Shopify Inc. $SHOP Position Raised by Connor Clark & Lunn Investment Management Ltd.

Key Points

• Connor Clark & Lunn Investment Management increased its stake in Shopify by 3.3% in Q3 to 6,588,934 shares, making Shopify roughly 3.1% of the firm's portfolio and its third-largest holding, worth about $978.7 million.
• Institutional ownership is high—hedge funds and other institutions hold about 69.27% of Shopify's stock, with several funds recently adding or initiating positions.
• Analysts have a consensus rating of "Moderate Buy" with a consensus target of $163.33, alongside recent upgrades from firms like Mizuho and TD Securities as Shopify trades near a $168.6 billion market cap.

Connor Clark & Lunn Investment Management Ltd. increased its holdings in Shopify Inc. (NASDAQ:SHOP - Free Report) TSE: SHOP by 3.3% in the 3rd quarter, according to its most recent filing with the SEC. The institutional investor owned 6,588,934 shares of the software maker's stock after buying an additional 213,315 shares during the quarter. Shopify comprises approximately 3.1% of Connor Clark & Lunn Investment Management Ltd.'s portfolio, making the stock its 3rd biggest position. Connor Clark & Lunn Investment Management Ltd. owned about 0.51% of Shopify worth $978,679,000 as of its most recent SEC filing.

A number of other hedge funds have also bought and sold shares of SHOP. Financial Gravity Companies Inc. purchased a new position in shares of Shopify during the second quarter valued at approximately $27,000. Rothschild Investment LLC lifted its position in Shopify by 47.5% during the second quarter. Rothschild Investment LLC now owns 233 shares of the software maker's stock valued at $27,000 after purchasing an additional 75 shares during the period. Heartwood Wealth Advisors LLC purchased a new stake in Shopify in the third quarter worth approximately $27,000. Estabrook Capital Management bought a new stake in Shopify in the 2nd quarter worth approximately $29,000. Finally, Vestor Capital LLC bought a new stake in Shopify in the 2nd quarter worth approximately $34,000. Hedge funds and other institutional investors own 69.27% of the company's stock.

Shopify Price Performance

NASDAQ:SHOP opened at $129.52 on Thursday. The firm has a market capitalization of $168.61 billion, a price-to-earnings ratio of 139.27, a price-to-earnings-growth ratio of 4.64 and a beta of 2.83. Shopify Inc. has a one year low of $69.84 and a one year high of $182.19. The business has a fifty day moving average price of $135.29 and a 200-day moving average price of $148.89.

Analysts Set New Price Targets

SHOP has been the topic of several research analyst reports. Mizuho raised Shopify from a "neutral" rating to an "outperform" rating and set a $150.00 price target on the stock in a report on Thursday, February 12th. Benchmark cut their price objective on Shopify from $195.00 to $145.00 and set a "buy" rating for the company in a report on Tuesday, February 10th. TD Securities upgraded Shopify from a "hold" rating to a "buy" rating and set a $159.00 price objective for the company in a research report on Thursday, February 12th. ATB Cormark Capital Markets raised Shopify from a "sector perform" rating to an "outperform" rating in a report on Tuesday, February 10th. Finally, Citigroup reissued a "buy" rating and issued a $172.00 target price (down from $195.00) on shares of Shopify in a research report on Friday, February 13th. Two investment analysts have rated the stock with a Strong Buy rating, thirty-one have issued a Buy rating and ten have issued a Hold rating to the company. According to data from MarketBeat.com, Shopify presently has a consensus rating of "Moderate Buy" and a consensus target price of $163.33.

Shopify Profile

Shopify is a Canadian commerce technology company that provides a cloud-based platform for businesses to create, manage and scale online and physical retail stores. Its core offering is a software-as-a-service e-commerce platform that enables merchants to build customizable storefronts, manage product catalogs, process orders, and handle inventory. Shopify also supports omnichannel selling through integrated point-of-sale (POS) systems for in-person transactions.

Beyond storefront software, Shopify offers a range of merchant services and tools designed to simplify commerce operations.

Want to see what other hedge funds are holding SHOP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Shopify Inc. (NASDAQ:SHOP - Free Report) TSE: SHOP.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.