Prudential PLC Increases Position in Shopify Inc. (NYSE:SHOP)

Prudential PLC grew its stake in shares of Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 16.1% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 201,894 shares of the software maker's stock after acquiring an additional 28,026 shares during the period. Prudential PLC's holdings in Shopify were worth $21,461,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in SHOP. Norges Bank bought a new stake in Shopify during the 4th quarter worth approximately $1,542,262,000. Arrowstreet Capital Limited Partnership grew its position in Shopify by 79.8% during 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 buying an additional 7,316,862 shares in the last quarter. Alliancebernstein L.P. grew its position in Shopify by 631.3% during the fourth quarter. Alliancebernstein L.P. now owns 4,459,580 shares of the software maker's stock worth $474,187,000 after buying an additional 3,849,796 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. increased its stake 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 acquiring an additional 1,647,374 shares during the last quarter. Finally, Geode Capital Management LLC raised its holdings in shares of Shopify by 30.2% in the 4th quarter. Geode Capital Management LLC now owns 7,015,582 shares of the software maker's stock valued at $748,799,000 after acquiring an additional 1,627,776 shares in the last quarter. 69.27% of the stock is owned by institutional investors.

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Analyst Ratings Changes

SHOP has been the topic of several research analyst reports. Evercore ISI upped their price objective on shares of Shopify from $125.00 to $140.00 and gave the stock an "outperform" rating in a research report on Wednesday, February 12th. ATB Capital increased their price target on shares of Shopify from $145.00 to $170.00 and gave the stock a "sector perform" rating in a report on Wednesday, February 12th. Robert W. Baird lifted their price objective on shares of Shopify from $126.00 to $135.00 and gave the stock an "outperform" rating in a report on Wednesday, February 12th. Piper Sandler increased their target price on Shopify from $94.00 to $104.00 and gave the company a "neutral" rating in a research note on Wednesday, February 12th. Finally, Cantor Fitzgerald reaffirmed a "neutral" rating and set a $120.00 price target on shares of Shopify in a research note on Wednesday, February 12th. One research 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 given a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $126.31.

Shopify Price Performance

SHOP traded up $1.93 on Monday, hitting $78.82. The company had a trading volume of 22,503,137 shares, compared to its average volume of 9,035,995. Shopify Inc. has a 52-week low of $48.56 and a 52-week high of $129.38. The stock has a fifty day simple moving average of $108.67 and a 200-day simple moving average of $101.59. The firm has a market capitalization of $102.06 billion, a P/E ratio of 50.85, a P/E/G ratio of 4.82 and a beta of 2.82.

Shopify (NYSE:SHOP - Get Free Report) TSE: SHOP last released its earnings results 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%. Equities research analysts expect 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.