Jennison Associates LLC Boosts Stock Holdings in Shopify Inc. (NYSE:SHOP)

Jennison Associates LLC raised its stake in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 324.3% in the 1st quarter, HoldingsChannel.com reports. The fund owned 5,280,781 shares of the software maker’s stock after purchasing an additional 4,036,326 shares during the period. Jennison Associates LLC’s holdings in Shopify were worth $504,209,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors also recently bought and sold shares of the company. Mather Group LLC. increased its stake in Shopify by 127.4% during the 1st quarter. Mather Group LLC. now owns 912 shares of the software maker’s stock worth $87,000 after buying an additional 511 shares during the period. Dynamic Advisor Solutions LLC purchased a new stake in Shopify during the 1st quarter worth $382,000. GAMMA Investing LLC grew its holdings in Shopify by 80.0% during the 1st quarter. GAMMA Investing LLC now owns 963 shares of the software maker’s stock worth $92,000 after acquiring an additional 428 shares in the last quarter. Bessemer Group Inc. grew its holdings in Shopify by 3.8% during the 1st quarter. Bessemer Group Inc. now owns 1,059,585 shares of the software maker’s stock worth $101,163,000 after acquiring an additional 38,616 shares in the last quarter. Finally, Assenagon Asset Management S.A. grew its holdings in Shopify by 1.1% during the 1st quarter. Assenagon Asset Management S.A. now owns 38,732 shares of the software maker’s stock worth $3,694,000 after acquiring an additional 432 shares in the last quarter. Institutional investors and hedge funds own 69.27% of the company’s stock.

Shopify Trading Up 0.7%

NYSE SHOP opened at $127.70 on Friday. The firm has a market cap of $165.67 billion, a price-to-earnings ratio of 82.38, a PEG ratio of 4.82 and a beta of 2.61. The company has a 50 day moving average of $109.81 and a 200-day moving average of $105.25. Shopify Inc. has a 1-year low of $48.56 and a 1-year high of $129.38.

Analysts Set New Price Targets

SHOP has been the subject of a number of analyst reports. Scotiabank reduced their target price on shares of Shopify from $120.00 to $90.00 and set a “sector perform” rating for the company in a research note on Monday, April 28th. KeyCorp dropped their target price on shares of Shopify from $140.00 to $105.00 and set an “overweight” rating on the stock in a report on Wednesday, April 23rd. Barclays dropped their target price on shares of Shopify from $100.00 to $94.00 and set an “equal weight” rating on the stock in a report on Friday, May 9th. Wells Fargo & Company boosted their target price on shares of Shopify from $107.00 to $125.00 and gave the stock an “overweight” rating in a report on Friday, June 6th. Finally, Mizuho decreased their price objective on shares of Shopify from $110.00 to $85.00 and set a “neutral” rating for the company in a research note on Monday, April 14th. One analyst has rated the stock with a sell rating, fifteen have given a hold rating, twenty-four have issued a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Shopify presently has an average rating of “Moderate Buy” and a consensus price target of $117.45.

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.