Royal London Asset Management Ltd. Purchases 107,650 Shares of Shopify Inc. (NYSE:SHOP)

Royal London Asset Management Ltd. boosted its position in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 32.6% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 437,532 shares of the software maker’s stock after buying an additional 107,650 shares during the period. Royal London Asset Management Ltd.’s holdings in Shopify were worth $46,523,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in SHOP. FMR LLC increased its position in Shopify by 16.1% in the 3rd quarter. FMR LLC now owns 42,306,077 shares of the software maker’s stock valued at $3,389,637,000 after buying an additional 5,869,795 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. increased its position in Shopify by 30.2% in the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 7,095,382 shares of the software maker’s stock valued at $754,201,000 after buying an additional 1,647,374 shares in the last quarter. National Bank of Canada FI increased its holdings in Shopify by 28.0% during the 3rd quarter. National Bank of Canada FI now owns 7,408,880 shares of the software maker’s stock worth $593,588,000 after purchasing an additional 1,621,981 shares in the last quarter. Massachusetts Financial Services Co. MA increased its holdings in Shopify by 52.5% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 3,848,143 shares of the software maker’s stock worth $308,390,000 after purchasing an additional 1,325,350 shares in the last quarter. Finally, Jennison Associates LLC bought a new stake in Shopify during the 4th quarter worth approximately $132,323,000. 69.27% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of analysts have commented on SHOP shares. Robert W. Baird boosted their price objective on Shopify from $126.00 to $135.00 and gave the stock an “outperform” rating in a report on Wednesday, February 12th. New Street Research started coverage on Shopify in a report on Friday, January 10th. They set a “neutral” rating and a $115.00 price objective for the company. Royal Bank of Canada boosted their price objective on Shopify from $130.00 to $145.00 and gave the stock an “outperform” rating in a report on Wednesday, February 12th. Evercore ISI boosted their price objective on Shopify from $125.00 to $140.00 and gave the stock an “outperform” rating in a report on Wednesday, February 12th. Finally, Wells Fargo & Company boosted their price objective on Shopify from $120.00 to $135.00 and gave the stock an “overweight” rating in a report on Wednesday, February 12th. One research analyst has rated the stock with a sell rating, fifteen have assigned a hold rating, twenty-four have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Shopify has an average rating of “Moderate Buy” and a consensus target price of $126.31.

Shopify Price Performance

NYSE:SHOP opened at $101.84 on Friday. The company has a market cap of $131.86 billion, a P/E ratio of 65.70, a P/E/G ratio of 4.82 and a beta of 2.60. The stock’s fifty day moving average price is $110.03 and its two-hundred day moving average price is $99.12. Shopify Inc. has a 1 year low of $48.56 and a 1 year high of $129.38.

Shopify (NYSE:SHOP) (TSE:SHOP) last released its quarterly earnings results on Tuesday, February 11th. The software maker reported $0.34 earnings per share for the quarter, missing the consensus estimate of $0.44 by ($0.10). Shopify had a return on equity of 12.00% and a net margin of 22.74%. On average, analysts expect that Shopify Inc. will post 1.12 earnings per share for the current fiscal year.

Shopify 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.