1,244,455 Shares in Shopify Inc. (NYSE:SHOP) Purchased by Jennison Associates LLC

Jennison Associates LLC acquired a new stake in Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 1,244,455 shares of the software maker's stock, valued at approximately $132,323,000. Jennison Associates LLC owned 0.10% of Shopify at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of SHOP. Baillie Gifford & Co. lifted its stake in Shopify by 14.7% in the third quarter. Baillie Gifford & Co. now owns 63,366,308 shares of the software maker's stock worth $5,078,176,000 after acquiring an additional 8,131,160 shares during the period. FMR LLC raised its holdings in shares of Shopify by 16.1% in the 3rd quarter. FMR LLC now owns 42,306,077 shares of the software maker's stock valued at $3,389,637,000 after purchasing an additional 5,869,795 shares in the last quarter. The Manufacturers Life Insurance Company lifted its position in shares of Shopify by 6.3% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 8,211,511 shares of the software maker's stock worth $658,248,000 after purchasing an additional 484,561 shares during the period. National Bank of Canada FI boosted its stake in shares of Shopify by 28.0% during 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 purchasing an additional 1,621,981 shares in the last quarter. Finally, Geode Capital Management LLC increased its holdings in Shopify by 9.6% during the third quarter. Geode Capital Management LLC now owns 5,387,806 shares of the software maker's stock valued at $432,573,000 after buying an additional 471,280 shares during the period. 69.27% of the stock is owned by hedge funds and other institutional investors.

Shopify Stock Down 2.1 %

SHOP opened at $116.70 on Monday. The company has a fifty day moving average of $110.36 and a two-hundred day moving average of $88.97. The company has a debt-to-equity ratio of 0.09, a quick ratio of 7.10 and a current ratio of 7.10. Shopify Inc. has a fifty-two week low of $48.56 and a fifty-two week high of $122.00. The stock has a market capitalization of $150.79 billion, a price-to-earnings ratio of 109.07, a PEG ratio of 2.46 and a beta of 2.47.

Analyst Ratings Changes

Several analysts have issued reports on SHOP shares. Wedbush raised Shopify from a "neutral" rating to an "outperform" rating and increased their target price for the company from $115.00 to $125.00 in a research report on Monday, January 6th. The Goldman Sachs Group increased their target price on shares of Shopify from $88.00 to $135.00 and gave the company a "buy" rating in a research report on Wednesday, November 13th. Canaccord Genuity Group lifted their price target on shares of Shopify from $80.00 to $125.00 and gave the stock a "buy" rating in a report on Wednesday, November 13th. Loop Capital upgraded Shopify from a "hold" rating to a "buy" rating and increased their price objective for the company from $110.00 to $140.00 in a report on Friday, December 6th. Finally, Mizuho boosted their target price on Shopify from $68.00 to $105.00 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, fifteen have given a hold rating, twenty-three have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $100.32.

Shopify Company 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.