Royal London Asset Management Ltd. Has $46.52 Million Stake in Shopify Inc. (NYSE:SHOP)

Royal London Asset Management Ltd. boosted its stake in shares of Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 32.6% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 437,532 shares of the software maker's stock after buying an additional 107,650 shares during the quarter. Royal London Asset Management Ltd.'s holdings in Shopify were worth $46,523,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently bought and sold shares of the company. Kazazian Asset Management LLC acquired a new stake in shares of Shopify during the 4th quarter worth about $388,000. Harvest Fund Management Co. Ltd acquired a new stake in Shopify in the 4th quarter valued at $1,013,000. OVERSEA CHINESE BANKING Corp Ltd grew its stake in shares of Shopify by 98.6% in the fourth quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 12,644 shares of the software maker's stock valued at $1,368,000 after buying an additional 6,276 shares in the last quarter. Brooklyn FI LLC purchased a new stake in shares of Shopify during the fourth quarter valued at approximately $452,000. Finally, Maryland State Retirement & Pension System lifted its holdings in Shopify by 3.0% in the 4th quarter. Maryland State Retirement & Pension System now owns 128,489 shares of the software maker's stock worth $13,669,000 after buying an additional 3,758 shares in the last quarter. 69.27% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on SHOP. UBS Group increased their target price on Shopify from $110.00 to $125.00 and gave the company a "neutral" rating in a research note on Wednesday, February 12th. New Street Research initiated coverage on Shopify in a research note on Friday, January 10th. They issued a "neutral" rating and a $115.00 target price on the stock. JPMorgan Chase & Co. upped their price target on shares of Shopify from $121.00 to $124.00 and gave the stock an "overweight" rating in a research report on Wednesday, February 12th. Phillip Securities cut Shopify from a "strong-buy" rating to a "moderate buy" rating in a research report on Monday, February 17th. Finally, Benchmark raised Shopify from a "hold" rating to a "buy" rating and set a $150.00 price objective on the stock in a research note on Monday, February 10th. One analyst has rated the stock with a sell rating, fifteen have issued a hold rating, twenty-four have issued a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $126.31.

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Shopify Stock Up 0.6 %

Shares of SHOP traded up $0.65 during mid-day trading on Tuesday, hitting $109.93. 5,749,047 shares of the company's stock were exchanged, compared to its average volume of 8,608,385. The stock has a market cap of $142.34 billion, a price-to-earnings ratio of 70.92, a P/E/G ratio of 4.82 and a beta of 2.60. Shopify Inc. has a twelve month low of $48.56 and a twelve month high of $129.38. The firm has a fifty day moving average of $110.19 and a two-hundred day moving average of $100.01.

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

About Shopify

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.