BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp Has $281.61 Million Holdings in Shopify Inc. (NYSE:SHOP)

BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp lessened its position in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 5.0% during the 4th quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 2,649,301 shares of the software maker’s stock after selling 139,461 shares during the period. Shopify comprises approximately 1.7% of BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp’s holdings, making the stock its 9th biggest holding. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp owned about 0.21% of Shopify worth $281,606,000 as of its most recent filing with the SEC.

Several other hedge funds also recently modified their holdings of SHOP. Financial Avengers Inc. lifted its stake in shares of Shopify by 2.3% during the fourth quarter. Financial Avengers Inc. now owns 44,545 shares of the software maker’s stock valued at $4,736,000 after acquiring an additional 985 shares during the period. Continuum Advisory LLC grew its position in shares of Shopify by 234.5% in the 4th quarter. Continuum Advisory LLC now owns 843 shares of the software maker’s stock valued at $90,000 after purchasing an additional 591 shares during the period. White Knight Strategic Wealth Advisors LLC acquired a new stake in shares of Shopify during the fourth quarter worth $351,000. USS Investment Management Ltd lifted its holdings in shares of Shopify by 2.4% in the fourth quarter. USS Investment Management Ltd now owns 188,936 shares of the software maker’s stock valued at $20,075,000 after purchasing an additional 4,382 shares in the last quarter. Finally, Voloridge Investment Management LLC acquired a new position in Shopify during the 4th quarter worth approximately $125,334,000. Institutional investors and hedge funds own 69.27% of the company’s stock.

Shopify Stock Down 2.4%

SHOP opened at $106.43 on Wednesday. Shopify Inc. has a twelve month low of $48.56 and a twelve month high of $129.38. The company’s 50-day moving average price is $94.87 and its two-hundred day moving average price is $104.30. The stock has a market cap of $137.81 billion, a price-to-earnings ratio of 68.66, a PEG ratio of 4.82 and a beta of 2.66.

Analysts Set New Price Targets

SHOP has been the topic of a number of recent research reports. UBS Group lowered their target price on Shopify from $125.00 to $110.00 and set a “neutral” rating on the stock in a research report on Friday, May 9th. Wedbush restated an “outperform” rating and set a $110.00 price objective on shares of Shopify in a report on Tuesday, April 15th. Deutsche Bank Aktiengesellschaft lifted their price objective on shares of Shopify from $125.00 to $150.00 and gave the stock a “buy” rating in a research note on Wednesday, February 12th. Cantor Fitzgerald reduced their target price on Shopify from $120.00 to $80.00 and set a “neutral” rating on the stock in a report on Wednesday, April 16th. Finally, Oppenheimer cut their target price on Shopify from $150.00 to $125.00 and set an “outperform” rating for the company in a research note on Wednesday, April 30th. One analyst has rated the stock with a sell rating, fourteen have given a hold rating, twenty-six have given a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $115.37.

Shopify 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.