Connor Clark & Lunn Investment Management Ltd. cut its holdings in shares of Shopify Inc (NYSE:SHOP) (TSE:SHOP) by 20.5% during the 4th quarter, HoldingsChannel.com reports. The firm owned 763,633 shares of the software maker’s stock after selling 196,757 shares during the period. Connor Clark & Lunn Investment Management Ltd.’s holdings in Shopify were worth $105,554,000 as of its most recent filing with the Securities and Exchange Commission.
Several other institutional investors and hedge funds have also made changes to their positions in SHOP. Bollard Group LLC increased its stake in Shopify by 1,935.0% in the fourth quarter. Bollard Group LLC now owns 20,350 shares of the software maker’s stock valued at $2,817,000 after acquiring an additional 19,350 shares during the last quarter. Blair William & Co. IL increased its stake in Shopify by 14.3% in the third quarter. Blair William & Co. IL now owns 36,928 shares of the software maker’s stock valued at $6,073,000 after acquiring an additional 4,628 shares during the last quarter. Barton Investment Management increased its stake in Shopify by 5.6% in the fourth quarter. Barton Investment Management now owns 304,743 shares of the software maker’s stock valued at $42,192,000 after acquiring an additional 16,208 shares during the last quarter. Teachers Advisors LLC bought a new position in Shopify in the third quarter valued at approximately $9,182,000. Finally, Compagnie Lombard Odier SCmA increased its stake in Shopify by 92.5% in the third quarter. Compagnie Lombard Odier SCmA now owns 770 shares of the software maker’s stock valued at $126,000 after acquiring an additional 370 shares during the last quarter. 63.53% of the stock is currently owned by institutional investors.
A number of brokerages recently issued reports on SHOP. Zacks Investment Research cut shares of Shopify from a “hold” rating to a “strong sell” rating in a research note on Monday, February 18th. Rosenblatt Securities lifted their price objective on shares of Shopify from $190.00 to $212.00 and gave the company a “buy” rating in a research note on Thursday, February 14th. SunTrust Banks reissued a “hold” rating and issued a $170.00 price objective on shares of Shopify in a research note on Thursday, February 14th. Guggenheim set a $200.00 target price on shares of Shopify and gave the stock a “buy” rating in a research note on Thursday, February 14th. Finally, Roth Capital boosted their target price on shares of Shopify from $180.00 to $200.00 and gave the stock a “buy” rating in a research note on Wednesday, February 13th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating, fourteen have given a buy rating and two have assigned a strong buy rating to the stock. Shopify has an average rating of “Buy” and an average target price of $186.15.
Shopify (NYSE:SHOP) (TSE:SHOP) last posted its earnings results on Tuesday, February 12th. The software maker reported $0.26 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.06) by $0.32. The firm had revenue of $344.00 million for the quarter, compared to analysts’ expectations of $327.45 million. Shopify had a negative net margin of 6.01% and a negative return on equity of 3.52%. The company’s revenue was up 54.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.15 earnings per share. As a group, sell-side analysts predict that Shopify Inc will post -0.93 earnings per share for the current year.
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Shopify Inc provides a cloud-based multi-channel commerce platform for small and medium-sized businesses in the United States, the United Kingdom, Canada, Australia, and internationally. Its platform provides merchants with a single view of business and customers in various sales channels, including Web and mobile storefronts, physical retail locations, social media storefronts, and marketplaces; and enables to manage products and inventory, process orders and payments, ship orders, build customer relationships, leverage analytics and reporting, and access financing.
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