CANADA LIFE ASSURANCE Co Has $98.87 Million Stock Holdings in Shopify Inc. (NYSE:SHOP)

CANADA LIFE ASSURANCE Co lowered its holdings in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 2.3% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 932,735 shares of the software maker’s stock after selling 21,713 shares during the period. CANADA LIFE ASSURANCE Co owned about 0.07% of Shopify worth $98,866,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of SHOP. Norges Bank acquired a new stake in shares of Shopify in the 4th quarter valued at about $1,542,262,000. Arrowstreet Capital Limited Partnership increased its stake in Shopify by 79.8% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 16,487,579 shares of the software maker’s stock valued at $1,752,834,000 after buying an additional 7,316,862 shares during the last quarter. Alliancebernstein L.P. increased its position in shares of Shopify by 631.3% during the fourth quarter. Alliancebernstein L.P. now owns 4,459,580 shares of the software maker’s stock valued at $474,187,000 after acquiring an additional 3,849,796 shares during the last quarter. Marshall Wace LLP raised its stake in shares of Shopify by 623.8% during the 4th quarter. Marshall Wace LLP now owns 1,870,891 shares of the software maker’s stock worth $198,932,000 after purchasing an additional 2,228,091 shares during the period. Finally, FIL Ltd raised its position in Shopify by 11.9% in the fourth quarter. FIL Ltd now owns 15,774,148 shares of the software maker’s stock worth $1,678,865,000 after acquiring an additional 1,682,326 shares during the period. Institutional investors and hedge funds own 69.27% of the company’s stock.

Shopify Stock Down 0.4 %

SHOP opened at $83.65 on Friday. The stock has a market cap of $108.31 billion, a PE ratio of 53.97, a PEG ratio of 4.82 and a beta of 2.82. The business has a 50 day moving average of $101.26 and a 200-day moving average of $101.43. Shopify Inc. has a 52 week low of $48.56 and a 52 week high of $129.38.

Shopify (NYSE:SHOP) (TSE:SHOP) last issued its quarterly earnings results on Tuesday, February 11th. The software maker reported $0.34 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.44 by ($0.10). Shopify had a return on equity of 12.00% and a net margin of 22.74%. Equities analysts anticipate that Shopify Inc. will post 1.12 EPS for the current year.

Analysts Set New Price Targets

SHOP has been the topic of a number of recent research reports. New Street Research began coverage on Shopify in a research report on Friday, January 10th. They set a “neutral” rating and a $115.00 price target on the stock. Phillip Securities cut Shopify from a “strong-buy” rating to a “moderate buy” rating in a report on Monday, February 17th. Canaccord Genuity Group lifted their target price on Shopify from $125.00 to $140.00 and gave the company a “buy” rating in a report on Wednesday, February 12th. The Goldman Sachs Group increased their target price on shares of Shopify from $135.00 to $150.00 and gave the stock a “buy” rating in a research note on Wednesday, February 12th. Finally, Morgan Stanley dropped their price objective on Shopify from $144.00 to $106.00 and set an “overweight” rating for the company in a research note on Wednesday. One investment analyst has rated the stock with a sell rating, fifteen have given a hold rating, twenty-four have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $120.94.

Shopify Company Profile

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.