Canada Pension Plan Investment Board Boosts Stock Holdings in Shopify Inc. $SHOP

Key Points

• The Canada Pension Plan Investment Board increased its stake in Shopify Inc. by 34.4%, acquiring an additional 1,522,573 shares, bringing its total ownership to about 0.46% of the company valued at approximately $565.5 million.
• Shopify reported earnings of $0.35 per share, exceeding analysts' expectations of $0.29, with revenue soaring 31.1% year-over-year to $2.68 billion.
• Analysts have recently upgraded their price targets for Shopify, with some elevating it from $145 to $170, and the stock currently has an average rating of "Moderate Buy".

Canada Pension Plan Investment Board boosted its stake in Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 34.4% during the first quarter, according to the company in its most recent filing with the SEC. The fund owned 5,943,409 shares of the software maker's stock after buying an additional 1,522,573 shares during the period. Canada Pension Plan Investment Board owned approximately 0.46% of Shopify worth $565,504,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Pembroke Management LTD grew its stake in Shopify by 172.4% in the 1st quarter. Pembroke Management LTD now owns 9,777 shares of the software maker's stock valued at $934,000 after buying an additional 6,188 shares during the last quarter. WPG Advisers LLC acquired a new position in Shopify in the 1st quarter valued at about $83,000. State of Wyoming grew its stake in Shopify by 217.1% in the 1st quarter. State of Wyoming now owns 12,041 shares of the software maker's stock valued at $1,147,000 after buying an additional 8,244 shares during the last quarter. Next Century Growth Investors LLC boosted its holdings in Shopify by 91.7% in the 1st quarter. Next Century Growth Investors LLC now owns 47,519 shares of the software maker's stock valued at $4,537,000 after purchasing an additional 22,736 shares during the period. Finally, OMERS ADMINISTRATION Corp boosted its holdings in Shopify by 76.0% in the 1st quarter. OMERS ADMINISTRATION Corp now owns 115,660 shares of the software maker's stock valued at $11,037,000 after purchasing an additional 49,946 shares during the period. Institutional investors and hedge funds own 69.27% of the company's stock.

Analyst Upgrades and Downgrades

SHOP has been the subject of a number of recent research reports. Canaccord Genuity Group boosted their price objective on shares of Shopify from $115.00 to $165.00 and gave the company a "buy" rating in a report on Thursday, August 7th. Arete reissued a "neutral" rating on shares of Shopify in a report on Wednesday, July 23rd. National Bankshares boosted their price objective on shares of Shopify from $140.00 to $180.00 and gave the company an "outperform" rating in a report on Thursday, August 7th. Zacks Research raised shares of Shopify to a "hold" rating in a report on Tuesday, August 12th. Finally, Atb Cap Markets downgraded shares of Shopify from a "strong-buy" rating to a "hold" rating in a report on Wednesday, August 6th. Twenty-four investment analysts have rated the stock with a Buy rating, twenty have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $150.27.

Shopify Trading Up 1.3%

Shares of SHOP traded up $1.85 during trading hours on Wednesday, reaching $140.89. 1,723,605 shares of the stock traded hands, compared to its average volume of 10,095,099. The stock has a fifty day simple moving average of $129.09 and a 200 day simple moving average of $110.72. Shopify Inc. has a 52 week low of $65.86 and a 52 week high of $156.85. The company has a market cap of $183.10 billion, a price-to-earnings ratio of 90.93, a PEG ratio of 4.82 and a beta of 2.69.

Shopify (NYSE:SHOP - Get Free Report) TSE: SHOP last announced its quarterly earnings data on Wednesday, August 6th. The software maker reported $0.35 EPS for the quarter, topping the consensus estimate of $0.29 by $0.06. The business had revenue of $2.68 billion for the quarter, compared to analyst estimates of $2.55 billion. Shopify had a net margin of 22.74% and a return on equity of 12.00%. The company's revenue for the quarter was up 31.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.26 earnings per share. Analysts predict that Shopify Inc. will post 1.12 earnings per share for the current fiscal 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.