Shopify Inc. $SHOP is BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp's 8th Largest Position

Key Points

• BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp increased its stake in Shopify by 10.4%, making it the 8th largest position in its portfolio, with holdings valued at approximately $278 million.
• Shopify recently reported earnings of $0.35 EPS, exceeding expectations and showing a year-over-year revenue increase of 31.1%.
• Wall Street analysts have provided mixed ratings on Shopify, with a consensus rating of "Moderate Buy" and average target price of $148.51.

BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp increased its holdings in shares of Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 10.4% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,924,549 shares of the software maker's stock after purchasing an additional 275,248 shares during the period. Shopify makes up 1.7% of BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp's holdings, making the stock its 8th biggest position. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp owned approximately 0.23% of Shopify worth $278,265,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Fourth Dimension Wealth LLC purchased a new position in shares of Shopify during the fourth quarter worth $30,000. Smithfield Trust Co raised its holdings in shares of Shopify by 149.2% during the first quarter. Smithfield Trust Co now owns 314 shares of the software maker's stock worth $30,000 after purchasing an additional 188 shares during the last quarter. Dagco Inc. purchased a new position in shares of Shopify during the first quarter worth $30,000. Cary Street Partners Investment Advisory LLC raised its holdings in shares of Shopify by 86.8% during the first quarter. Cary Street Partners Investment Advisory LLC now owns 355 shares of the software maker's stock worth $34,000 after purchasing an additional 165 shares during the last quarter. Finally, Accent Capital Management LLC purchased a new position in shares of Shopify during the first quarter worth $46,000. Hedge funds and other institutional investors own 69.27% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on SHOP. Cantor Fitzgerald reissued a "neutral" rating and set a $91.00 target price on shares of Shopify in a report on Wednesday, June 11th. Loop Capital lowered shares of Shopify from a "buy" rating to a "hold" rating and set a $120.00 price target on the stock. in a research report on Tuesday, July 22nd. Phillip Securities lowered shares of Shopify from a "moderate buy" rating to a "hold" rating in a research report on Tuesday, August 12th. BNP Paribas Exane lowered shares of Shopify from an "outperform" rating to a "neutral" rating and set a $100.00 price target on the stock. in a research report on Monday, May 5th. Finally, Mizuho raised their price target on shares of Shopify from $85.00 to $150.00 and gave the company a "neutral" rating in a research report on Thursday, August 7th. Twenty-four equities research analysts have rated the stock with a Buy rating, twenty have assigned a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $148.51.

Shopify Stock Up 4.0%

SHOP stock opened at $142.11 on Friday. The stock has a market capitalization of $184.69 billion, a P/E ratio of 91.68, a P/E/G ratio of 4.82 and a beta of 2.63. The firm has a 50-day simple moving average of $124.55 and a 200-day simple moving average of $109.92. Shopify Inc. has a 52 week low of $65.86 and a 52 week high of $156.85.

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

About Shopify

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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