Connor Clark & Lunn Investment Management Ltd. Sells 492,618 Shares of Shopify Inc. (NYSE:SHOP)

Key Points

• Connor Clark & Lunn Investment Management Ltd. reduced its stake in Shopify by 6.9%, now holding 6.6 million shares, making it the firm's 3rd largest position.
• Several institutional investors, including Vanguard and Capital World Investors, have increased their holdings in Shopify, indicating strong institutional interest in the stock.
• Wall Street analysts have raised price targets for Shopify, with Bank of America setting a target of $185.00 and a consensus rating of "Moderate Buy" for the stock.

Connor Clark & Lunn Investment Management Ltd. lessened its stake in shares of Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 6.9% in the 1st quarter, according to its most recent disclosure with the SEC. The firm owned 6,602,764 shares of the software maker's stock after selling 492,618 shares during the period. Shopify accounts for about 2.7% of Connor Clark & Lunn Investment Management Ltd.'s investment portfolio, making the stock its 3rd biggest holding. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.51% of Shopify worth $628,240,000 as of its most recent filing with the SEC.

Several other hedge funds have also bought and sold shares of the stock. Mather Group LLC. increased its holdings in Shopify by 127.4% during the 1st quarter. Mather Group LLC. now owns 912 shares of the software maker's stock worth $87,000 after purchasing an additional 511 shares during the period. Dynamic Advisor Solutions LLC purchased a new position in Shopify during the 1st quarter worth $382,000. GAMMA Investing LLC increased its holdings in Shopify by 80.0% during the 1st quarter. GAMMA Investing LLC now owns 963 shares of the software maker's stock worth $92,000 after purchasing an additional 428 shares during the period. Bessemer Group Inc. increased 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 acquiring an additional 38,616 shares during the period. Finally, Assenagon Asset Management S.A. increased 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 acquiring an additional 432 shares during the period. Institutional investors own 69.27% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on SHOP. Scotiabank restated a "sector perform" rating and set a $150.00 target price (up from $115.00) on shares of Shopify in a research note on Thursday. Benchmark restated a "buy" rating and issued a $140.00 target price (up previously from $125.00) on shares of Shopify in a research report on Tuesday, August 5th. The Goldman Sachs Group raised their target price on Shopify from $120.00 to $176.00 and gave the company a "buy" rating in a research report on Thursday. Loop Capital cut Shopify from a "buy" rating to a "hold" rating and set a $120.00 price target for the company. in a report on Tuesday, July 22nd. Finally, Arete reissued a "neutral" rating on shares of Shopify in a research note on Wednesday, July 23rd. One investment analyst has rated the stock with a sell rating, eighteen have issued a hold rating and twenty-four have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $148.51.

Shopify Price Performance

Shares of SHOP stock traded down $2.11 during trading hours on Monday, reaching $147.50. 10,124,305 shares of the company's stock were exchanged, compared to its average volume of 10,549,126. Shopify Inc. has a 1 year low of $65.86 and a 1 year high of $156.85. The company has a market cap of $191.36 billion, a P/E ratio of 95.16, a price-to-earnings-growth ratio of 4.82 and a beta of 2.63. The company's 50 day moving average is $117.50 and its two-hundred day moving average is $107.87.

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.