Jennison Associates LLC Purchases New Holdings in Shopify Inc. (NYSE:SHOP)

Jennison Associates LLC acquired a new position in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) in the 4th quarter, HoldingsChannel reports. The firm acquired 1,244,455 shares of the software maker’s stock, valued at approximately $132,323,000.

Other hedge funds have also made changes to their positions in the company. Brooklyn Investment Group acquired a new stake in Shopify during the 3rd quarter worth $33,000. Rosenberg Matthew Hamilton lifted its stake in shares of Shopify by 41.3% in the third quarter. Rosenberg Matthew Hamilton now owns 455 shares of the software maker’s stock worth $36,000 after buying an additional 133 shares in the last quarter. New Wave Wealth Advisors LLC acquired a new position in shares of Shopify during the 4th quarter worth approximately $39,000. Truvestments Capital LLC purchased a new stake in shares of Shopify in the third quarter valued at approximately $45,000. Finally, GAMMA Investing LLC increased its holdings in shares of Shopify by 73.5% in the third quarter. GAMMA Investing LLC now owns 597 shares of the software maker’s stock valued at $48,000 after purchasing an additional 253 shares during the last quarter. Institutional investors and hedge funds own 69.27% of the company’s stock.

Shopify Stock Performance

Shares of Shopify stock opened at $116.70 on Monday. The company has a quick ratio of 7.10, a current ratio of 7.10 and a debt-to-equity ratio of 0.09. Shopify Inc. has a 52 week low of $48.56 and a 52 week high of $122.00. The firm’s 50 day moving average is $110.36 and its two-hundred day moving average is $88.97. The firm has a market capitalization of $150.79 billion, a P/E ratio of 109.07, a P/E/G ratio of 2.46 and a beta of 2.47.

Analysts Set New Price Targets

SHOP has been the topic of several recent research reports. Royal Bank of Canada reissued an “outperform” rating and set a $130.00 price target on shares of Shopify in a research report on Wednesday, January 22nd. Piper Sandler lifted their target price on Shopify from $67.00 to $94.00 and gave the company a “neutral” rating in a research report on Wednesday, November 13th. Truist Financial increased their price target on Shopify from $65.00 to $110.00 and gave the stock a “hold” rating in a report on Wednesday, November 13th. Wedbush upgraded shares of Shopify from a “neutral” rating to an “outperform” rating and boosted their price objective for the company from $115.00 to $125.00 in a report on Monday, January 6th. Finally, Atb Cap Markets lowered shares of Shopify from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, November 12th. One investment analyst has rated the stock with a sell rating, fifteen have given a hold rating, twenty-three have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $100.32.

Shopify Company Profile

Shopify Inc, a commerce company, provides a commerce platform and services in Canada, the United States, Europe, the Middle East, Africa, the Asia Pacific, Australia, China, and Latin America. The company’s platform enables merchants to displays, manages, markets, and sells its products through various sales channels, including web and mobile storefronts, physical retail locations, pop-up shops, social media storefronts, native mobile apps, buy buttons, and marketplaces; and enables to manage products and inventory, process orders and payments, fulfill and ship orders, new buyers and build customer relationships, source products, leverage analytics and reporting, manage cash, payments and transactions, and access financing.