Shopify Inc. (NYSE:SHOP) is Connor Clark & Lunn Investment Management Ltd.’s 2nd Largest Position

Connor Clark & Lunn Investment Management Ltd. grew its holdings in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 30.2% in the fourth quarter, Holdings Channel.com reports. The institutional investor owned 7,095,382 shares of the software maker’s stock after buying an additional 1,647,374 shares during the quarter. Shopify makes up 3.4% of Connor Clark & Lunn Investment Management Ltd.’s holdings, making the stock its 2nd biggest holding. Connor Clark & Lunn Investment Management Ltd.’s holdings in Shopify were worth $754,201,000 as of its most recent SEC filing.

Other institutional investors have also bought and sold shares of the company. Avantax Advisory Services Inc. raised its position in Shopify by 2.0% in the fourth quarter. Avantax Advisory Services Inc. now owns 42,526 shares of the software maker’s stock valued at $4,522,000 after purchasing an additional 842 shares during the period. Parkworth Wealth Management Inc. acquired a new stake in shares of Shopify in the fourth quarter valued at $762,000. Sequoia Financial Advisors LLC raised its position in Shopify by 1.4% in the 4th quarter. Sequoia Financial Advisors LLC now owns 18,454 shares of the software maker’s stock valued at $1,962,000 after purchasing an additional 247 shares in the last quarter. Prosperity Financial Group Inc. purchased a new position in Shopify in the fourth quarter worth approximately $246,000. Finally, Natural Investments LLC purchased a new stake in shares of Shopify during the 4th quarter worth $3,328,000. 69.27% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on SHOP shares. Cantor Fitzgerald reaffirmed a “neutral” rating and issued a $120.00 price target on shares of Shopify in a report on Wednesday, February 12th. DA Davidson upped their price objective on Shopify from $130.00 to $150.00 and gave the company a “buy” rating in a research note on Wednesday, February 12th. The Goldman Sachs Group raised their target price on shares of Shopify from $135.00 to $150.00 and gave the stock a “buy” rating in a research note on Wednesday, February 12th. Deutsche Bank Aktiengesellschaft lifted their price target on Shopify from $125.00 to $150.00 and gave the company a “buy” rating in a research note on Wednesday, February 12th. Finally, Atb Cap Markets lowered shares of Shopify from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, November 12th. One 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 given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $126.31.

Shopify Stock Performance

Shares of NYSE:SHOP opened at $92.79 on Wednesday. The stock has a 50-day simple moving average of $111.70 and a 200-day simple moving average of $98.36. Shopify Inc. has a 1 year low of $48.56 and a 1 year high of $129.38. The stock has a market capitalization of $120.15 billion, a P/E ratio of 59.86, a PEG ratio of 4.82 and a beta of 2.60.

Shopify (NYSE:SHOP) (TSE:SHOP) last announced its earnings results 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%. Analysts predict that Shopify Inc. will post 1.12 earnings per share for the current 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.