Shopify Inc. $SHOP Shares Bought by Geode Capital Management LLC

Geode Capital Management LLC grew its position in shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 6.2% during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 12,601,476 shares of the software maker’s stock after purchasing an additional 737,892 shares during the period. Geode Capital Management LLC owned approximately 0.97% of Shopify worth $2,043,365,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. Kingdom Financial Group LLC. acquired a new position in Shopify during the fourth quarter worth $26,000. Mowery & Schoenfeld Wealth Management LLC acquired a new position in Shopify during the fourth quarter worth $29,000. Lodestone Wealth Management LLC acquired a new position in Shopify during the fourth quarter worth $31,000. Sound Income Strategies LLC lifted its stake in Shopify by 82.4% during the fourth quarter. Sound Income Strategies LLC now owns 197 shares of the software maker’s stock worth $31,000 after purchasing an additional 89 shares in the last quarter. Finally, Lloyd Advisory Services LLC. acquired a new position in Shopify during the fourth quarter worth $31,000. 69.27% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research analysts have commented on SHOP shares. Mizuho upgraded Shopify from a “neutral” rating to an “outperform” rating and set a $150.00 price target on the stock in a research note on Thursday, February 12th. DZ Bank raised shares of Shopify from a “hold” rating to a “strong-buy” rating in a research report on Monday, February 16th. Canaccord Genuity Group decreased their price target on shares of Shopify from $165.00 to $145.00 and set a “buy” rating for the company in a research report on Wednesday, May 6th. Royal Bank Of Canada reissued an “outperform” rating and issued a $170.00 price target on shares of Shopify in a research report on Wednesday, May 6th. Finally, Truist Financial set a $150.00 price target on shares of Shopify and gave the company a “buy” rating in a research report on Tuesday, February 17th. Two research analysts have rated the stock with a Strong Buy rating, thirty-one have assigned a Buy rating and ten have assigned a Hold rating to the stock. According to data from MarketBeat.com, Shopify has an average rating of “Moderate Buy” and a consensus target price of $157.17.

Shopify Price Performance

NASDAQ:SHOP opened at $115.03 on Friday. The firm has a market capitalization of $149.27 billion, a PE ratio of 113.89, a price-to-earnings-growth ratio of 2.99 and a beta of 2.64. The business’s fifty day moving average price is $114.81 and its 200 day moving average price is $134.17. Shopify Inc. has a 12 month low of $94.00 and a 12 month high of $182.19.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last posted its earnings results on Tuesday, May 5th. The software maker reported $999.00 EPS for the quarter, beating the consensus estimate of $0.22 by $998.78. The firm had revenue of $3.17 billion for the quarter, compared to analyst estimates of $3.08 billion. Shopify had a return on equity of 12.07% and a net margin of 10.77%. As a group, equities analysts anticipate that Shopify Inc. will post 1.36 EPS for the current year.

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.