BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp Has $261.41 Million Stock Holdings in Shopify Inc. $SHOP

BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp decreased its position in shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 22.5% during the 2nd quarter, Holdings Channel reports. The fund owned 2,265,068 shares of the software maker’s stock after selling 659,481 shares during the quarter. Shopify accounts for about 1.5% of BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp’s investment portfolio, making the stock its 12th biggest holding. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp’s holdings in Shopify were worth $261,413,000 at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of SHOP. Family Legacy Financial Solutions LLC bought a new position in shares of Shopify during the second quarter worth $25,000. Financial Gravity Companies Inc. acquired a new stake in Shopify during the 2nd quarter worth $27,000. Rothschild Investment LLC raised its stake in Shopify by 47.5% during the 2nd quarter. Rothschild Investment LLC now owns 233 shares of the software maker’s stock worth $27,000 after buying an additional 75 shares during the period. Tradewinds Capital Management LLC lifted its holdings in Shopify by 71.4% during the second quarter. Tradewinds Capital Management LLC now owns 240 shares of the software maker’s stock worth $28,000 after acquiring an additional 100 shares in the last quarter. Finally, Coastline Trust Co acquired a new position in Shopify in the second quarter valued at about $29,000. Institutional investors own 69.27% of the company’s stock.

Wall Street Analysts Forecast Growth

SHOP has been the topic of several recent analyst reports. JPMorgan Chase & Co. lifted their price objective on Shopify from $179.00 to $180.00 and gave the company an “overweight” rating in a report on Wednesday, November 5th. TD Securities upgraded shares of Shopify to a “hold” rating in a report on Thursday, December 4th. Truist Financial set a $155.00 price target on shares of Shopify and gave the company a “hold” rating in a report on Tuesday, November 4th. BNP Paribas initiated coverage on shares of Shopify in a research report on Monday, November 24th. They set a “neutral” rating for the company. Finally, Benchmark reaffirmed a “buy” rating on shares of Shopify in a research note on Wednesday, December 3rd. Twenty-two investment analysts have rated the stock with a Buy rating and twenty-three have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $166.53.

Shopify Stock Down 0.3%

Shares of SHOP stock opened at $164.19 on Friday. Shopify Inc. has a 12 month low of $69.84 and a 12 month high of $182.19. The company’s fifty day simple moving average is $159.60 and its 200-day simple moving average is $139.56. The firm has a market cap of $213.75 billion, a PE ratio of 121.62, a P/E/G ratio of 6.12 and a beta of 2.82.

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

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.