Cumberland Partners Ltd Buys 257,714 Shares of Shopify Inc. $SHOP

Cumberland Partners Ltd raised its stake in shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 1,781.0% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 272,184 shares of the software maker’s stock after acquiring an additional 257,714 shares during the quarter. Shopify makes up 2.7% of Cumberland Partners Ltd’s portfolio, making the stock its 11th largest holding. Cumberland Partners Ltd’s holdings in Shopify were worth $43,850,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Vanguard Group Inc. lifted its holdings in shares of Shopify by 1.5% during the fourth quarter. Vanguard Group Inc. now owns 50,670,627 shares of the software maker’s stock valued at $8,158,643,000 after acquiring an additional 743,803 shares during the period. Jennison Associates LLC lifted its holdings in shares of Shopify by 64.3% during the third quarter. Jennison Associates LLC now owns 18,923,431 shares of the software maker’s stock valued at $2,812,211,000 after acquiring an additional 7,403,821 shares during the period. TD Asset Management Inc lifted its holdings in shares of Shopify by 1.4% during the third quarter. TD Asset Management Inc now owns 8,528,510 shares of the software maker’s stock valued at $1,267,327,000 after acquiring an additional 118,836 shares during the period. Connor Clark & Lunn Investment Management Ltd. lifted its holdings in shares of Shopify by 3.3% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 6,588,934 shares of the software maker’s stock valued at $978,679,000 after acquiring an additional 213,315 shares during the period. Finally, Legal & General Group Plc lifted its holdings in shares of Shopify by 4.4% during the third quarter. Legal & General Group Plc now owns 6,188,885 shares of the software maker’s stock valued at $919,665,000 after acquiring an additional 260,968 shares during the period. 69.27% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on the company. Jefferies Financial Group reissued a “hold” rating and set a $140.00 price objective (down from $150.00) on shares of Shopify in a report on Tuesday, May 5th. Citizens Jmp lowered their target price on Shopify from $160.00 to $150.00 and set a “market outperform” rating for the company in a research note on Wednesday, May 6th. Benchmark lowered their target price on Shopify from $195.00 to $145.00 and set a “buy” rating for the company in a research note on Tuesday, February 10th. Arete Research set a $175.00 target price on Shopify in a research note on Monday, February 2nd. Finally, Barclays set a $126.00 target price on Shopify and gave the company an “equal weight” rating in a research note on Wednesday, May 6th. Two analysts have rated the stock with a Strong Buy rating, thirty-one have given a Buy rating and ten have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $158.42.

Shopify Stock Performance

Shares of NASDAQ:SHOP opened at $103.00 on Friday. Shopify Inc. has a twelve month low of $94.00 and a twelve month high of $182.19. The firm has a market cap of $133.66 billion, a PE ratio of 101.98, a price-to-earnings-growth ratio of 2.94 and a beta of 2.64. The business has a fifty day moving average of $116.29 and a 200-day moving average of $135.86.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last announced its quarterly earnings data on Tuesday, May 5th. The software maker reported $999.00 EPS for the quarter, topping analysts’ consensus estimates of $0.22 by $998.78. The firm had revenue of $3.17 billion during the quarter, compared to analyst estimates of $3.08 billion. Shopify had a return on equity of 12.07% and a net margin of 10.77%. On average, analysts anticipate that Shopify Inc. will post 1.36 EPS for the current fiscal year.

About Shopify

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.