Geode Capital Management LLC Buys 471,280 Shares of Shopify Inc. (NYSE:SHOP)

Geode Capital Management LLC grew its stake in shares of Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 9.6% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 5,387,806 shares of the software maker's stock after buying an additional 471,280 shares during the period. Geode Capital Management LLC owned approximately 0.42% of Shopify worth $432,573,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently modified their holdings of the company. Oliver Lagore Vanvalin Investment Group grew its stake in Shopify by 100.0% in the second quarter. Oliver Lagore Vanvalin Investment Group now owns 400 shares of the software maker's stock valued at $26,000 after acquiring an additional 200 shares during the period. Cultivar Capital Inc. acquired a new position in shares of Shopify in the 2nd quarter valued at approximately $33,000. Hazlett Burt & Watson Inc. acquired a new position in shares of Shopify in the 2nd quarter valued at approximately $33,000. Brooklyn Investment Group acquired a new stake in Shopify during the 3rd quarter worth approximately $33,000. Finally, Rosenberg Matthew Hamilton lifted its stake in Shopify by 41.3% in the third quarter. Rosenberg Matthew Hamilton now owns 455 shares of the software maker's stock valued at $36,000 after buying an additional 133 shares in the last quarter. 69.27% of the stock is currently owned by institutional investors and hedge funds.

Shopify Stock Performance

NYSE:SHOP traded down $0.68 during mid-day trading on Friday, hitting $114.63. 4,667,226 shares of the stock were exchanged, compared to its average volume of 9,205,084. The company has a debt-to-equity ratio of 0.09, a quick ratio of 7.10 and a current ratio of 7.10. The firm's 50-day simple moving average is $96.14 and its 200 day simple moving average is $77.92. Shopify Inc. has a fifty-two week low of $48.56 and a fifty-two week high of $120.72. The stock has a market capitalization of $148.11 billion, a price-to-earnings ratio of 107.13, a price-to-earnings-growth ratio of 3.05 and a beta of 2.46.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on SHOP. Atb Cap Markets downgraded shares of Shopify from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, November 12th. Redburn Atlantic raised Shopify from a "neutral" rating to a "buy" rating and set a $99.00 price target on the stock in a research note on Tuesday, September 17th. Piper Sandler upped their price objective on Shopify from $67.00 to $94.00 and gave the stock a "neutral" rating in a research report on Wednesday, November 13th. Canaccord Genuity Group increased their price objective on Shopify from $80.00 to $125.00 and gave the stock a "buy" rating in a report on Wednesday, November 13th. Finally, Barclays boosted their target price on Shopify from $70.00 to $93.00 and gave the company an "equal weight" rating in a research note on Wednesday, November 13th. One equities research analyst has rated the stock with a sell rating, sixteen have given a hold rating, twenty-three have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $99.03.

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.