Mirova US LLC Has $428.37 Million Stock Position in Shopify Inc. $SHOP

Mirova US LLC cut its holdings in Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 4.7% during the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 2,882,479 shares of the software maker’s stock after selling 142,276 shares during the quarter. Shopify makes up 4.3% of Mirova US LLC’s holdings, making the stock its 6th biggest holding. Mirova US LLC’s holdings in Shopify were worth $428,365,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of SHOP. Vanguard Group Inc. raised its position in 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 purchasing an additional 1,354,415 shares during the last quarter. Norges Bank acquired a new position in shares of Shopify in the second quarter valued at approximately $1,794,952,000. Loomis Sayles & Co. L P raised its holdings in Shopify by 1.3% in the 2nd 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 buying an additional 191,824 shares during the last quarter. Jennison Associates LLC raised its holdings in Shopify by 118.1% in the 2nd quarter. Jennison Associates LLC now owns 11,519,610 shares of the software maker’s stock valued at $1,328,787,000 after buying an additional 6,238,829 shares during the last quarter. Finally, Geode Capital Management LLC boosted its position 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. Institutional investors own 69.27% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have recently commented on SHOP shares. DA Davidson lifted their price target on shares of Shopify from $185.00 to $195.00 and gave the stock a “buy” rating in a report on Wednesday, November 5th. Citigroup reaffirmed a “market outperform” rating on shares of Shopify in a report on Thursday, December 4th. BNP Paribas assumed coverage on Shopify in a research note on Monday, November 24th. They issued a “neutral” rating for the company. Scotiabank lifted their price objective on Shopify from $150.00 to $165.00 and gave the stock a “sector perform” rating in a research note on Wednesday, November 5th. Finally, Stifel Nicolaus set a $175.00 target price on shares of Shopify in a research report on Tuesday, November 4th. Twenty-two analysts have rated the stock with a Buy rating and twenty-three have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $168.69.

Shopify Stock Down 1.7%

Shares of SHOP opened at $167.88 on Tuesday. The business’s fifty day moving average is $161.38 and its 200 day moving average is $144.62. Shopify Inc. has a 12-month low of $69.84 and a 12-month high of $182.19. The stock has a market cap of $218.55 billion, a P/E ratio of 124.36, a P/E/G ratio of 6.34 and a beta of 2.82.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last released its quarterly earnings data on Tuesday, November 4th. The software maker reported $0.27 earnings per share 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 firm had revenue of $2.84 billion for the quarter, compared to the consensus estimate of $2.75 billion. On average, analysts expect that Shopify Inc. will post 1.12 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.