Shopify Inc. (NYSE:SHOP) Stock Position Boosted by Axiom Investors LLC DE

Axiom Investors LLC DE grew its stake in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 48.8% during the fourth quarter, Holdings Channel reports. The institutional investor owned 832,525 shares of the software maker’s stock after acquiring an additional 273,035 shares during the period. Axiom Investors LLC DE’s holdings in Shopify were worth $88,522,000 at the end of the most recent reporting period.

A number of other institutional investors also recently made changes to their positions in SHOP. Norges Bank bought a new stake in Shopify during the fourth quarter worth approximately $1,542,262,000. Arrowstreet Capital Limited Partnership increased its position in shares of Shopify by 79.8% during the 4th 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 period. Connor Clark & Lunn Investment Management Ltd. raised its stake in shares of Shopify by 30.2% in the 4th 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 in the last quarter. National Bank of Canada FI lifted 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 valued at $593,588,000 after buying an additional 1,621,981 shares during the period. Finally, Jennison Associates LLC bought a new position in Shopify during the fourth quarter valued at about $132,323,000. 69.27% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the stock. Truist Financial upped their price target on shares of Shopify from $110.00 to $120.00 and gave the company a “hold” rating in a report on Wednesday, February 12th. UBS Group raised their target price on shares of Shopify from $110.00 to $125.00 and gave the stock a “neutral” rating in a report on Wednesday, February 12th. Royal Bank of Canada set a $145.00 price objective on Shopify and gave the company an “outperform” rating in a research report on Friday, March 21st. Wells Fargo & Company lifted their target price on Shopify from $120.00 to $135.00 and gave the stock an “overweight” rating in a report on Wednesday, February 12th. Finally, New Street Research started coverage on Shopify in a report on Friday, January 10th. They set a “neutral” rating and a $115.00 target price for the company. One research 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 given a strong buy rating to the company’s stock. According to MarketBeat.com, Shopify has an average rating of “Moderate Buy” and a consensus price target of $126.31.

Shopify Trading Down 5.9 %

NYSE:SHOP opened at $96.51 on Monday. The firm has a market capitalization of $124.96 billion, a PE ratio of 62.27, a PEG ratio of 4.82 and a beta of 2.60. Shopify Inc. has a 1 year low of $48.56 and a 1 year high of $129.38. The firm’s fifty day simple moving average is $110.21 and its 200 day simple moving average is $100.98.

Shopify (NYSE:SHOP) (TSE:SHOP) last posted its quarterly earnings data 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, analysts anticipate that Shopify Inc. will post 1.12 EPS for the current fiscal year.

Shopify Profile

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.