Massachusetts Financial Services Co. MA Raises Position in Shopify Inc. (NYSE:SHOP)

Massachusetts Financial Services Co. MA raised its holdings in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 21.3% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 4,669,564 shares of the software maker’s stock after acquiring an additional 821,421 shares during the period. Massachusetts Financial Services Co. MA’s holdings in Shopify were worth $496,515,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Vanguard Group Inc. lifted its stake in shares of Shopify by 1.7% in the 4th quarter. Vanguard Group Inc. now owns 47,080,112 shares of the software maker’s stock valued at $5,010,721,000 after acquiring an additional 781,162 shares during the last quarter. Arrowstreet Capital Limited Partnership lifted its position in Shopify by 79.8% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 16,487,579 shares of the software maker’s stock valued at $1,752,834,000 after purchasing an additional 7,316,862 shares during the last quarter. Norges Bank purchased a new stake in shares of Shopify during the fourth quarter valued at approximately $1,542,262,000. National Bank of Canada FI grew its holdings in shares of Shopify by 28.0% in the third quarter. National Bank of Canada FI now owns 7,408,880 shares of the software maker’s stock worth $593,588,000 after purchasing an additional 1,621,981 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. increased its stake in shares of Shopify by 30.2% in the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 7,095,382 shares of the software maker’s stock worth $754,201,000 after buying an additional 1,647,374 shares during the period. 69.27% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

SHOP has been the subject of several analyst reports. Royal Bank of Canada set a $145.00 price target on shares of Shopify and gave the company an “outperform” rating in a research report on Friday, March 21st. Morgan Stanley raised their target price on Shopify from $126.00 to $144.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 12th. Piper Sandler upped their price target on Shopify from $94.00 to $104.00 and gave the company a “neutral” rating in a research report on Wednesday, February 12th. Truist Financial increased their price objective on Shopify from $110.00 to $120.00 and gave the stock a “hold” rating in a report on Wednesday, February 12th. Finally, Evercore ISI boosted their target price on Shopify from $125.00 to $140.00 and gave the company an “outperform” rating in a research note on Wednesday, February 12th. One investment analyst has rated the stock with a sell rating, fifteen have issued a hold rating, twenty-four have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Shopify currently has an average rating of “Moderate Buy” and an average price target of $126.31.

Shopify Price Performance

Shopify stock opened at $100.65 on Thursday. Shopify Inc. has a one year low of $48.56 and a one year high of $129.38. The business’s fifty day moving average is $109.77 and its 200 day moving average is $101.33. The stock has a market capitalization of $130.32 billion, a PE ratio of 64.94, a price-to-earnings-growth ratio of 4.82 and a beta of 2.81.

Shopify (NYSE:SHOP) (TSE:SHOP) last announced its quarterly earnings results on Tuesday, February 11th. The software maker reported $0.34 EPS for the quarter, missing analysts’ consensus estimates of $0.44 by ($0.10). Shopify had a return on equity of 12.00% and a net margin of 22.74%. As a group, sell-side analysts expect that Shopify Inc. will post 1.12 EPS for the current fiscal year.

About Shopify

Shopify Inc, a commerce company, provides a commerce platform and services in Canada, the United States, Europe, the Middle East, Africa, the Asia Pacific, Australia, China, and Latin America. The company’s platform enables merchants to displays, manages, markets, and sells its products through various sales channels, including web and mobile storefronts, physical retail locations, pop-up shops, social media storefronts, native mobile apps, buy buttons, and marketplaces; and enables to manage products and inventory, process orders and payments, fulfill and ship orders, new buyers and build customer relationships, source products, leverage analytics and reporting, manage cash, payments and transactions, and access financing.