Capital World Investors Raises Stock Position in Shopify Inc (NYSE:SHOP)

Capital World Investors increased its holdings in shares of Shopify Inc (NYSE:SHOP) (TSE:SHOP) by 157,453.5% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,883,229 shares of the software maker’s stock after purchasing an additional 2,881,399 shares during the period. Capital World Investors owned approximately 2.50% of Shopify worth $1,146,314,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also modified their holdings of SHOP. Jennison Associates LLC increased its position in shares of Shopify by 37.2% in the 4th quarter. Jennison Associates LLC now owns 3,210,762 shares of the software maker’s stock valued at $1,276,535,000 after purchasing an additional 870,046 shares during the last quarter. Discovery Value Fund purchased a new position in shares of Shopify in the 4th quarter valued at about $92,442,000. Bank of New York Mellon Corp increased its holdings in shares of Shopify by 24.5% in the 4th quarter. Bank of New York Mellon Corp now owns 746,622 shares of the software maker’s stock valued at $296,841,000 after purchasing an additional 146,890 shares in the last quarter. Gilder Gagnon Howe & Co. LLC increased its holdings in shares of Shopify by 25.5% in the 3rd quarter. Gilder Gagnon Howe & Co. LLC now owns 472,684 shares of the software maker’s stock valued at $147,317,000 after purchasing an additional 95,997 shares in the last quarter. Finally, Lord Abbett & CO. LLC increased its holdings in shares of Shopify by 64.5% in the 4th quarter. Lord Abbett & CO. LLC now owns 229,104 shares of the software maker’s stock valued at $91,087,000 after purchasing an additional 89,804 shares in the last quarter. 61.29% of the stock is owned by hedge funds and other institutional investors.

Several research firms have weighed in on SHOP. UBS Group restated an “underperform” rating and set a $450.00 target price on shares of Shopify in a report on Thursday, February 13th. They noted that the move was a valuation call. Guggenheim reaffirmed a “hold” rating on shares of Shopify in a research note on Tuesday, December 3rd. Wells Fargo & Co raised their price target on shares of Shopify from $400.00 to $600.00 and gave the stock an “overweight” rating in a research note on Thursday, February 13th. KeyCorp decreased their price target on shares of Shopify from $575.00 to $500.00 and set an “overweight” rating on the stock in a research note on Monday. Finally, Rosenblatt Securities reaffirmed a “buy” rating and set a $630.00 price target (up from $481.00) on shares of Shopify in a research note on Thursday, February 13th. Three research analysts have rated the stock with a sell rating, fourteen have issued a hold rating and fourteen have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $465.11.

Shopify stock opened at $446.60 on Thursday. The stock has a fifty day moving average price of $458.03 and a two-hundred day moving average price of $386.09. Shopify Inc has a 52-week low of $190.38 and a 52-week high of $593.89. The firm has a market capitalization of $49.60 billion, a P/E ratio of -402.34 and a beta of 1.13.

Shopify (NYSE:SHOP) (TSE:SHOP) last announced its earnings results on Wednesday, February 12th. The software maker reported $0.07 EPS for the quarter, topping the consensus estimate of ($0.22) by $0.29. The company had revenue of $505.16 million for the quarter, compared to analysts’ expectations of $482.26 million. Shopify had a negative return on equity of 2.69% and a negative net margin of 7.91%. On average, sell-side analysts forecast that Shopify Inc will post -2.12 EPS for the current fiscal year.

Shopify Company Profile

Shopify Inc provides a cloud-based multi-channel commerce platform for small and medium-sized businesses in the United States, the United Kingdom, Canada, Australia, and internationally. Its platform provides merchants with a single view of business and customers in various sales channels, including Web and mobile storefronts, physical retail locations, social media storefronts, and marketplaces; and enables to manage products and inventory, process orders and payments, ship orders, build customer relationships, leverage analytics and reporting, and access financing.

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Institutional Ownership by Quarter for Shopify (NYSE:SHOP)

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