Geode Capital Management LLC Purchases 1,627,776 Shares of Shopify Inc. (NYSE:SHOP)

Geode Capital Management LLC increased its position in Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 30.2% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 7,015,582 shares of the software maker's stock after acquiring an additional 1,627,776 shares during the period. Geode Capital Management LLC owned about 0.54% of Shopify worth $748,799,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of the company. Vanguard Group Inc. raised its position in Shopify by 1.7% in the fourth quarter. Vanguard Group Inc. now owns 47,080,112 shares of the software maker's stock worth $5,010,721,000 after acquiring an additional 781,162 shares during the period. Arrowstreet Capital Limited Partnership grew 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 acquiring an additional 7,316,862 shares during the period. Norges Bank purchased a new stake in shares of Shopify in the 4th quarter worth $1,542,262,000. National Bank of Canada FI raised its holdings in Shopify by 28.0% in the 3rd quarter. National Bank of Canada FI now owns 7,408,880 shares of the software maker's stock worth $593,588,000 after purchasing an additional 1,621,981 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. lifted its position in Shopify by 30.2% during the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 7,095,382 shares of the software maker's stock valued at $754,201,000 after purchasing an additional 1,647,374 shares in the last quarter. Institutional investors own 69.27% of the company's stock.

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Wall Street Analysts Forecast Growth

SHOP has been the topic of several recent research reports. JPMorgan Chase & Co. raised their price objective on Shopify from $121.00 to $124.00 and gave the stock an "overweight" rating in a research note on Wednesday, February 12th. CIBC raised their target price on shares of Shopify from $135.00 to $160.00 and gave the stock an "outperform" rating in a research note on Wednesday, February 12th. JMP Securities reiterated a "market outperform" rating and issued a $120.00 price target on shares of Shopify in a research report on Thursday, December 12th. Phillip Securities cut shares of Shopify from a "strong-buy" rating to a "moderate buy" rating in a research note on Monday, February 17th. Finally, Robert W. Baird lifted their target price on shares of Shopify from $126.00 to $135.00 and gave the company an "outperform" rating in a research note on Wednesday, February 12th. One investment 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 assigned a strong buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $126.31.

Shopify Trading Down 6.6 %

Shares of NYSE SHOP traded down $5.40 during midday trading on Friday, hitting $76.89. The company's stock had a trading volume of 29,669,766 shares, compared to its average volume of 8,972,405. Shopify Inc. has a 12-month low of $48.56 and a 12-month high of $129.38. The firm has a market cap of $99.56 billion, a P/E ratio of 49.61, a price-to-earnings-growth ratio of 4.82 and a beta of 2.81. The business's 50 day moving average is $108.67 and its two-hundred day moving average is $101.22.

Shopify (NYSE:SHOP - Get Free Report) TSE: SHOP last announced its quarterly earnings data on Tuesday, February 11th. The software maker reported $0.34 EPS for the quarter, missing the consensus estimate of $0.44 by ($0.10). Shopify had a net margin of 22.74% and a return on equity of 12.00%. On average, analysts predict that Shopify Inc. will post 1.12 earnings per share 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.