Caisse DE Depot ET Placement DU Quebec Grows Stock Holdings in Shopify Inc. (NYSE:SHOP)

Caisse DE Depot ET Placement DU Quebec boosted its holdings in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 10.7% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,559,921 shares of the software maker’s stock after purchasing an additional 150,572 shares during the quarter. Caisse DE Depot ET Placement DU Quebec owned approximately 0.12% of Shopify worth $125,108,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently added to or reduced their stakes in the business. Baillie Gifford & Co. grew its holdings in Shopify by 14.7% in the third quarter. Baillie Gifford & Co. now owns 63,366,308 shares of the software maker’s stock valued at $5,078,176,000 after purchasing an additional 8,131,160 shares during the period. FMR LLC grew its position in Shopify by 16.1% during the third quarter. FMR LLC now owns 42,306,077 shares of the software maker’s stock valued at $3,389,637,000 after acquiring an additional 5,869,795 shares during the period. TD Asset Management Inc increased its stake in Shopify by 6.9% during the second quarter. TD Asset Management Inc now owns 8,661,462 shares of the software maker’s stock worth $572,263,000 after acquiring an additional 559,917 shares during the last quarter. Legal & General Group Plc grew its holdings in shares of Shopify by 1.8% during the 2nd quarter. Legal & General Group Plc now owns 8,233,517 shares of the software maker’s stock worth $544,017,000 after purchasing an additional 145,618 shares during the period. Finally, The Manufacturers Life Insurance Company lifted its position in Shopify by 6.3% during the third quarter. The Manufacturers Life Insurance Company now owns 8,211,511 shares of the software maker’s stock valued at $658,248,000 after buying an additional 484,561 shares in the last quarter. 69.27% of the stock is owned by institutional investors and hedge funds.

Shopify Price Performance

SHOP opened at $115.67 on Friday. The company has a current ratio of 7.10, a quick ratio of 7.10 and a debt-to-equity ratio of 0.09. Shopify Inc. has a 1 year low of $48.56 and a 1 year high of $116.35. The stock has a fifty day moving average price of $89.16 and a 200 day moving average price of $73.85. The stock has a market cap of $149.46 billion, a price-to-earnings ratio of 108.10, a PEG ratio of 2.96 and a beta of 2.36.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on SHOP shares. Citigroup boosted their price objective on Shopify from $90.00 to $103.00 and gave the stock a “buy” rating in a research note on Monday, September 30th. Canaccord Genuity Group boosted their price target on Shopify from $80.00 to $125.00 and gave the stock a “buy” rating in a research report on Wednesday, November 13th. Oppenheimer increased their price objective on shares of Shopify from $90.00 to $130.00 and gave the company an “outperform” rating in a research report on Wednesday, November 13th. The Goldman Sachs Group lifted their price objective on shares of Shopify from $88.00 to $135.00 and gave the company a “buy” rating in a research note on Wednesday, November 13th. Finally, Robert W. Baird raised their price target on shares of Shopify from $90.00 to $126.00 and gave the company an “outperform” rating in a report on Wednesday, November 13th. One research analyst has rated the stock with a sell rating, seventeen have given a hold rating, twenty-three have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Shopify currently has a consensus rating of “Moderate Buy” and an average target price of $95.84.

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.