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

Connor Clark & Lunn Investment Management Ltd. trimmed its stake in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 6.3% during the 3rd quarter, Holdings Channel reports. The fund owned 5,448,008 shares of the software maker’s stock after selling 364,201 shares during the quarter. Shopify makes up about 2.1% of Connor Clark & Lunn Investment Management Ltd.’s investment portfolio, making the stock its 8th largest position. Connor Clark & Lunn Investment Management Ltd.’s holdings in Shopify were worth $436,408,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Oliver Lagore Vanvalin Investment Group increased its position in shares of Shopify by 100.0% in the second quarter. Oliver Lagore Vanvalin Investment Group now owns 400 shares of the software maker’s stock valued at $26,000 after buying an additional 200 shares in the last quarter. Cultivar Capital Inc. purchased a new stake in shares of Shopify during the 2nd quarter valued at approximately $33,000. Hazlett Burt & Watson Inc. acquired a new position in shares of Shopify in the 2nd quarter valued at $33,000. Rosenberg Matthew Hamilton boosted its stake in Shopify by 41.3% during the third quarter. Rosenberg Matthew Hamilton now owns 455 shares of the software maker’s stock worth $36,000 after buying an additional 133 shares during the period. Finally, Thurston Springer Miller Herd & Titak Inc. purchased a new position in shares of Shopify during the 2nd quarter worth approximately $39,000. Institutional investors and hedge funds own 69.27% of the company’s stock.

Wall Street Analysts Forecast Growth

SHOP has been the subject of several research reports. Scotiabank lifted their target price on Shopify from $75.00 to $80.00 and gave the company a “sector perform” rating in a research report on Thursday, October 24th. Evercore raised their price target on Shopify from $75.00 to $80.00 in a research note on Thursday, August 8th. Canaccord Genuity Group boosted their price objective on shares of Shopify from $80.00 to $125.00 and gave the stock a “buy” rating in a research report on Wednesday, November 13th. JPMorgan Chase & Co. upped their target price on Shopify from $74.00 to $76.00 and gave the company an “overweight” rating in a research report on Tuesday, August 20th. Finally, Cantor Fitzgerald reissued a “neutral” rating and set a $70.00 price objective on shares of Shopify in a research report on Monday, October 7th. One equities research analyst has rated the stock with a sell rating, seventeen have given a hold rating, twenty-three have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $94.95.

Shopify Price Performance

Shopify stock opened at $104.58 on Wednesday. The company has a debt-to-equity ratio of 0.10, a current ratio of 7.10 and a quick ratio of 7.10. The stock has a market capitalization of $134.95 billion, a P/E ratio of 97.74, a P/E/G ratio of 3.45 and a beta of 2.36. The firm’s 50-day moving average is $83.46 and its two-hundred day moving average is $71.48. Shopify Inc. has a 12-month low of $48.56 and a 12-month high of $115.62.

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.