ProShare Advisors LLC Has $196.53 Million Holdings in Shopify Inc. $SHOP

ProShare Advisors LLC cut its holdings in shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 20.3% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,322,439 shares of the software maker’s stock after selling 336,589 shares during the quarter. ProShare Advisors LLC owned 0.10% of Shopify worth $196,528,000 as of its most recent SEC filing.

Several other institutional investors have also made changes to their positions in the stock. Norges Bank acquired a new stake in shares of Shopify during the 2nd quarter worth $1,794,952,000. Jennison Associates LLC raised its stake in Shopify by 64.3% in the third quarter. Jennison Associates LLC now owns 18,923,431 shares of the software maker’s stock valued at $2,812,211,000 after purchasing an additional 7,403,821 shares in the last quarter. Brown Advisory Inc. lifted its position in Shopify by 5,193.6% during the second quarter. Brown Advisory Inc. now owns 2,066,884 shares of the software maker’s stock worth $238,419,000 after purchasing an additional 2,027,839 shares during the period. Geode Capital Management LLC grew its stake in Shopify by 19.9% during the second quarter. Geode Capital Management LLC now owns 10,731,795 shares of the software maker’s stock worth $1,247,007,000 after buying an additional 1,781,530 shares in the last quarter. Finally, Picton Mahoney Asset Management grew its stake in Shopify by 246,359.0% during the second quarter. Picton Mahoney Asset Management now owns 1,759,717 shares of the software maker’s stock worth $202,146,000 after buying an additional 1,759,003 shares in the last quarter. 69.27% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several equities analysts have recently commented on the stock. Morgan Stanley restated an “overweight” rating and issued a $192.00 target price (up from $165.00) on shares of Shopify in a research report on Wednesday, November 5th. Weiss Ratings reissued a “hold (c)” rating on shares of Shopify in a research note on Monday, December 29th. Bank of America upped their target price on Shopify from $185.00 to $190.00 and gave the stock a “buy” rating in a research note on Wednesday, December 17th. Wells Fargo & Company reaffirmed an “overweight” rating and issued a $198.00 target price (up previously from $125.00) on shares of Shopify in a report on Wednesday, December 17th. Finally, JPMorgan Chase & Co. lifted their price target on Shopify from $179.00 to $180.00 and gave the company an “overweight” rating in a research note on Wednesday, November 5th. Twenty-five equities research analysts have rated the stock with a Buy rating and eighteen have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $171.70.

Shopify Stock Performance

Shares of NASDAQ:SHOP opened at $112.05 on Monday. Shopify Inc. has a 52-week low of $69.84 and a 52-week high of $182.19. The company has a market capitalization of $145.87 billion, a PE ratio of 83.00, a price-to-earnings-growth ratio of 3.30 and a beta of 2.83. The company has a fifty day moving average of $154.35 and a 200-day moving average of $151.25.

Shopify Profile

Shopify is a Canadian commerce technology company that provides a cloud-based platform for businesses to create, manage and scale online and physical retail stores. Its core offering is a software-as-a-service e-commerce platform that enables merchants to build customizable storefronts, manage product catalogs, process orders, and handle inventory. Shopify also supports omnichannel selling through integrated point-of-sale (POS) systems for in-person transactions.

Beyond storefront software, Shopify offers a range of merchant services and tools designed to simplify commerce operations.