Geode Capital Management LLC Boosts Stock Position in Shopify Inc. $SHOP

Geode Capital Management LLC boosted its holdings in Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 6.2% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 12,601,476 shares of the software maker’s stock after buying an additional 737,892 shares during the quarter. Geode Capital Management LLC’s holdings in Shopify were worth $2,043,365,000 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. Expressive Wealth LLC acquired a new stake in Shopify during the 4th quarter worth $643,000. Integrity Alliance LLC. raised its stake in Shopify by 214.8% during the 4th quarter. Integrity Alliance LLC. now owns 23,068 shares of the software maker’s stock worth $3,713,000 after acquiring an additional 15,740 shares in the last quarter. Cary Street Partners Investment Advisory LLC raised its stake in Shopify by 55.1% during the 4th quarter. Cary Street Partners Investment Advisory LLC now owns 1,425 shares of the software maker’s stock worth $229,000 after acquiring an additional 506 shares in the last quarter. Fisher Asset Management LLC raised its stake in Shopify by 12.3% during the 4th quarter. Fisher Asset Management LLC now owns 24,414 shares of the software maker’s stock worth $3,930,000 after acquiring an additional 2,682 shares in the last quarter. Finally, Choate Investment Advisors raised its stake in Shopify by 5.1% during the 4th quarter. Choate Investment Advisors now owns 3,555 shares of the software maker’s stock worth $572,000 after acquiring an additional 174 shares in the last quarter. 69.27% of the stock is currently owned by institutional investors and hedge funds.

Shopify Stock Performance

Shares of SHOP opened at $115.03 on Friday. Shopify Inc. has a fifty-two week low of $94.00 and a fifty-two week high of $182.19. The company has a market capitalization of $149.27 billion, a price-to-earnings ratio of 113.89, a price-to-earnings-growth ratio of 2.99 and a beta of 2.64. The firm has a 50-day simple moving average of $114.81 and a 200-day simple moving average of $134.17.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last announced its earnings results on Tuesday, May 5th. The software maker reported $999.00 earnings per share for the quarter, topping the consensus estimate of $0.22 by $998.78. Shopify had a net margin of 10.77% and a return on equity of 12.07%. The business had revenue of $3.17 billion during the quarter, compared to the consensus estimate of $3.08 billion. Equities research analysts forecast that Shopify Inc. will post 1.36 EPS for the current year.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on SHOP shares. Benchmark cut their price target on shares of Shopify from $195.00 to $145.00 and set a “buy” rating on the stock in a research note on Tuesday, February 10th. Arete Research set a $175.00 price target on shares of Shopify in a research note on Monday, February 2nd. Wells Fargo & Company cut their price target on shares of Shopify from $166.00 to $144.00 and set an “overweight” rating on the stock in a research note on Wednesday, May 6th. Citizens Jmp cut their price target on shares of Shopify from $160.00 to $150.00 and set a “market outperform” rating on the stock in a research note on Wednesday, May 6th. Finally, Cantor Fitzgerald restated a “neutral” rating and issued a $126.00 price objective (down from $181.00) on shares of Shopify in a research note on Thursday, February 12th. Two equities research analysts have rated the stock with a Strong Buy rating, thirty-one have assigned a Buy rating and ten have given a Hold rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $157.17.

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.