Shopify Inc. (NYSE:SHOP) Shares Acquired by Alliancebernstein L.P.

Alliancebernstein L.P. lifted its stake in Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 631.3% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 4,459,580 shares of the software maker's stock after buying an additional 3,849,796 shares during the period. Alliancebernstein L.P. owned approximately 0.35% of Shopify worth $474,187,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Allianz SE purchased a new stake in shares of Shopify in the fourth quarter valued at about $27,000. PFG Private Wealth Management LLC raised its stake in shares of Shopify by 3,657.1% during the fourth quarter. PFG Private Wealth Management LLC now owns 263 shares of the software maker's stock worth $28,000 after purchasing an additional 256 shares during the last quarter. Mark Sheptoff Financial Planning LLC lifted its holdings in shares of Shopify by 50.0% during the fourth quarter. Mark Sheptoff Financial Planning LLC now owns 300 shares of the software maker's stock worth $32,000 after purchasing an additional 100 shares during the period. Brooklyn Investment Group purchased a new position in Shopify in the 3rd quarter valued at $33,000. Finally, New Wave Wealth Advisors LLC acquired a new position in Shopify in the 4th quarter valued at $39,000. 69.27% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

SHOP has been the subject of several recent analyst reports. New Street Research started coverage on shares of Shopify in a research note on Friday, January 10th. They issued a "neutral" rating and a $115.00 target price for the company. Deutsche Bank Aktiengesellschaft lifted their price objective on Shopify from $125.00 to $150.00 and gave the company a "buy" rating in a report on Wednesday, February 12th. Evercore ISI increased their target price on Shopify from $125.00 to $140.00 and gave the stock an "outperform" rating in a research note on Wednesday, February 12th. Benchmark upgraded Shopify from a "hold" rating to a "buy" rating and set a $150.00 price target on the stock in a research note on Monday, February 10th. Finally, Piper Sandler increased their price objective on Shopify from $94.00 to $104.00 and gave the stock a "neutral" rating in a research report on Wednesday, February 12th. One research analyst has rated the stock with a sell rating, fifteen have assigned a hold rating, twenty-four have assigned a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, Shopify currently has an average rating of "Moderate Buy" and a consensus target price of $126.31.

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Shopify Price Performance

NYSE SHOP traded up $2.16 during trading hours on Tuesday, hitting $97.64. The company had a trading volume of 10,301,385 shares, compared to its average volume of 8,807,329. The firm's 50 day moving average is $110.06 and its 200 day moving average is $101.15. Shopify Inc. has a fifty-two week low of $48.56 and a fifty-two week high of $129.38. The company has a market capitalization of $126.43 billion, a price-to-earnings ratio of 62.99, a P/E/G ratio of 4.82 and a beta of 2.60.

Shopify (NYSE:SHOP - Get Free Report) TSE: SHOP last posted 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 net margin of 22.74% and a return on equity of 12.00%. On average, equities analysts anticipate that Shopify Inc. will post 1.12 EPS for the current year.

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.