Geode Capital Management LLC Acquires 1,627,776 Shares of Shopify Inc. (NYSE:SHOP)

Geode Capital Management LLC boosted its holdings in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 30.2% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 7,015,582 shares of the software maker’s stock after purchasing an additional 1,627,776 shares during the quarter. Geode Capital Management LLC’s holdings in Shopify were worth $748,799,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. Allianz SE bought a new stake in shares of Shopify during the fourth quarter valued at approximately $27,000. PFG Private Wealth Management LLC increased its holdings in Shopify by 3,657.1% in the 4th quarter. PFG Private Wealth Management LLC now owns 263 shares of the software maker’s stock valued at $28,000 after acquiring an additional 256 shares during the last quarter. Mark Sheptoff Financial Planning LLC lifted its stake in Shopify by 50.0% in the 4th quarter. Mark Sheptoff Financial Planning LLC now owns 300 shares of the software maker’s stock worth $32,000 after purchasing an additional 100 shares in the last quarter. New Wave Wealth Advisors LLC bought a new position in shares of Shopify during the 4th quarter valued at about $39,000. Finally, Mather Group LLC. grew its position in shares of Shopify by 84.8% during the fourth quarter. Mather Group LLC. now owns 401 shares of the software maker’s stock valued at $43,000 after purchasing an additional 184 shares in the last quarter. 69.27% of the stock is owned by hedge funds and other institutional investors.

Shopify Trading Up 3.1 %

Shares of NYSE:SHOP opened at $100.65 on Thursday. The company has a market capitalization of $130.32 billion, a PE ratio of 64.94, a P/E/G ratio of 4.82 and a beta of 2.81. Shopify Inc. has a 12-month low of $48.56 and a 12-month high of $129.38. The business’s fifty day simple moving average is $109.77 and its 200-day simple moving average is $101.33.

Shopify (NYSE:SHOP) (TSE:SHOP) last announced its earnings results on Tuesday, February 11th. The software maker reported $0.34 EPS for the quarter, missing analysts’ consensus estimates of $0.44 by ($0.10). Shopify had a return on equity of 12.00% and a net margin of 22.74%. Research analysts predict that Shopify Inc. will post 1.12 EPS for the current year.

Analyst Upgrades and Downgrades

SHOP has been the subject of a number of research reports. JPMorgan Chase & Co. increased their price target on Shopify from $121.00 to $124.00 and gave the company an “overweight” rating in a research note on Wednesday, February 12th. Jefferies Financial Group increased their target price on Shopify from $110.00 to $130.00 and gave the company a “hold” rating in a research report on Tuesday, February 18th. ATB Capital boosted their price target on shares of Shopify from $145.00 to $170.00 and gave the stock a “sector perform” rating in a research report on Wednesday, February 12th. Barclays increased their price objective on shares of Shopify from $93.00 to $100.00 and gave the company an “equal weight” rating in a research report on Wednesday, February 12th. Finally, Phillip Securities downgraded shares of Shopify from a “strong-buy” rating to a “moderate buy” rating in a report on Monday, February 17th. One equities research analyst has rated the stock with a sell rating, fifteen have issued a hold rating, twenty-four have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $126.31.

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.