APG Asset Management US Inc. Boosts Holdings in Shopify Inc. (NYSE:SHOP)

APG Asset Management US Inc. boosted its holdings in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 4.4% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 38,167 shares of the software maker’s stock after buying an additional 1,614 shares during the quarter. APG Asset Management US Inc.’s holdings in Shopify were worth $4,060,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Jennison Associates LLC purchased a new stake in Shopify in the fourth quarter worth approximately $132,323,000. Watts Gwilliam & Co. LLC grew its holdings in shares of Shopify by 53.0% in the fourth quarter. Watts Gwilliam & Co. LLC now owns 13,401 shares of the software maker’s stock worth $1,431,000 after acquiring an additional 4,641 shares during the period. Teachers Retirement System of The State of Kentucky increased its position in Shopify by 29.3% during the third quarter. Teachers Retirement System of The State of Kentucky now owns 342,030 shares of the software maker’s stock valued at $27,409,000 after acquiring an additional 77,500 shares during the last quarter. Public Employees Retirement System of Ohio bought a new position in Shopify in the third quarter valued at about $33,676,000. Finally, Synovus Financial Corp bought a new stake in shares of Shopify during the 3rd quarter valued at about $481,000. Institutional investors own 69.27% of the company’s stock.

Shopify Stock Down 2.2 %

Shares of NYSE SHOP opened at $77.09 on Wednesday. The stock has a market capitalization of $99.82 billion, a PE ratio of 49.74, a P/E/G ratio of 4.82 and a beta of 2.82. The firm has a fifty day moving average of $106.50 and a 200-day moving average of $101.41. Shopify Inc. has a 52-week low of $48.56 and a 52-week high of $129.38.

Shopify (NYSE:SHOP) (TSE:SHOP) last released its quarterly earnings data on Tuesday, February 11th. The software maker reported $0.34 earnings per share for the quarter, missing the consensus estimate of $0.44 by ($0.10). Shopify had a net margin of 22.74% and a return on equity of 12.00%. Equities research analysts expect that Shopify Inc. will post 1.12 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the stock. Phillip Securities lowered shares of Shopify from a “strong-buy” rating to a “moderate buy” rating in a research report on Monday, February 17th. Royal Bank of Canada set a $145.00 target price on shares of Shopify and gave the company an “outperform” rating in a research note on Friday, March 21st. 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 report on Wednesday, February 12th. Evercore ISI boosted their target price on Shopify from $125.00 to $140.00 and gave the stock an “outperform” rating in a research report on Wednesday, February 12th. Finally, Piper Sandler lifted their price objective on Shopify from $94.00 to $104.00 and gave the stock a “neutral” rating in a research note on Wednesday, February 12th. 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 given a strong buy rating to the company’s stock. According to MarketBeat.com, Shopify has an average rating of “Moderate Buy” and a consensus 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.