Shopify Inc. (NYSE:SHOP) Holdings Increased by Vanguard Group Inc.

Vanguard Group Inc. grew its stake in shares of Shopify Inc. (NYSE:SHOP – Get Rating) (TSE:SHOP) by 3.2% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 38,491,544 shares of the software maker’s stock after buying an additional 1,198,494 shares during the quarter. Vanguard Group Inc. owned about 3.05% of Shopify worth $1,036,963,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently made changes to their positions in SHOP. AlphaCrest Capital Management LLC grew its stake in shares of Shopify by 414.3% in the 2nd quarter. AlphaCrest Capital Management LLC now owns 12,308 shares of the software maker’s stock worth $385,000 after purchasing an additional 9,915 shares during the last quarter. CI Investments Inc. grew its stake in shares of Shopify by 1,903.5% in the 2nd quarter. CI Investments Inc. now owns 370,374 shares of the software maker’s stock worth $11,570,000 after purchasing an additional 351,888 shares during the last quarter. WINTON GROUP Ltd acquired a new position in shares of Shopify in the 3rd quarter worth approximately $365,000. Massachusetts Financial Services Co. MA grew its stake in shares of Shopify by 853.4% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 1,967,747 shares of the software maker’s stock worth $61,473,000 after purchasing an additional 1,761,357 shares during the last quarter. Finally, USS Investment Management Ltd increased its position in shares of Shopify by 868.3% in the second quarter. USS Investment Management Ltd now owns 252,020 shares of the software maker’s stock worth $7,888,000 after acquiring an additional 225,994 shares in the last quarter. 56.31% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on SHOP. KeyCorp lifted their target price on shares of Shopify from $45.00 to $55.00 and gave the stock an “overweight” rating in a research report on Tuesday, February 14th. Jefferies Financial Group downgraded shares of Shopify from a “buy” rating to a “hold” rating and set a $40.00 target price on the stock. in a research report on Thursday, January 5th. Piper Sandler lifted their target price on shares of Shopify from $36.00 to $45.00 and gave the stock a “neutral” rating in a research report on Thursday, February 16th. The Goldman Sachs Group lifted their target price on shares of Shopify from $36.00 to $40.00 and gave the stock a “neutral” rating in a research report on Thursday, February 16th. Finally, Robert W. Baird lifted their target price on shares of Shopify from $45.00 to $55.00 and gave the stock an “outperform” rating in a research report on Thursday, February 16th. Three investment analysts have rated the stock with a sell rating, eighteen have issued a hold rating and fourteen have given a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $47.73.

Shopify Price Performance

Shares of Shopify stock opened at $41.78 on Tuesday. The firm has a fifty day simple moving average of $43.56 and a 200-day simple moving average of $36.89. The company has a debt-to-equity ratio of 0.17, a quick ratio of 7.07 and a current ratio of 7.07. Shopify Inc. has a 1-year low of $23.63 and a 1-year high of $78.00.

Shopify (NYSE:SHOP – Get Rating) (TSE:SHOP) last issued its quarterly earnings data on Wednesday, February 15th. The software maker reported ($0.04) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.14) by $0.10. Shopify had a negative net margin of 61.79% and a negative return on equity of 5.62%. The business had revenue of $1.73 billion during the quarter, compared to analysts’ expectations of $1.64 billion. As a group, research analysts expect that Shopify Inc. will post -0.48 EPS for the current fiscal year.

Shopify Company Profile

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Shopify, Inc operates a cloud-based commerce platform designed for small and medium-sized businesses. Its software is used by merchants to run business across all sales channels, including web, tablet and mobile storefronts, social media storefronts, and brick-and-mortar and pop-up shops. The firm’s platform provides merchants with a single view of business and customers and enables them to manage products and inventory, process orders and payments, build customer relationships and leverage analytics and reporting.