Shopify Inc. (NYSE:SHOP) Holdings Raised by Capital Group Investment Management PTE. LTD.

Capital Group Investment Management PTE. LTD. boosted its holdings in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 13.2% during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 87,290 shares of the software maker’s stock after acquiring an additional 10,154 shares during the period. Shopify comprises about 1.8% of Capital Group Investment Management PTE. LTD.’s investment portfolio, making the stock its 12th biggest holding. Capital Group Investment Management PTE. LTD.’s holdings in Shopify were worth $9,282,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its position in Shopify by 1.7% in the 4th quarter. Vanguard Group Inc. now owns 47,080,112 shares of the software maker’s stock valued at $5,010,721,000 after buying an additional 781,162 shares in the last quarter. FMR LLC raised its stake in Shopify by 3.4% during the 4th quarter. FMR LLC now owns 43,732,077 shares of the software maker’s stock valued at $4,653,054,000 after purchasing an additional 1,426,000 shares during the period. Capital International Investors boosted its holdings in shares of Shopify by 2.7% during the fourth quarter. Capital International Investors now owns 36,516,305 shares of the software maker’s stock worth $3,883,039,000 after purchasing an additional 968,026 shares during the period. Arrowstreet Capital Limited Partnership boosted its stake in shares of Shopify by 79.8% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 16,487,579 shares of the software maker’s stock valued at $1,752,834,000 after buying an additional 7,316,862 shares during the period. Finally, FIL Ltd increased its stake in shares of Shopify by 11.9% in the fourth quarter. FIL Ltd now owns 15,774,148 shares of the software maker’s stock worth $1,678,865,000 after acquiring an additional 1,682,326 shares during the last quarter. 69.27% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on SHOP shares. Truist Financial lifted their price objective on Shopify from $110.00 to $120.00 and gave the company a “hold” rating in a research report on Wednesday, February 12th. Cantor Fitzgerald cut their price objective on shares of Shopify from $120.00 to $80.00 and set a “neutral” rating on the stock in a research report on Wednesday. JPMorgan Chase & Co. increased their price target on shares of Shopify from $121.00 to $124.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 12th. Citigroup raised their price target on shares of Shopify from $143.00 to $175.00 and gave the company a “buy” rating in a report on Tuesday, February 11th. Finally, Wedbush reissued an “outperform” rating and set a $110.00 target price on shares of Shopify in a research report on Tuesday. One equities research analyst has rated the stock with a sell rating, fifteen have given a hold rating, twenty-four have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Shopify currently has a consensus rating of “Moderate Buy” and a consensus target price of $120.94.

Shopify Stock Performance

NYSE:SHOP opened at $83.65 on Friday. The company has a market capitalization of $108.31 billion, a price-to-earnings ratio of 53.97, a PEG ratio of 4.82 and a beta of 2.82. The company has a 50-day moving average of $101.26 and a 200-day moving average of $101.43. 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%. Sell-side analysts forecast that Shopify Inc. will post 1.12 EPS for the current year.

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.