Massachusetts Financial Services Co. MA Purchases 973,132 Shares of Shopify Inc. $SHOP

Massachusetts Financial Services Co. MA boosted its holdings in shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 21.3% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 5,536,825 shares of the software maker’s stock after purchasing an additional 973,132 shares during the period. Massachusetts Financial Services Co. MA owned about 0.43% of Shopify worth $822,828,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of SHOP. Norges Bank bought a new stake in shares of Shopify during the 2nd quarter worth $1,794,952,000. Jennison Associates LLC raised its stake in Shopify by 118.1% during the second quarter. Jennison Associates LLC now owns 11,519,610 shares of the software maker’s stock worth $1,328,787,000 after acquiring an additional 6,238,829 shares in the last quarter. Brown Advisory Inc. lifted its holdings in shares of Shopify by 5,193.6% in the second quarter. Brown Advisory Inc. now owns 2,066,884 shares of the software maker’s stock worth $238,419,000 after acquiring an additional 2,027,839 shares during the last quarter. Geode Capital Management LLC lifted its holdings in shares of Shopify by 19.9% in the second quarter. Geode Capital Management LLC now owns 10,731,795 shares of the software maker’s stock worth $1,247,007,000 after acquiring an additional 1,781,530 shares during the last quarter. Finally, Picton Mahoney Asset Management boosted its stake in shares of Shopify by 246,359.0% in the 2nd quarter. Picton Mahoney Asset Management now owns 1,759,717 shares of the software maker’s stock valued at $202,146,000 after purchasing an additional 1,759,003 shares in the last quarter. Institutional investors own 69.27% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on SHOP shares. National Bankshares increased their price objective on shares of Shopify from $180.00 to $200.00 and gave the company an “outperform” rating in a research note on Thursday, October 23rd. CIBC reiterated an “outperform” rating on shares of Shopify in a research note on Wednesday, November 5th. Morgan Stanley restated an “overweight” rating and set a $192.00 price objective (up previously from $165.00) on shares of Shopify in a research report on Wednesday, November 5th. TD Cowen reaffirmed a “hold” rating and issued a $156.00 target price on shares of Shopify in a report on Friday, October 3rd. Finally, Zacks Research lowered Shopify from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, November 12th. Twenty-four analysts have rated the stock with a Buy rating and twenty-one have issued a Hold rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $171.61.

Shopify Trading Down 1.4%

Shares of SHOP stock opened at $155.81 on Friday. Shopify Inc. has a 1-year low of $69.84 and a 1-year high of $182.19. The stock has a market cap of $202.84 billion, a price-to-earnings ratio of 115.41, a PEG ratio of 4.60 and a beta of 2.83. The stock has a 50-day moving average of $160.05 and a 200-day moving average of $149.56.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last announced its earnings results on Tuesday, November 4th. The software maker reported $0.27 EPS for the quarter, beating the consensus estimate of $0.24 by $0.03. The business had revenue of $2.84 billion for the quarter, compared to analysts’ expectations of $2.75 billion. Shopify had a return on equity of 11.72% and a net margin of 16.65%. Sell-side analysts forecast that Shopify Inc. will post 1.12 earnings per share for the current year.

Shopify 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.