Legal & General Group Plc Increases Stock Position in Shopify Inc. $SHOP

Legal & General Group Plc grew its holdings in Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 4.4% during the 3rd quarter, Holdings Channel reports. The firm owned 6,188,885 shares of the software maker’s stock after buying an additional 260,968 shares during the period. Legal & General Group Plc’s holdings in Shopify were worth $919,665,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of SHOP. Norges Bank purchased a new stake in Shopify in the 2nd quarter valued at approximately $1,794,952,000. Jennison Associates LLC increased its position in Shopify by 64.3% during the third quarter. Jennison Associates LLC now owns 18,923,431 shares of the software maker’s stock worth $2,812,211,000 after buying an additional 7,403,821 shares in the last quarter. Brown Advisory Inc. increased its position in Shopify by 5,193.6% during the second quarter. Brown Advisory Inc. now owns 2,066,884 shares of the software maker’s stock worth $238,419,000 after buying an additional 2,027,839 shares in the last quarter. Geode Capital Management LLC raised its holdings in shares of Shopify by 19.9% in 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 acquiring an additional 1,781,530 shares during the last quarter. Finally, Picton Mahoney Asset Management raised its holdings in shares of Shopify by 246,359.0% in the second quarter. Picton Mahoney Asset Management now owns 1,759,717 shares of the software maker’s stock worth $202,146,000 after acquiring an additional 1,759,003 shares during the last quarter. 69.27% of the stock is owned by hedge funds and other institutional investors.

Shopify Trading Up 2.5%

Shares of NASDAQ:SHOP opened at $133.50 on Tuesday. The firm has a market cap of $173.80 billion, a price-to-earnings ratio of 143.55, a PEG ratio of 4.67 and a beta of 2.83. The stock’s 50-day moving average price is $136.61 and its two-hundred day moving average price is $149.12. Shopify Inc. has a 12-month low of $69.84 and a 12-month high of $182.19.

Wall Street Analyst Weigh In

A number of analysts recently commented on the company. Wells Fargo & Company set a $191.00 price objective on Shopify and gave the company an “overweight” rating in a research note on Thursday, February 12th. KeyCorp reissued an “overweight” rating and issued a $160.00 target price on shares of Shopify in a research note on Wednesday, February 11th. ATB Cormark Capital Markets raised shares of Shopify from a “sector perform” rating to an “outperform” rating in a research note on Tuesday, February 10th. Citigroup reiterated a “buy” rating and set a $172.00 price target (down from $195.00) on shares of Shopify in a report on Friday, February 13th. Finally, Evercore set a $135.00 price objective on shares of Shopify in a research report on Wednesday, February 11th. Two research analysts have rated the stock with a Strong Buy rating, thirty-one have assigned a Buy rating and ten have given a Hold rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $163.33.

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.