CANADA LIFE ASSURANCE Co Sells 21,713 Shares of Shopify Inc. (NYSE:SHOP)

CANADA LIFE ASSURANCE Co trimmed its position in shares of Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 2.3% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. 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 0.07% of Shopify worth $98,866,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Allianz SE acquired a new position in Shopify in the 4th quarter valued at $27,000. PFG Private Wealth Management LLC lifted its stake in shares of Shopify by 3,657.1% in the fourth quarter. PFG Private Wealth Management LLC now owns 263 shares of the software maker's stock worth $28,000 after acquiring an additional 256 shares during the period. Mark Sheptoff Financial Planning LLC raised its position in shares of Shopify by 50.0% in the 4th quarter. Mark Sheptoff Financial Planning LLC now owns 300 shares of the software maker's stock worth $32,000 after acquiring an additional 100 shares in the last quarter. New Wave Wealth Advisors LLC bought a new stake in shares of Shopify in the 4th quarter valued at $39,000. Finally, Mather Group LLC. grew its stake in Shopify by 84.8% in the fourth quarter. Mather Group LLC. now owns 401 shares of the software maker's stock valued at $43,000 after acquiring an additional 184 shares during the period. 69.27% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on SHOP. Barclays upped their target price on Shopify from $93.00 to $100.00 and gave the company an "equal weight" rating in a report on Wednesday, February 12th. Benchmark raised Shopify from a "hold" rating to a "buy" rating and set a $150.00 target price for the company in a research report on Monday, February 10th. New Street Research initiated coverage on shares of Shopify in a report on Friday, January 10th. They issued a "neutral" rating and a $115.00 price target on the stock. UBS Group raised their price objective on shares of Shopify from $110.00 to $125.00 and gave the stock a "neutral" rating in a report on Wednesday, February 12th. Finally, Wells Fargo & Company boosted their target price on shares of Shopify from $120.00 to $135.00 and gave the company an "overweight" rating in a research note on Wednesday, February 12th. One equities research analyst has rated the stock with a sell rating, fifteen have issued a hold rating, twenty-four have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $119.66.

Shopify Stock Up 6.1 %

Shares of SHOP traded up $5.21 during trading hours on Wednesday, hitting $90.92. The company had a trading volume of 9,218,104 shares, compared to its average volume of 9,239,628. Shopify Inc. has a 52-week low of $48.56 and a 52-week high of $129.38. The stock's 50 day moving average price is $98.84 and its 200 day moving average price is $101.66. The firm has a market cap of $117.73 billion, a P/E ratio of 58.66, a P/E/G ratio of 4.82 and a beta of 2.82.

Shopify (NYSE:SHOP - Get Free Report) TSE: SHOP last announced its quarterly earnings results on Tuesday, February 11th. The software maker reported $0.34 EPS for the quarter, missing analysts' consensus estimates of $0.44 by ($0.10). Shopify had a return on equity of 12.00% and a net margin of 22.74%. On average, research analysts expect that Shopify Inc. will post 1.12 EPS for the current fiscal year.

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.