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

Key Points

• Caisse DE Depot ET Placement DU Quebec reduced its stake in Shopify by 16.6%, now holding 1,340,230 shares valued at approximately $127.54 million.
• Shopify reported earnings of $0.35 per share for the last quarter, exceeding estimates, with revenue of $2.68 billion, up 31.1% year-over-year.
• Wall Street analysts have increased their price targets for Shopify, with Canaccord Genuity suggesting a target of $165.00 and Wedbush at $160.00, reflecting positive growth expectations.

Caisse DE Depot ET Placement DU Quebec trimmed its holdings in shares of Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 16.6% in the first quarter, according to the company in its most recent 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 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of the business. Mather Group LLC. raised its holdings in shares of Shopify by 127.4% in the 1st quarter. Mather Group LLC. now owns 912 shares of the software maker's stock valued at $87,000 after purchasing an additional 511 shares during the period. Dynamic Advisor Solutions LLC bought a new stake in shares of Shopify in the 1st quarter valued at about $382,000. GAMMA Investing LLC raised its holdings in shares of Shopify by 80.0% in the 1st quarter. GAMMA Investing LLC now owns 963 shares of the software maker's stock valued at $92,000 after purchasing an additional 428 shares during the period. Bessemer Group Inc. raised its holdings in shares of Shopify by 3.8% in the 1st quarter. Bessemer Group Inc. now owns 1,059,585 shares of the software maker's stock valued at $101,163,000 after purchasing an additional 38,616 shares during the period. Finally, Assenagon Asset Management S.A. raised its holdings in shares of Shopify by 1.1% in the 1st quarter. Assenagon Asset Management S.A. now owns 38,732 shares of the software maker's stock valued at $3,694,000 after purchasing an additional 432 shares during the period. 69.27% of the stock is currently owned by institutional investors and hedge funds.

Shopify Price Performance

NYSE:SHOP traded up $1.65 during mid-day trading on Thursday, reaching $141.54. The stock had a trading volume of 6,322,015 shares, compared to its average volume of 10,210,580. The stock has a 50-day simple moving average of $126.56 and a two-hundred day simple moving average of $110.35. The stock has a market capitalization of $183.95 billion, a PE ratio of 91.32, a P/E/G ratio of 4.82 and a beta of 2.63. Shopify Inc. has a 12 month low of $65.86 and a 12 month high of $156.85.

Shopify (NYSE:SHOP - Get Free Report) TSE: SHOP last issued its earnings results on Wednesday, August 6th. The software maker reported $0.35 earnings per share for the quarter, beating 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 firm had revenue of $2.68 billion for the quarter, compared to analyst estimates of $2.55 billion. During the same quarter last year, the business posted $0.26 earnings per share. The company's quarterly revenue was up 31.1% on a year-over-year basis. Equities analysts expect that Shopify Inc. will post 1.12 EPS for the current year.

Analysts Set New Price Targets

Several research firms have weighed in on SHOP. Canaccord Genuity Group increased their price target on shares of Shopify from $115.00 to $165.00 and gave the company a "buy" rating in a report on Thursday, August 7th. Atb Cap Markets cut shares of Shopify from a "strong-buy" rating to a "hold" rating in a report on Wednesday, August 6th. Mizuho increased their price target on shares of Shopify from $85.00 to $150.00 and gave the company a "neutral" rating in a report on Thursday, August 7th. BMO Capital Markets increased their price target on shares of Shopify from $120.00 to $180.00 and gave the company an "outperform" rating in a report on Thursday, August 7th. Finally, Stifel Nicolaus increased their price target on shares of Shopify from $110.00 to $150.00 and gave the company a "hold" rating in a report on Thursday, August 7th. Twenty-four investment analysts have rated the stock with a Buy rating, twenty have issued a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $150.27.

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.