Fmr LLC Grows Holdings in Shopify Inc. (NYSE:SHOP)

Fmr LLC lifted its position in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 16.1% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 42,306,077 shares of the software maker’s stock after acquiring an additional 5,869,795 shares during the quarter. Fmr LLC’s holdings in Shopify were worth $3,389,637,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of the business. Baillie Gifford & Co. grew its holdings in Shopify by 14.7% in the third quarter. Baillie Gifford & Co. now owns 63,366,308 shares of the software maker’s stock valued at $5,078,176,000 after purchasing an additional 8,131,160 shares during the period. Mackenzie Financial Corp raised its position in Shopify by 49.9% during the second quarter. Mackenzie Financial Corp now owns 6,315,028 shares of the software maker’s stock worth $417,386,000 after acquiring an additional 2,102,939 shares during the period. Clearbridge Investments LLC lifted its holdings in Shopify by 54.2% during the second quarter. Clearbridge Investments LLC now owns 4,714,691 shares of the software maker’s stock valued at $311,404,000 after purchasing an additional 1,657,251 shares in the last quarter. MUFG Securities EMEA plc grew its position in shares of Shopify by 11,507.2% in the second quarter. MUFG Securities EMEA plc now owns 1,506,260 shares of the software maker’s stock valued at $99,488,000 after purchasing an additional 1,493,283 shares during the period. Finally, Massachusetts Financial Services Co. MA increased its stake in shares of Shopify by 52.5% during the third quarter. Massachusetts Financial Services Co. MA now owns 3,848,143 shares of the software maker’s stock worth $308,390,000 after purchasing an additional 1,325,350 shares in the last quarter. Hedge funds and other institutional investors own 69.27% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the company. Scotiabank lifted their price objective on Shopify from $75.00 to $80.00 and gave the stock a “sector perform” rating in a report on Thursday, October 24th. JPMorgan Chase & Co. upped their price objective on shares of Shopify from $74.00 to $76.00 and gave the company an “overweight” rating in a research note on Tuesday, August 20th. UBS Group boosted their target price on Shopify from $71.00 to $75.00 and gave the stock a “neutral” rating in a report on Thursday, August 8th. Wedbush reaffirmed a “neutral” rating and issued a $115.00 price target (up previously from $72.00) on shares of Shopify in a report on Tuesday, November 12th. Finally, Piper Sandler boosted their price objective on Shopify from $67.00 to $94.00 and gave the stock a “neutral” rating in a research note on Wednesday, November 13th. One investment analyst has rated the stock with a sell rating, seventeen have issued a hold rating, twenty-three have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $94.95.

Shopify Price Performance

Shares of NYSE:SHOP opened at $111.03 on Tuesday. The firm has a market capitalization of $143.27 billion, a P/E ratio of 103.77, a P/E/G ratio of 2.81 and a beta of 2.36. The company has a debt-to-equity ratio of 0.09, a current ratio of 7.10 and a quick ratio of 7.10. Shopify Inc. has a 12 month low of $48.56 and a 12 month high of $115.62. The company’s fifty day moving average price is $86.25 and its 200 day moving average price is $72.53.

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.