Massachusetts Financial Services Co. MA Has $496.52 Million Stock Position in Shopify Inc. (NYSE:SHOP)

Massachusetts Financial Services Co. MA boosted its holdings in shares of Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 21.3% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 4,669,564 shares of the software maker's stock after acquiring an additional 821,421 shares during the quarter. Massachusetts Financial Services Co. MA owned 0.36% of Shopify worth $496,515,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in SHOP. Vanguard Group Inc. raised its position in Shopify by 1.7% during the fourth quarter. Vanguard Group Inc. now owns 47,080,112 shares of the software maker's stock valued at $5,010,721,000 after acquiring an additional 781,162 shares in the last quarter. Arrowstreet Capital Limited Partnership increased its stake in shares of Shopify by 79.8% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 16,487,579 shares of the software maker's stock worth $1,752,834,000 after purchasing an additional 7,316,862 shares during the period. Norges Bank acquired a new position in shares of Shopify during the 4th quarter worth about $1,542,262,000. National Bank of Canada FI grew 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 valued at $593,588,000 after buying an additional 1,621,981 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. increased its position in Shopify by 30.2% in the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 7,095,382 shares of the software maker's stock worth $754,201,000 after buying an additional 1,647,374 shares during the period. 69.27% of the stock is owned by hedge funds and other institutional investors.

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Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the stock. Benchmark upgraded shares of Shopify from a "hold" rating to a "buy" rating and set a $150.00 price objective on the stock in a report on Monday, February 10th. Loop Capital raised Shopify from a "hold" rating to a "buy" rating and upped their price target for the company from $110.00 to $140.00 in a report on Friday, December 6th. New Street Research began coverage on Shopify in a report on Friday, January 10th. They set a "neutral" rating and a $115.00 price objective on the stock. Cantor Fitzgerald restated a "neutral" rating and issued a $120.00 target price on shares of Shopify in a research note on Wednesday, February 12th. Finally, Citigroup boosted their price target on shares of Shopify from $143.00 to $175.00 and gave the company a "buy" rating in a report on Tuesday, February 11th. One equities research analyst has rated the stock with a sell rating, fifteen have given a hold rating, twenty-four have assigned a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, Shopify currently has an average rating of "Moderate Buy" and a consensus price target of $126.31.

Shopify Price Performance

Shares of Shopify stock traded down $5.40 on Friday, hitting $76.89. 29,669,766 shares of the company's stock traded hands, compared to its average volume of 8,972,405. The firm's 50-day moving average price is $108.67 and its two-hundred day moving average price is $101.22. The stock has a market capitalization of $99.56 billion, a PE ratio of 49.61, a price-to-earnings-growth ratio of 4.82 and a beta of 2.81. Shopify Inc. has a one year low of $48.56 and a one year high of $129.38.

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

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.