Canada Pension Plan Investment Board Acquires 423,000 Shares of Shopify Inc. (NYSE:SHOP)

Canada Pension Plan Investment Board increased its position in shares of Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 10.6% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 4,420,836 shares of the software maker's stock after acquiring an additional 423,000 shares during the period. Canada Pension Plan Investment Board owned approximately 0.34% of Shopify worth $469,911,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of SHOP. Allianz SE purchased a new stake in Shopify during the fourth quarter valued at about $27,000. PFG Private Wealth Management LLC lifted its position in shares of Shopify by 3,657.1% in the 4th quarter. PFG Private Wealth Management LLC now owns 263 shares of the software maker's stock valued at $28,000 after acquiring an additional 256 shares in the last quarter. Mark Sheptoff Financial Planning LLC boosted its stake in 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 purchasing an additional 100 shares during the period. New Wave Wealth Advisors LLC acquired a new stake in Shopify during the 4th quarter valued at $39,000. Finally, Mather Group LLC. lifted its holdings in shares of 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 purchasing an additional 184 shares in the last quarter. 69.27% of the stock is currently owned by institutional investors.

Shopify Price Performance

Shares of NYSE SHOP traded up $4.67 during mid-day trading on Tuesday, hitting $86.31. The company's stock had a trading volume of 3,983,321 shares, compared to its average volume of 10,081,683. The stock has a market cap of $111.75 billion, a price-to-earnings ratio of 55.68, a price-to-earnings-growth ratio of 4.82 and a beta of 2.82. The company's fifty day simple moving average is $99.68 and its 200-day simple moving average is $101.78. Shopify Inc. has a one year low of $48.56 and a one year high of $129.38.

Shopify (NYSE:SHOP - Get Free Report) TSE: SHOP last posted 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%. On average, sell-side analysts predict that Shopify Inc. will post 1.12 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the company. Wedbush restated an "outperform" rating and set a $110.00 price objective on shares of Shopify in a research report on Tuesday, April 15th. Wells Fargo & Company boosted their price target on shares of Shopify from $120.00 to $135.00 and gave the company an "overweight" rating in a report on Wednesday, February 12th. The Goldman Sachs Group dropped their target price on Shopify from $150.00 to $130.00 and set a "buy" rating on the stock in a research report on Tuesday. Benchmark upgraded shares of Shopify from a "hold" rating to a "buy" rating and set a $150.00 price target on the stock in a research note on Monday, February 10th. Finally, Citigroup upped their price objective on shares of Shopify from $143.00 to $175.00 and gave the stock a "buy" rating in a report on Tuesday, February 11th. One research analyst has rated the stock with a sell rating, fifteen have assigned a hold rating, twenty-four have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $120.37.

About Shopify

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.