Shopify Inc. $SHOP Shares Purchased by 1832 Asset Management L.P.

1832 Asset Management L.P. raised its stake in Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 72.5% during the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 3,108,563 shares of the software maker’s stock after acquiring an additional 1,306,333 shares during the period. 1832 Asset Management L.P.’s holdings in Shopify were worth $358,573,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Norges Bank acquired a new stake in shares of Shopify during the second quarter worth $1,794,952,000. Nuveen LLC purchased a new position in Shopify in the 1st quarter worth about $667,392,000. Jennison Associates LLC increased its stake in Shopify by 118.1% in the 2nd quarter. Jennison Associates LLC now owns 11,519,610 shares of the software maker’s stock worth $1,328,787,000 after purchasing an additional 6,238,829 shares in the last quarter. Geode Capital Management LLC raised its holdings in Shopify by 19.9% during the 2nd 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 during the period. Finally, Picton Mahoney Asset Management lifted 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 valued at $202,146,000 after buying an additional 1,759,003 shares in the last quarter. 69.27% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

SHOP has been the subject of several recent analyst reports. Zacks Research cut shares of Shopify from a “strong-buy” rating to a “hold” rating in a report on Wednesday, November 12th. UBS Group reaffirmed a “neutral” rating and issued a $165.00 price objective (up previously from $145.00) on shares of Shopify in a research note on Wednesday, November 5th. TD Cowen reiterated a “hold” rating and set a $156.00 price objective on shares of Shopify in a research report on Friday, October 3rd. Robert W. Baird increased their target price on Shopify from $160.00 to $170.00 and gave the company an “outperform” rating in a report on Tuesday, October 7th. Finally, Truist Financial set a $155.00 target price on Shopify and gave the stock a “hold” rating in a research report on Tuesday, November 4th. Twenty-two equities research analysts have rated the stock with a Buy rating and twenty-four have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, Shopify currently has a consensus rating of “Hold” and an average price target of $165.69.

Shopify Stock Up 5.1%

NASDAQ SHOP opened at $156.83 on Wednesday. The stock has a market capitalization of $204.17 billion, a PE ratio of 116.17, a price-to-earnings-growth ratio of 5.51 and a beta of 2.82. Shopify Inc. has a 12-month low of $69.84 and a 12-month high of $182.19. The company has a 50 day moving average price of $157.46 and a two-hundred day moving average price of $136.78.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last announced its quarterly earnings results on Tuesday, November 4th. The software maker reported $0.27 EPS for the quarter, topping the consensus estimate of $0.24 by $0.03. Shopify had a net margin of 16.65% and a return on equity of 11.72%. The company had revenue of $2.84 billion for the quarter, compared to analyst estimates of $2.75 billion. As a group, equities analysts anticipate that Shopify Inc. will post 1.12 EPS for the current year.

About Shopify

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.