WT Asset Management Ltd Invests $33.02 Million in Shopify Inc. $SHOP

WT Asset Management Ltd bought a new stake in shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 222,200 shares of the software maker’s stock, valued at approximately $33,021,000. Shopify comprises 1.5% of WT Asset Management Ltd’s investment portfolio, making the stock its 19th largest position.

Other institutional investors have also recently bought and sold shares of the company. Vanguard Group Inc. increased its position in shares of Shopify by 1.2% in the third quarter. Vanguard Group Inc. now owns 49,926,824 shares of the software maker’s stock worth $7,417,517,000 after acquiring an additional 610,129 shares in the last quarter. Jennison Associates LLC boosted its stake in Shopify by 64.3% in the 3rd quarter. Jennison Associates LLC now owns 18,923,431 shares of the software maker’s stock worth $2,812,211,000 after purchasing an additional 7,403,821 shares during the period. Norges Bank acquired a new stake in Shopify during the 2nd quarter valued at $1,794,952,000. Loomis Sayles & Co. L P grew its holdings in shares of Shopify by 1.3% during the second 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 in the last quarter. Finally, Geode Capital Management LLC raised its position in Shopify by 19.9% during the second quarter. Geode Capital Management LLC now owns 10,731,795 shares of the software maker’s stock valued at $1,247,007,000 after buying an additional 1,781,530 shares during the period. Hedge funds and other institutional investors own 69.27% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have weighed in on SHOP shares. Mizuho raised Shopify from a “neutral” rating to an “outperform” rating and set a $150.00 target price on the stock in a research note on Thursday, February 12th. Scotiabank raised shares of Shopify from a “sector perform” rating to an “outperform” rating and boosted their price objective for the company from $165.00 to $200.00 in a research report on Thursday, January 8th. TD Securities raised shares of Shopify from a “hold” rating to a “buy” rating and set a $159.00 target price for the company in a research note on Thursday, February 12th. Oppenheimer reiterated an “outperform” rating on shares of Shopify in a report on Monday, December 1st. Finally, Benchmark dropped their target price on Shopify from $195.00 to $145.00 and set a “buy” rating on the stock in a research report on Tuesday, February 10th. Two analysts have rated the stock with a Strong Buy rating, thirty-one have assigned a Buy rating and ten have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $162.64.

Shopify Trading Up 1.1%

SHOP traded up $1.35 during midday trading on Friday, reaching $125.15. The company’s stock had a trading volume of 1,180,298 shares, compared to its average volume of 13,239,513. The company has a fifty day simple moving average of $146.72 and a 200 day simple moving average of $150.52. The stock has a market cap of $162.93 billion, a P/E ratio of 134.57, a PEG ratio of 4.43 and a beta of 2.83. Shopify Inc. has a twelve month low of $69.84 and a twelve month high of $182.19.

About Shopify

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.