AEGON ASSET MANAGEMENT UK Plc Acquires Shares of 344,322 Shopify Inc. (NYSE:SHOP)

AEGON ASSET MANAGEMENT UK Plc bought a new position in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 344,322 shares of the software maker’s stock, valued at approximately $36,510,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. APG Asset Management N.V. boosted its stake in shares of Shopify by 6.3% during the 2nd quarter. APG Asset Management N.V. now owns 936,792 shares of the software maker’s stock valued at $57,751,000 after buying an additional 55,420 shares during the last quarter. Maplelane Capital LLC acquired a new position in Shopify during the 2nd quarter worth $5,614,000. The Manufacturers Life Insurance Company increased its position in shares of Shopify by 7.4% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 7,726,950 shares of the software maker’s stock worth $510,016,000 after purchasing an additional 533,111 shares during the last quarter. Mackenzie Financial Corp lifted its position in shares of Shopify by 49.9% during the second quarter. Mackenzie Financial Corp now owns 6,315,028 shares of the software maker’s stock worth $417,386,000 after purchasing an additional 2,102,939 shares during the last quarter. Finally, Legal & General Group Plc grew its stake in Shopify by 1.8% in the second quarter. Legal & General Group Plc now owns 8,233,517 shares of the software maker’s stock worth $544,017,000 after purchasing an additional 145,618 shares in the last quarter. 69.27% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have commented on SHOP shares. Royal Bank of Canada reaffirmed an “outperform” rating and set a $130.00 target price on shares of Shopify in a report on Wednesday. Wells Fargo & Company raised their price objective on Shopify from $90.00 to $120.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 13th. Scotiabank boosted their target price on shares of Shopify from $75.00 to $80.00 and gave the company a “sector perform” rating in a research note on Thursday, October 24th. Piper Sandler raised their price target on shares of Shopify from $67.00 to $94.00 and gave the stock a “neutral” rating in a research report on Wednesday, November 13th. Finally, Wedbush raised shares of Shopify from a “neutral” rating to an “outperform” rating and lifted their price target for the company from $115.00 to $125.00 in a report on Monday, January 6th. One analyst has rated the stock with a sell rating, fifteen have given a hold rating, twenty-four have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Shopify currently has a consensus rating of “Moderate Buy” and a consensus price target of $100.31.

Shopify Stock Performance

Shares of SHOP opened at $107.74 on Friday. The company has a debt-to-equity ratio of 0.09, a current ratio of 7.10 and a quick ratio of 7.10. The firm’s 50 day moving average is $109.37 and its 200-day moving average is $86.92. Shopify Inc. has a 12-month low of $48.56 and a 12-month high of $120.72. The stock has a market capitalization of $139.22 billion, a P/E ratio of 100.70, a P/E/G ratio of 2.24 and a beta of 2.46.

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.