Shopify Inc. $SHOP Shares Acquired by Premier Fund Managers Ltd

Premier Fund Managers Ltd increased its position in shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 57.9% in the third quarter, HoldingsChannel.com reports. The firm owned 63,146 shares of the software maker’s stock after acquiring an additional 23,146 shares during the quarter. Premier Fund Managers Ltd’s holdings in Shopify were worth $9,413,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of the business. Norges Bank purchased a new stake in Shopify during the 2nd quarter worth about $1,794,952,000. Jennison Associates LLC increased its holdings in shares of Shopify by 64.3% in the 3rd quarter. Jennison Associates LLC now owns 18,923,431 shares of the software maker’s stock valued at $2,812,211,000 after acquiring an additional 7,403,821 shares during the last quarter. Brown Advisory Inc. raised its position in shares of Shopify by 5,193.6% during the 2nd 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 in the last quarter. Geode Capital Management LLC lifted its stake in Shopify by 19.9% during 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 purchasing an additional 1,781,530 shares during the last quarter. Finally, Picton Mahoney Asset Management lifted its stake in Shopify by 246,359.0% during the second quarter. Picton Mahoney Asset Management now owns 1,759,717 shares of the software maker’s stock worth $202,146,000 after purchasing an additional 1,759,003 shares during the last quarter. Hedge funds and other institutional investors own 69.27% of the company’s stock.

Shopify Price Performance

SHOP stock opened at $126.20 on Friday. The company has a market cap of $164.29 billion, a price-to-earnings ratio of 135.70, a price-to-earnings-growth ratio of 4.60 and a beta of 2.83. The company has a fifty day moving average price of $145.96 and a 200 day moving average price of $150.69. Shopify Inc. has a 12 month low of $69.84 and a 12 month high of $182.19.

Analysts Set New Price Targets

Several equities analysts have commented on SHOP shares. Evercore set a $135.00 price target on shares of Shopify in a research note on Wednesday, February 11th. Needham & Company LLC restated a “buy” rating and issued a $180.00 target price on shares of Shopify in a report on Thursday, February 12th. Wolfe Research raised shares of Shopify from a “hold” rating to an “outperform” rating in a research report on Tuesday, January 6th. Citizens Jmp cut their price target on shares of Shopify from $200.00 to $160.00 and set a “market outperform” rating on the stock in a research note on Thursday, February 12th. Finally, Canaccord Genuity Group set a $165.00 price target on shares of Shopify and gave the company a “buy” rating in a research report on Thursday, February 12th. Two research analysts have rated the stock with a Strong Buy rating, thirty-one have given a Buy rating and ten have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $162.64.

About Shopify

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.