CIBC Private Wealth Group LLC Grows Stock Position in Shopify Inc. (NYSE:SHOP)

CIBC Private Wealth Group LLC increased its holdings in shares of Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 676.6% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 701,381 shares of the software maker's stock after buying an additional 611,071 shares during the period. CIBC Private Wealth Group LLC owned about 0.05% of Shopify worth $75,497,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Allianz SE purchased a new position in shares of Shopify in the fourth quarter valued at approximately $27,000. PFG Private Wealth Management LLC lifted its holdings in 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 purchasing an additional 256 shares in the last quarter. Mark Sheptoff Financial Planning LLC boosted its stake in Shopify by 50.0% during 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 last quarter. Brooklyn Investment Group purchased a new position in shares of Shopify in the third quarter worth about $33,000. Finally, New Wave Wealth Advisors LLC acquired a new position in Shopify during the fourth quarter worth about $39,000. Institutional investors and hedge funds own 69.27% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on SHOP shares. The Goldman Sachs Group increased their price target on Shopify from $135.00 to $150.00 and gave the company a "buy" rating in a report on Wednesday, February 12th. Royal Bank of Canada set a $145.00 price target on Shopify and gave the stock an "outperform" rating in a report on Friday, March 21st. Piper Sandler upped their price objective on shares of Shopify from $94.00 to $104.00 and gave the company a "neutral" rating in a report on Wednesday, February 12th. Wells Fargo & Company raised their price objective on shares of Shopify from $120.00 to $135.00 and gave the stock an "overweight" rating in a research report on Wednesday, February 12th. Finally, Robert W. Baird increased their price target on shares of Shopify from $126.00 to $135.00 and gave the company an "outperform" rating in a research note on Wednesday, February 12th. One investment 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 stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $126.31.

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Shopify Stock Performance

Shopify stock traded up $3.01 during midday trading on Wednesday, reaching $100.65. The company's stock had a trading volume of 7,587,507 shares, compared to its average volume of 8,802,637. The firm has a market capitalization of $130.32 billion, a PE ratio of 64.94, a P/E/G ratio of 4.82 and a beta of 2.81. Shopify Inc. has a fifty-two week low of $48.56 and a fifty-two week high of $129.38. The stock's 50 day simple moving average is $109.88 and its 200 day simple moving average is $101.33.

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