Great West Life Assurance Co. Can increased its stake in shares of Shopify Inc. (NYSE:SHOP) (TSE:SH) by 112.7% during the second quarter, Holdings Channel reports. The institutional investor owned 48,057 shares of the software maker’s stock after buying an additional 25,462 shares during the period. Great West Life Assurance Co. Can’s holdings in Shopify were worth $4,161,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in the stock. FMR LLC increased its stake in shares of Shopify by 1.5% in the first quarter. FMR LLC now owns 11,571,684 shares of the software maker’s stock valued at $787,916,000 after buying an additional 171,294 shares during the period. Renaissance Technologies LLC increased its stake in shares of Shopify by 4.7% in the first quarter. Renaissance Technologies LLC now owns 1,347,000 shares of the software maker’s stock worth $91,732,000 after buying an additional 61,000 shares during the last quarter. Scge Management L.P. increased its stake in shares of Shopify by 16.7% in the first quarter. Scge Management L.P. now owns 1,015,000 shares of the software maker’s stock worth $69,111,000 after buying an additional 145,000 shares during the last quarter. Morgan Stanley increased its stake in shares of Shopify by 117.8% in the first quarter. Morgan Stanley now owns 643,902 shares of the software maker’s stock worth $43,843,000 after buying an additional 348,254 shares during the last quarter. Finally, Norges Bank purchased a new stake in shares of Shopify during the fourth quarter worth approximately $14,251,000. Institutional investors own 57.07% of the company’s stock.

Shopify Inc. (NYSE SHOP) opened at 93.15 on Wednesday. The company’s 50 day moving average is $92.16 and its 200 day moving average is $78.99. The firm’s market cap is $9.18 billion. Shopify Inc. has a 12-month low of $37.74 and a 12-month high of $105.79.

Shopify (NYSE:SHOP) (TSE:SH) last posted its earnings results on Tuesday, August 1st. The software maker reported ($0.15) EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.20) by $0.05. The company had revenue of $151.70 million during the quarter, compared to the consensus estimate of $143.94 million. Shopify had a negative net margin of 8.96% and a negative return on equity of 8.26%. The company’s revenue for the quarter was up 75.2% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.04) earnings per share. On average, equities analysts anticipate that Shopify Inc. will post ($0.05) earnings per share for the current year.

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A number of brokerages recently commented on SHOP. Vetr downgraded shares of Shopify from a “strong-buy” rating to a “buy” rating and set a $101.99 price objective for the company. in a research report on Thursday, June 22nd. Credit Suisse Group restated an “outperform” rating and issued a $95.00 price objective on shares of Shopify in a research report on Tuesday, May 23rd. BidaskClub downgraded shares of Shopify from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, June 14th. KeyCorp restated an “overweight” rating on shares of Shopify in a research report on Wednesday, August 2nd. Finally, CSFB restated an “outperform” rating and issued a $128.00 price objective on shares of Shopify in a research report on Tuesday, May 23rd. One equities research analyst has rated the stock with a sell rating, sixteen have assigned a hold rating, twenty have given a buy rating and one has assigned a strong buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus target price of $88.33.

Shopify Company Profile

Shopify Inc (Shopify) provides a cloud-based, multi-channel commerce platform designed for small and medium-sized businesses. The Company offers subscription solutions and merchant solutions. The Company’s software is used by merchants to run their business across all of their sales channels, including Web and mobile storefronts, physical retail locations, social media storefronts and marketplaces.

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Institutional Ownership by Quarter for Shopify (NYSE:SHOP)

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