Shopify Inc. (NYSE:SHOP) is Alberta Investment Management Corp's 8th Largest Position

Key Points

• Alberta Investment Management Corp increased its stake in Shopify by 0.5%, making it the firm's 8th largest position, currently holding about 2,050,577 shares valued at approximately $195 million.
• Several institutional investors have also increased their stakes in Shopify, with notable boosts from FIL Ltd (11.9% increase) and Mackenzie Financial Corp (19.7% increase) in the recent quarters.
• Analysts have varied opinions on Shopify's stock, with a consensus rating of "Moderate Buy" and an average price target of $120.34, despite recent target cuts from firms like Mizuho and BNP Paribas Exane.

Alberta Investment Management Corp boosted its stake in Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 0.5% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 2,050,577 shares of the software maker's stock after purchasing an additional 10,932 shares during the quarter. Shopify comprises 1.3% of Alberta Investment Management Corp's portfolio, making the stock its 8th largest position. Alberta Investment Management Corp owned about 0.16% of Shopify worth $195,187,000 as of its most recent filing with the SEC.

Other institutional investors have also recently bought and sold shares of the company. Capital World Investors grew its stake in Shopify by 0.9% during the fourth quarter. Capital World Investors now owns 53,102,707 shares of the software maker's stock worth $5,646,455,000 after buying an additional 496,982 shares during the period. FMR LLC grew its stake in Shopify by 3.4% during the fourth quarter. FMR LLC now owns 43,732,077 shares of the software maker's stock worth $4,653,054,000 after buying an additional 1,426,000 shares during the period. Capital International Investors boosted its stake in shares of Shopify by 2.7% in the fourth quarter. Capital International Investors now owns 36,516,305 shares of the software maker's stock valued at $3,883,039,000 after purchasing an additional 968,026 shares during the period. FIL Ltd boosted its stake in shares of Shopify by 11.9% in the fourth quarter. FIL Ltd now owns 15,774,148 shares of the software maker's stock valued at $1,678,865,000 after purchasing an additional 1,682,326 shares during the period. Finally, Mackenzie Financial Corp boosted its stake in Shopify by 19.7% during the 1st quarter. Mackenzie Financial Corp now owns 8,648,734 shares of the software maker's stock valued at $822,745,000 after acquiring an additional 1,426,406 shares during the last quarter. 69.27% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of analysts have weighed in on the stock. Mizuho dropped their target price on shares of Shopify from $110.00 to $85.00 and set a "neutral" rating on the stock in a report on Monday, April 14th. BNP Paribas Exane cut shares of Shopify from an "outperform" rating to a "neutral" rating and set a $100.00 target price on the stock. in a research note on Monday, May 5th. Loop Capital cut shares of Shopify from a "buy" rating to a "hold" rating and set a $120.00 target price on the stock. in a research note on Tuesday, July 22nd. Needham & Company LLC initiated coverage on shares of Shopify in a research note on Monday, July 14th. They set a "buy" rating and a $135.00 target price on the stock. Finally, The Goldman Sachs Group lowered their target price on shares of Shopify from $150.00 to $130.00 and set a "buy" rating on the stock in a research note on Tuesday, April 22nd. One investment analyst has rated the stock with a sell rating, eighteen have assigned a hold rating, twenty-two have assigned a buy rating and two have issued a strong buy rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $120.34.

Shopify Trading Down 0.7%

Shares of SHOP stock opened at $122.21 on Friday. Shopify Inc. has a 1 year low of $48.56 and a 1 year high of $129.38. The firm has a market capitalization of $158.55 billion, a P/E ratio of 78.85, a price-to-earnings-growth ratio of 4.82 and a beta of 2.61. The firm's fifty day simple moving average is $113.56 and its 200 day simple moving average is $106.44.

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.

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