company an “equal weight” rating in a report on Wednesday. Cantor Fitzgerald reissued a “neutral” rating and issued a $70.00 price target on shares of Shopify in a research note on Monday, October 7th. Roth Mkm lifted their price target on shares of Shopify from $77.00 to $79.00 and gave the company a “buy” rating in a research report on Thursday, August 8th. Wells Fargo & Company upped their price objective on Shopify from $90.00 to $120.00 and gave the company an “overweight” rating in a report on Wednesday. Finally, JPMorgan Chase & Co. lifted their target price on Shopify from $74.00 to $76.00 and gave the company an “overweight” rating in a research report on Tuesday, August 20th. One research analyst has rated the stock with a sell rating, seventeen have issued a hold rating, twenty-three have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $94.95.

Shopify Stock Down 5.2 %

SHOP stock opened at $109.08 on Friday. The stock has a market capitalization of $140.76 billion, a PE ratio of 101.94, a price-to-earnings-growth ratio of 3.71 and a beta of 2.36. The company has a fifty day moving average of $80.36 and a 200-day moving average of $70.50. The company has a debt-to-equity ratio of 0.10, a quick ratio of 7.32 and a current ratio of 7.10. Shopify Inc. has a one year low of $48.56 and a one year high of $115.62.

Shopify (NYSE:SHOP) (TSE:SHOP) last announced its quarterly earnings data on Tuesday, November 12th. The software maker reported $0.27 earnings per share for the quarter, topping analysts’ consensus estimates of $0.18 by $0.09. The firm had revenue of $2.16 billion for the quarter, compared to analyst estimates of $2.11 billion. Shopify had a return on equity of 11.60% and a net margin of 16.84%. As a group, analysts expect that Shopify Inc. will post 0.76 EPS 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.