AustralianSuper Pty Ltd Increases Holdings in Shopify Inc. $SHOP

AustralianSuper Pty Ltd boosted its stake in Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 159.1% in the 3rd quarter, Holdings Channel reports. The firm owned 525,949 shares of the software maker’s stock after buying an additional 322,933 shares during the quarter. AustralianSuper Pty Ltd’s holdings in Shopify were worth $78,143,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Vanguard Group Inc. grew its stake in shares of Shopify by 2.8% in the second quarter. Vanguard Group Inc. now owns 49,316,695 shares of the software maker’s stock valued at $5,688,053,000 after buying an additional 1,354,415 shares in the last quarter. Jennison Associates LLC boosted its holdings in Shopify by 64.3% in the 3rd quarter. Jennison Associates LLC now owns 18,923,431 shares of the software maker’s stock worth $2,812,211,000 after acquiring an additional 7,403,821 shares during the period. Norges Bank acquired a new stake in Shopify in the second quarter valued at approximately $1,794,952,000. Loomis Sayles & Co. L P raised its stake in shares of Shopify by 1.3% during the second quarter. Loomis Sayles & Co. L P now owns 14,622,787 shares of the software maker’s stock valued at $1,686,738,000 after purchasing an additional 191,824 shares during the period. Finally, Geode Capital Management LLC lifted its position in shares of 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 purchasing an additional 1,781,530 shares in the last quarter. Institutional investors and hedge funds own 69.27% of the company’s stock.

Shopify Stock Up 1.0%

NASDAQ:SHOP opened at $138.92 on Thursday. The company has a market cap of $180.85 billion, a PE ratio of 102.90, a P/E/G ratio of 4.06 and a beta of 2.83. The business’s 50 day moving average is $158.72 and its two-hundred day moving average is $151.01. Shopify Inc. has a 52 week low of $69.84 and a 52 week high of $182.19.

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

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the stock. Barclays set a $140.00 price target on shares of Shopify and gave the company an “equal weight” rating in a report on Wednesday, November 5th. KeyCorp raised their target price on Shopify from $175.00 to $200.00 and gave the company an “overweight” rating in a research note on Thursday, October 30th. National Bankshares lifted their target price on Shopify from $180.00 to $200.00 and gave the stock an “outperform” rating in a research report on Thursday, October 23rd. Citigroup reissued a “market outperform” rating on shares of Shopify in a report on Thursday, December 4th. Finally, Needham & Company LLC restated a “buy” rating and set a $180.00 price objective on shares of Shopify in a research note on Wednesday, November 5th. Twenty-four investment analysts have rated the stock with a Buy rating and twenty have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $171.61.

Shopify Company 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.