Canada Pension Plan Investment Board Purchases 1,522,573 Shares of 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 lifted its holdings in shares of Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 34.4% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 5,943,409 shares of the software maker's stock after acquiring an additional 1,522,573 shares during the quarter. Canada Pension Plan Investment Board owned approximately 0.46% of Shopify worth $565,504,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Fourth Dimension Wealth LLC bought a new position in Shopify during the fourth quarter worth $30,000. Smithfield Trust Co lifted 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 during the period. Dagco Inc. bought a new stake in shares of Shopify during the 1st quarter valued at $30,000. Cary Street Partners Investment Advisory LLC lifted 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 during the period. Finally, Accent Capital Management LLC bought a new stake in shares of Shopify during the 1st quarter valued at $46,000. 69.27% of the stock is currently owned by institutional investors.

Shopify Price Performance

Shares of Shopify stock traded down $2.24 on Tuesday, hitting $139.04. 5,026,003 shares of the company's stock traded hands, compared to its average volume of 10,145,777. Shopify Inc. has a one year low of $65.86 and a one year high of $156.85. The company has a fifty day moving average of $128.60 and a two-hundred day moving average of $110.52. The company has a market capitalization of $180.70 billion, a price-to-earnings ratio of 89.70, a price-to-earnings-growth ratio of 4.82 and a beta of 2.63.

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

Analysts Set New Price Targets

A number of equities analysts have recently commented on SHOP shares. TD Securities boosted their price target on Shopify from $145.00 to $170.00 and gave the stock an "outperform" rating in a report on Thursday, August 7th. Cantor Fitzgerald set a $156.00 price target on Shopify and gave the stock a "neutral" rating in a report on Wednesday, August 27th. Oppenheimer boosted their price target on Shopify from $145.00 to $180.00 and gave the stock an "outperform" rating in a report on Thursday, August 7th. JMP Securities boosted their price target on Shopify from $135.00 to $185.00 and gave the stock a "market outperform" rating in a report on Thursday, August 7th. Finally, Wells Fargo & Company boosted their price target on Shopify from $107.00 to $125.00 and gave the stock an "overweight" rating in a report on Friday, June 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. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $150.27.

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.