Norges Bank Takes $1.54 Billion Position in Shopify Inc. (NYSE:SHOP)

Norges Bank bought a new stake in Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 14,504,856 shares of the software maker's stock, valued at approximately $1,542,262,000. Norges Bank owned 1.12% of Shopify as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Tidemark LLC boosted its stake in shares of Shopify by 3.6% during the fourth quarter. Tidemark LLC now owns 2,592 shares of the software maker's stock worth $276,000 after buying an additional 90 shares during the period. Howland Capital Management LLC grew its stake in shares of Shopify by 2.0% in the 4th quarter. Howland Capital Management LLC now owns 4,949 shares of the software maker's stock valued at $526,000 after purchasing an additional 99 shares during the last quarter. Trust Co. of Vermont increased its holdings in shares of Shopify by 9.9% in the fourth quarter. Trust Co. of Vermont now owns 1,114 shares of the software maker's stock valued at $118,000 after purchasing an additional 100 shares during the period. First United Bank & Trust raised its stake in shares of Shopify by 2.2% during the fourth quarter. First United Bank & Trust now owns 4,590 shares of the software maker's stock worth $488,000 after purchasing an additional 100 shares during the last quarter. Finally, Mark Sheptoff Financial Planning LLC lifted its holdings in shares of Shopify by 50.0% during the fourth quarter. Mark Sheptoff Financial Planning LLC now owns 300 shares of the software maker's stock worth $32,000 after purchasing an additional 100 shares during the period. Hedge funds and other institutional investors own 69.27% of the company's stock.

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Shopify Stock Performance

NYSE SHOP traded down $6.01 during trading hours on Friday, hitting $96.51. 13,198,615 shares of the company's stock were exchanged, compared to its average volume of 8,764,471. The business's 50 day moving average is $110.21 and its 200-day moving average is $100.78. Shopify Inc. has a 12-month low of $48.56 and a 12-month high of $129.38. The firm has a market capitalization of $124.96 billion, a P/E ratio of 62.27, a price-to-earnings-growth ratio of 4.82 and a beta of 2.60.

Shopify (NYSE:SHOP - Get Free Report) TSE: SHOP last announced its quarterly earnings data on Tuesday, February 11th. The software maker reported $0.34 earnings per share for the quarter, missing the consensus estimate 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, equities research analysts anticipate that Shopify Inc. will post 1.12 EPS for the current fiscal year.

Analyst Ratings Changes

A number of equities analysts have commented on SHOP shares. Wells Fargo & Company upped their price objective on shares of Shopify from $120.00 to $135.00 and gave the stock an "overweight" rating in a research report on Wednesday, February 12th. CIBC increased their price target on shares of Shopify from $135.00 to $160.00 and gave the stock an "outperform" rating in a report on Wednesday, February 12th. Piper Sandler lifted their price objective on Shopify from $94.00 to $104.00 and gave the company a "neutral" rating in a report on Wednesday, February 12th. The Goldman Sachs Group boosted their target price on Shopify from $135.00 to $150.00 and gave the stock a "buy" rating in a research report on Wednesday, February 12th. Finally, Citigroup raised their price target on Shopify from $143.00 to $175.00 and gave the company a "buy" rating in a report on Tuesday, February 11th. One analyst has rated the stock with a sell rating, fifteen have given a hold rating, twenty-four have issued a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $126.31.

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.