Shopify Inc. $SHOP Shares Purchased by Jennison Associates LLC

Jennison Associates LLC boosted its position in Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 118.1% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 11,519,610 shares of the software maker’s stock after purchasing an additional 6,238,829 shares during the quarter. Jennison Associates LLC’s holdings in Shopify were worth $1,328,787,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also recently added to or reduced their stakes in SHOP. Brighton Jones LLC raised its stake in Shopify by 2.8% in the 4th quarter. Brighton Jones LLC now owns 21,176 shares of the software maker’s stock valued at $2,252,000 after purchasing an additional 584 shares during the last quarter. GAMMA Investing LLC raised its stake in Shopify by 80.0% in the 1st quarter. GAMMA Investing LLC now owns 963 shares of the software maker’s stock valued at $92,000 after purchasing an additional 428 shares during the last quarter. Diversified Trust Co raised its stake in Shopify by 107.2% in the 1st quarter. Diversified Trust Co now owns 5,440 shares of the software maker’s stock valued at $519,000 after purchasing an additional 2,815 shares during the last quarter. Sovran Advisors LLC acquired a new position in Shopify in the 1st quarter valued at about $245,000. Finally, Essex Financial Services Inc. acquired a new position in Shopify in the 1st quarter valued at about $364,000. Institutional investors and hedge funds own 69.27% of the company’s stock.

Shopify Stock Performance

NASDAQ SHOP opened at $178.96 on Wednesday. The firm has a market capitalization of $232.59 billion, a price-to-earnings ratio of 99.98, a PEG ratio of 8.20 and a beta of 2.72. Shopify Inc. has a one year low of $69.84 and a one year high of $179.60. The company’s 50 day moving average price is $151.36 and its 200 day moving average price is $125.64.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last released its quarterly earnings data on Wednesday, August 6th. The software maker reported $0.35 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.29 by $0.06. Shopify had a net margin of 23.42% and a return on equity of 12.30%. The company had revenue of $2.68 billion during the quarter, compared to the consensus estimate of $2.55 billion. During the same period in the previous year, the firm earned $0.26 earnings per share. Shopify’s revenue for the quarter was up 31.1% on a year-over-year basis. Sell-side analysts forecast that Shopify Inc. will post 1.12 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the stock. Arete reissued a “neutral” rating on shares of Shopify in a research note on Wednesday, July 23rd. KeyCorp reaffirmed an “overweight” rating and set a $175.00 price objective (up previously from $145.00) on shares of Shopify in a research note on Thursday, August 7th. Canaccord Genuity Group upped their price objective on shares of Shopify from $115.00 to $165.00 and gave the company a “buy” rating in a research note on Thursday, August 7th. Mizuho upped their price objective on shares of Shopify from $85.00 to $150.00 and gave the company a “neutral” rating in a research note on Thursday, August 7th. Finally, Evercore ISI upped their price objective on shares of Shopify from $120.00 to $170.00 and gave the company an “outperform” rating in a research note on Friday, August 8th. One research analyst has rated the stock with a Strong Buy rating, twenty-two have given a Buy rating, twenty-two have given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $154.68.

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.