Shopify Inc. (NYSE:SHOP) is Connor Clark & Lunn Investment Management Ltd.'s 8th Largest Position

Connor Clark & Lunn Investment Management Ltd. lowered its holdings in shares of Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 6.3% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 5,448,008 shares of the software maker's stock after selling 364,201 shares during the quarter. Shopify comprises about 2.1% of Connor Clark & Lunn Investment Management Ltd.'s investment portfolio, making the stock its 8th biggest position. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.42% of Shopify worth $436,408,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in SHOP. Moser Wealth Advisors LLC boosted its holdings in Shopify by 1.4% in the third quarter. Moser Wealth Advisors LLC now owns 9,424 shares of the software maker's stock worth $755,000 after acquiring an additional 128 shares in the last quarter. Massmutual Trust Co. FSB ADV lifted its holdings in shares of Shopify by 7.0% during the 3rd quarter. Massmutual Trust Co. FSB ADV now owns 1,983 shares of the software maker's stock valued at $159,000 after buying an additional 129 shares during the period. Rosenberg Matthew Hamilton boosted its position in shares of Shopify by 41.3% during the 3rd quarter. Rosenberg Matthew Hamilton now owns 455 shares of the software maker's stock valued at $36,000 after acquiring an additional 133 shares during the last quarter. CVA Family Office LLC grew its position in shares of Shopify by 11.8% during the 3rd quarter. CVA Family Office LLC now owns 1,354 shares of the software maker's stock worth $109,000 after buying an additional 143 shares in the last quarter. Finally, Twin Peaks Wealth Advisors LLC lifted its holdings in shares of Shopify by 3.5% during the third quarter. Twin Peaks Wealth Advisors LLC now owns 4,282 shares of the software maker's stock worth $343,000 after purchasing an additional 145 shares during the period. 69.27% of the stock is owned by institutional investors.

Shopify Price Performance

SHOP stock traded down $0.65 during mid-day trading on Wednesday, reaching $103.94. 7,162,344 shares of the company traded hands, compared to its average volume of 9,339,334. The company has a market capitalization of $134.12 billion, a P/E ratio of 97.74, a P/E/G ratio of 3.45 and a beta of 2.36. The company has a debt-to-equity ratio of 0.10, a current ratio of 7.10 and a quick ratio of 7.10. Shopify Inc. has a 52-week low of $48.56 and a 52-week high of $115.62. The company has a fifty day moving average price of $83.46 and a 200-day moving average price of $71.48.

Analyst Upgrades and Downgrades

Several research firms have recently commented on SHOP. DZ Bank cut shares of Shopify from a "hold" rating to a "sell" rating in a research note on Friday, August 9th. Wedbush restated a "neutral" rating and set a $115.00 price target (up previously from $72.00) on shares of Shopify in a research note on Tuesday, November 12th. Piper Sandler lifted their price objective on Shopify from $67.00 to $94.00 and gave the company a "neutral" rating in a report on Wednesday, November 13th. Morgan Stanley upped their price target on shares of Shopify from $80.00 to $85.00 and gave the company an "overweight" rating in a research note on Thursday, August 8th. Finally, Wells Fargo & Company raised their price objective on Shopify from $90.00 to $120.00 and gave the stock an "overweight" rating in a research report on Wednesday, November 13th. One investment analyst has rated the stock with a sell rating, seventeen have issued a hold rating, twenty-three have assigned a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, Shopify presently has a consensus rating of "Moderate Buy" and an average target price of $94.95.

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.