Legal & General Group Plc Buys 160,376 Shares of Shopify Inc. $SHOP

Legal & General Group Plc raised its stake in Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 2.6% in the 4th quarter, HoldingsChannel reports. The firm owned 6,349,261 shares of the software maker’s stock after acquiring an additional 160,376 shares during the quarter. Legal & General Group Plc’s holdings in Shopify were worth $1,023,638,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Knights of Columbus Asset Advisors LLC bought a new stake in shares of Shopify during the third quarter worth about $4,110,000. Principal Financial Group Inc. increased its position in shares of Shopify by 16.3% during the third quarter. Principal Financial Group Inc. now owns 450,895 shares of the software maker’s stock worth $67,006,000 after acquiring an additional 63,300 shares in the last quarter. Triton Financial Group Inc bought a new stake in shares of Shopify during the third quarter worth about $1,931,000. IQ EQ FUND MANAGEMENT IRELAND Ltd increased its position in shares of Shopify by 65.5% during the third quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 158,514 shares of the software maker’s stock worth $23,557,000 after acquiring an additional 62,743 shares in the last quarter. Finally, M&T Bank Corp increased its position in shares of Shopify by 37.1% during the fourth quarter. M&T Bank Corp now owns 81,082 shares of the software maker’s stock worth $13,051,000 after acquiring an additional 21,945 shares in the last quarter. 69.27% of the stock is owned by institutional investors.

Shopify Stock Performance

Shares of SHOP stock opened at $103.00 on Monday. Shopify Inc. has a 52-week low of $94.00 and a 52-week high of $182.19. The company has a 50-day simple moving average of $116.29 and a two-hundred day simple moving average of $135.60. The company has a market capitalization of $133.66 billion, a price-to-earnings ratio of 101.98, a PEG ratio of 2.89 and a beta of 2.64.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last issued its quarterly earnings data on Tuesday, May 5th. The software maker reported $999.00 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.22 by $998.78. Shopify had a net margin of 10.77% and a return on equity of 12.07%. The business had revenue of $3.17 billion during the quarter, compared to the consensus estimate of $3.08 billion. On average, sell-side analysts forecast that Shopify Inc. will post 1.36 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several research firms have recently commented on SHOP. BMO Capital Markets decreased their target price on shares of Shopify from $160.00 to $145.00 and set an “outperform” rating for the company in a research report on Wednesday, May 6th. Evercore set a $135.00 target price on shares of Shopify in a research report on Wednesday, February 11th. Cantor Fitzgerald reissued a “neutral” rating and set a $126.00 target price (down from $181.00) on shares of Shopify in a research report on Thursday, February 12th. Benchmark decreased their target price on shares of Shopify from $195.00 to $145.00 and set a “buy” rating for the company in a research report on Tuesday, February 10th. Finally, Citigroup decreased their target price on shares of Shopify from $163.00 to $156.00 and set a “buy” rating for the company in a research report on Wednesday, May 6th. Two investment analysts have rated the stock with a Strong Buy rating, thirty-one have issued a Buy rating and ten have assigned a Hold rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $158.42.

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.