Varma Mutual Pension Insurance Co Decreases Stake in Shopify Inc. $SHOP

Varma Mutual Pension Insurance Co reduced its position in Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 2.3% during the fourth quarter, Holdings Channel.com reports. The institutional investor owned 191,408 shares of the software maker’s stock after selling 4,450 shares during the period. Varma Mutual Pension Insurance Co’s holdings in Shopify were worth $30,860,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. lifted its position in shares of Shopify by 1.5% in the fourth quarter. Vanguard Group Inc. now owns 50,670,627 shares of the software maker’s stock worth $8,158,643,000 after buying an additional 743,803 shares in the last quarter. Jennison Associates LLC lifted its position in shares of Shopify by 64.3% in the third quarter. Jennison Associates LLC now owns 18,923,431 shares of the software maker’s stock worth $2,812,211,000 after buying an additional 7,403,821 shares in the last quarter. TD Asset Management Inc lifted its position in shares of Shopify by 1.4% in the third quarter. TD Asset Management Inc now owns 8,528,510 shares of the software maker’s stock worth $1,267,327,000 after buying an additional 118,836 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. lifted its position in shares of Shopify by 3.3% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 6,588,934 shares of the software maker’s stock worth $978,679,000 after buying an additional 213,315 shares in the last quarter. Finally, Legal & General Group Plc lifted its position in shares of Shopify by 4.4% in the third quarter. Legal & General Group Plc now owns 6,188,885 shares of the software maker’s stock worth $919,665,000 after buying an additional 260,968 shares in the last quarter. 69.27% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research firms recently commented on SHOP. Arete Research set a $175.00 target price on Shopify in a research report on Monday, February 2nd. Piper Sandler assumed coverage on Shopify in a research report on Thursday, March 12th. They issued an “overweight” rating and a $165.00 target price on the stock. Deutsche Bank Aktiengesellschaft restated a “buy” rating and set a $175.00 price objective on shares of Shopify in a research report on Thursday, February 12th. Stifel Nicolaus set a $115.00 price objective on Shopify and gave the company a “hold” rating in a research report on Wednesday, February 11th. Finally, Citizens Jmp decreased their price objective on Shopify from $200.00 to $160.00 and set a “market outperform” rating on the stock in a research report on Thursday, February 12th. Three investment 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. According to data from MarketBeat.com, Shopify has a consensus rating of “Moderate Buy” and a consensus target price of $162.46.

Shopify Stock Performance

Shares of NASDAQ SHOP opened at $127.67 on Monday. The business’s 50 day moving average price is $122.49 and its 200-day moving average price is $141.99. Shopify Inc. has a fifty-two week low of $88.14 and a fifty-two week high of $182.19. The company has a market cap of $166.50 billion, a price-to-earnings ratio of 137.28, a PEG ratio of 4.54 and a beta of 2.64.

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.