Prudential Financial Inc. grew its stake in Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 112.7% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 36,322 shares of the software maker's stock after acquiring an additional 19,242 shares during the period. Prudential Financial Inc.'s holdings in Shopify were worth $3,864,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also modified their holdings of the company. Benjamin Edwards Inc. raised its stake in shares of Shopify by 24,244.4% during the 3rd quarter. Benjamin Edwards Inc. now owns 45,524 shares of the software maker's stock worth $3,648,000 after purchasing an additional 45,337 shares in the last quarter. Hilltop Holdings Inc. raised its position in Shopify by 72.3% during the third quarter. Hilltop Holdings Inc. now owns 12,355 shares of the software maker's stock worth $990,000 after acquiring an additional 5,185 shares in the last quarter. Integrated Wealth Concepts LLC lifted its stake in Shopify by 2.1% in the third quarter. Integrated Wealth Concepts LLC now owns 32,078 shares of the software maker's stock valued at $2,571,000 after acquiring an additional 655 shares during the last quarter. Insight Holdings Group LLC grew its position in shares of Shopify by 109.5% in the 3rd quarter. Insight Holdings Group LLC now owns 55,100 shares of the software maker's stock valued at $4,416,000 after acquiring an additional 28,800 shares during the period. Finally, IHT Wealth Management LLC raised its holdings in shares of Shopify by 13.6% in the 3rd quarter. IHT Wealth Management LLC now owns 8,472 shares of the software maker's stock valued at $678,000 after purchasing an additional 1,011 shares during the period. Institutional investors and hedge funds own 69.27% of the company's stock.
Wall Street Analyst Weigh In
A number of equities analysts recently commented on the company. Canaccord Genuity Group lifted their price target on Shopify from $125.00 to $140.00 and gave the stock a "buy" rating in a report on Wednesday, February 12th. UBS Group boosted their target price on Shopify from $110.00 to $125.00 and gave the stock a "neutral" rating in a report on Wednesday, February 12th. Piper Sandler raised their price target on Shopify from $94.00 to $104.00 and gave the company a "neutral" rating in a report on Wednesday, February 12th. Wells Fargo & Company upped their price objective on shares of Shopify from $120.00 to $135.00 and gave the company an "overweight" rating in a report on Wednesday, February 12th. Finally, Robert W. Baird raised their target price on shares of Shopify from $126.00 to $135.00 and gave the stock an "outperform" rating in a research note on Wednesday, February 12th. One investment analyst has rated the stock with a sell rating, fifteen have issued a hold rating, twenty-four have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $126.31.
View Our Latest Research Report on Shopify
Shopify Price Performance
SHOP stock traded up $3.01 during midday trading on Wednesday, reaching $100.65. 7,856,663 shares of the stock were exchanged, compared to its average volume of 8,812,093. The stock has a market capitalization of $130.32 billion, a PE ratio of 64.94, a P/E/G ratio of 4.82 and a beta of 2.81. Shopify Inc. has a 52 week low of $48.56 and a 52 week high of $129.38. The company has a fifty day moving average price of $109.88 and a 200 day moving average price of $101.33.
Shopify (NYSE:SHOP - Get Free Report) TSE: SHOP last released its quarterly earnings data on Tuesday, February 11th. The software maker reported $0.34 earnings per share (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%. As a group, analysts anticipate that Shopify Inc. will post 1.12 earnings per share for the current fiscal year.
About Shopify
(
Free Report)
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.
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