Jennison Associates LLC Acquires 7,403,821 Shares of Shopify Inc. $SHOP

Jennison Associates LLC boosted its holdings in shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 64.3% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 18,923,431 shares of the software maker’s stock after purchasing an additional 7,403,821 shares during the period. Shopify comprises 1.6% of Jennison Associates LLC’s portfolio, making the stock its 15th biggest holding. Jennison Associates LLC owned about 1.46% of Shopify worth $2,812,211,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Heartwood Wealth Advisors LLC acquired a new stake in Shopify in the 3rd quarter valued at $27,000. Rothschild Investment LLC raised its stake in Shopify by 47.5% during the second quarter. Rothschild Investment LLC now owns 233 shares of the software maker’s stock worth $27,000 after acquiring an additional 75 shares in the last quarter. Financial Gravity Companies Inc. bought a new position in shares of Shopify during the second quarter valued at $27,000. Tradewinds Capital Management LLC boosted its stake in shares of Shopify by 71.4% in the 2nd quarter. Tradewinds Capital Management LLC now owns 240 shares of the software maker’s stock valued at $28,000 after purchasing an additional 100 shares in the last quarter. Finally, Coastline Trust Co bought a new stake in shares of Shopify in the 2nd quarter worth about $29,000. 69.27% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several equities analysts recently issued reports on the stock. UBS Group set a $195.00 price target on shares of Shopify in a report on Wednesday, December 3rd. Scotiabank upgraded shares of Shopify from a “sector perform” rating to an “outperform” rating and lifted their target price for the company from $165.00 to $200.00 in a research note on Thursday, January 8th. Weiss Ratings restated a “hold (c)” rating on shares of Shopify in a research report on Monday, December 29th. DA Davidson lifted their price objective on Shopify from $185.00 to $195.00 and gave the company a “buy” rating in a research report on Wednesday, November 5th. Finally, Robert W. Baird boosted their price objective on Shopify from $160.00 to $170.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 7th. Twenty-four investment analysts have rated the stock with a Buy rating and twenty have issued a Hold rating to the company. Based on data from MarketBeat, Shopify has a consensus rating of “Moderate Buy” and an average price target of $171.61.

Shopify Stock Up 0.2%

Shares of SHOP stock opened at $137.89 on Friday. The firm has a market cap of $179.51 billion, a price-to-earnings ratio of 102.14, a PEG ratio of 4.07 and a beta of 2.83. Shopify Inc. has a 12 month low of $69.84 and a 12 month high of $182.19. The stock has a 50-day moving average price of $159.00 and a 200 day moving average price of $150.25.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last released its earnings results on Tuesday, November 4th. The software maker reported $0.27 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.24 by $0.03. Shopify had a net margin of 16.65% and a return on equity of 11.72%. The company had revenue of $2.84 billion for the quarter, compared to the consensus estimate of $2.75 billion. Sell-side analysts predict that Shopify Inc. will post 1.12 earnings per share for the current fiscal year.

Shopify Company 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.