The Manufacturers Life Insurance Company Boosts Stock Position in Shopify Inc. $SHOP

The Manufacturers Life Insurance Company grew its position in Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 8.5% during the first quarter, Holdings Channel reports. The firm owned 8,418,903 shares of the software maker’s stock after acquiring an additional 660,198 shares during the period. Shopify makes up approximately 0.9% of The Manufacturers Life Insurance Company’s portfolio, making the stock its 14th largest position. The Manufacturers Life Insurance Company’s holdings in Shopify were worth $998,137,000 at the end of the most recent quarter.

Several other institutional investors have also recently modified their holdings of the company. Vanguard Group Inc. lifted its holdings in shares of Shopify by 1.5% during the fourth quarter. Vanguard Group Inc. now owns 50,670,627 shares of the software maker’s stock worth $8,158,643,000 after purchasing an additional 743,803 shares during the period. Norges Bank acquired a new position in Shopify in the 4th quarter worth approximately $2,611,797,000. Invesco Ltd. raised its position in Shopify by 9.8% during the 4th quarter. Invesco Ltd. now owns 14,026,193 shares of the software maker’s stock worth $2,257,796,000 after buying an additional 1,252,074 shares during the last quarter. Geode Capital Management LLC raised its position in Shopify by 6.2% during the 4th quarter. Geode Capital Management LLC now owns 12,601,476 shares of the software maker’s stock worth $2,043,365,000 after buying an additional 737,892 shares during the last quarter. Finally, Mackenzie Financial Corp lifted its stake in Shopify by 9.1% during the 4th quarter. Mackenzie Financial Corp now owns 9,961,097 shares of the software maker’s stock valued at $1,627,352,000 after acquiring an additional 827,643 shares during the period. 69.27% of the stock is currently owned by hedge funds and other institutional investors.

Shopify Price Performance

SHOP opened at $126.88 on Tuesday. The firm has a fifty day moving average price of $114.88 and a 200 day moving average price of $121.52. Shopify Inc. has a 1 year low of $94.00 and a 1 year high of $182.19. The stock has a market cap of $164.65 billion, a P/E ratio of 125.63, a P/E/G ratio of 2.45 and a beta of 2.58.

Analyst Upgrades and Downgrades

SHOP has been the topic of a number of research reports. Morgan Stanley lowered shares of Shopify from an “overweight” rating to a “buy” rating in a research note on Monday, July 13th. Stifel Nicolaus set a $150.00 target price on shares of Shopify and gave the company a “buy” rating in a research report on Thursday, July 9th. Susquehanna assumed coverage on shares of Shopify in a report on Friday, July 10th. They issued a “neutral” rating on the stock. Rothschild & Co Redburn set a $130.00 price target on Shopify and gave the stock a “neutral” rating in a research report on Tuesday, July 21st. Finally, Piper Sandler reiterated an “overweight” rating and set a $150.00 price objective (down from $165.00) on shares of Shopify in a research note on Tuesday, May 5th. Three research analysts have rated the stock with a Strong Buy rating, thirty-three have given a Buy rating and nine have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $157.69.

Shopify Company Profile

Shopify is a Canadian commerce technology company that provides a cloud-based platform for businesses to create, manage and scale online and physical retail stores. Its core offering is a software-as-a-service e-commerce platform that enables merchants to build customizable storefronts, manage product catalogs, process orders, and handle inventory. Shopify also supports omnichannel selling through integrated point-of-sale (POS) systems for in-person transactions.

Beyond storefront software, Shopify offers a range of merchant services and tools designed to simplify commerce operations.