Shopify Inc. (NYSE:SHOP) Shares Bought by BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp

BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp grew its stake in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 8.6% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 2,788,762 shares of the software maker’s stock after buying an additional 220,498 shares during the period. Shopify accounts for 1.3% of BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp’s investment portfolio, making the stock its 16th largest holding. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp owned about 0.22% of Shopify worth $223,391,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently modified their holdings of SHOP. Baillie Gifford & Co. increased its holdings in shares of Shopify by 14.7% in the 3rd quarter. Baillie Gifford & Co. now owns 63,366,308 shares of the software maker’s stock valued at $5,078,176,000 after acquiring an additional 8,131,160 shares during the period. FMR LLC increased its stake in Shopify by 16.1% in the third quarter. FMR LLC now owns 42,306,077 shares of the software maker’s stock valued at $3,389,637,000 after purchasing an additional 5,869,795 shares during the period. Mackenzie Financial Corp raised its holdings in shares of Shopify by 49.9% in the second quarter. Mackenzie Financial Corp now owns 6,315,028 shares of the software maker’s stock valued at $417,386,000 after buying an additional 2,102,939 shares during the last quarter. Clearbridge Investments LLC boosted its stake in shares of Shopify by 54.2% during the second quarter. Clearbridge Investments LLC now owns 4,714,691 shares of the software maker’s stock worth $311,404,000 after buying an additional 1,657,251 shares during the period. Finally, MUFG Securities EMEA plc grew its holdings in shares of Shopify by 11,507.2% during the second quarter. MUFG Securities EMEA plc now owns 1,506,260 shares of the software maker’s stock worth $99,488,000 after buying an additional 1,493,283 shares during the last quarter. 69.27% of the stock is owned by hedge funds and other institutional investors.

Shopify Trading Up 2.8 %

Shares of SHOP opened at $115.67 on Friday. Shopify Inc. has a one year low of $48.56 and a one year high of $116.35. The stock has a 50-day moving average price of $89.16 and a 200 day moving average price of $73.85. The company has a debt-to-equity ratio of 0.09, a quick ratio of 7.10 and a current ratio of 7.10. The company has a market capitalization of $149.46 billion, a P/E ratio of 108.10, a P/E/G ratio of 2.96 and a beta of 2.36.

Analyst Upgrades and Downgrades

Several analysts have commented on the company. Mizuho upped their price objective on Shopify from $68.00 to $105.00 and gave the company a “neutral” rating in a research note on Wednesday, November 13th. UBS Group increased their price target on Shopify from $71.00 to $75.00 and gave the stock a “neutral” rating in a report on Thursday, August 8th. Royal Bank of Canada boosted their price objective on shares of Shopify from $100.00 to $130.00 and gave the company an “outperform” rating in a research note on Wednesday, November 13th. Redburn Atlantic upgraded shares of Shopify from a “neutral” rating to a “buy” rating and set a $99.00 target price for the company in a research note on Tuesday, September 17th. Finally, Benchmark reaffirmed a “hold” rating on shares of Shopify in a report on Tuesday, August 6th. One analyst has rated the stock with a sell rating, seventeen have assigned a hold rating, twenty-three have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $95.84.

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.