Shopify Inc. $SHOP Shares Purchased by CIBC Asset Management Inc

CIBC Asset Management Inc boosted its stake in shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 2.6% during the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 4,360,113 shares of the software maker’s stock after buying an additional 108,887 shares during the period. Shopify accounts for 1.9% of CIBC Asset Management Inc’s investment portfolio, making the stock its 12th largest position. CIBC Asset Management Inc’s holdings in Shopify were worth $648,906,000 as of its most recent filing with the SEC.

Several other large investors also recently added to or reduced their stakes in SHOP. Mirae Asset Global Investments Co. Ltd. grew its stake in shares of Shopify by 171.3% in the 2nd quarter. Mirae Asset Global Investments Co. Ltd. now owns 423,295 shares of the software maker’s stock valued at $48,827,000 after buying an additional 267,271 shares during the period. Sumitomo Mitsui Trust Group Inc. lifted its holdings in Shopify by 4.4% in the second quarter. Sumitomo Mitsui Trust Group Inc. now owns 5,231,257 shares of the software maker’s stock valued at $603,425,000 after acquiring an additional 218,829 shares during the last quarter. TriaGen Wealth Management LLC acquired a new position in Shopify in the third quarter valued at approximately $2,562,000. Triasima Portfolio Management inc. grew its position in Shopify by 22.4% in the third quarter. Triasima Portfolio Management inc. now owns 164,310 shares of the software maker’s stock worth $24,416,000 after acquiring an additional 30,061 shares during the period. Finally, Oppenheimer Asset Management Inc. increased its stake in Shopify by 9.6% during the second quarter. Oppenheimer Asset Management Inc. now owns 400,389 shares of the software maker’s stock worth $46,185,000 after acquiring an additional 35,113 shares during the last quarter. 69.27% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on SHOP shares. KeyCorp upped their price target on Shopify from $175.00 to $200.00 and gave the company an “overweight” rating in a research note on Thursday, October 30th. Benchmark reaffirmed a “buy” rating on shares of Shopify in a research report on Wednesday, December 3rd. Oppenheimer reiterated an “outperform” rating on shares of Shopify in a research report on Monday, December 1st. Raymond James Financial restated a “market perform” rating on shares of Shopify in a report on Monday, December 1st. Finally, TD Securities upgraded shares of Shopify to a “hold” rating in a report on Thursday, December 4th. Twenty-four research analysts have rated the stock with a Buy rating and twenty have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $171.61.

Shopify Stock Performance

NASDAQ SHOP opened at $137.89 on Friday. The firm has a market cap of $179.51 billion, a price-to-earnings ratio of 102.14, a PEG ratio of 4.08 and a beta of 2.83. The firm has a 50 day simple moving average of $159.00 and a 200-day simple moving average of $150.51. Shopify Inc. has a one year low of $69.84 and a one year high of $182.19.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last released its earnings results on Tuesday, November 4th. The software maker reported $0.27 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.24 by $0.03. Shopify had a net margin of 16.65% and a return on equity of 11.72%. The company had revenue of $2.84 billion for the quarter, compared to analyst estimates of $2.75 billion. Equities analysts predict that Shopify Inc. will post 1.12 EPS for the current fiscal year.

Shopify Company 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.