Shopify Inc. (NYSE:SHOP) Position Boosted by Alliancebernstein L.P.

Alliancebernstein L.P. lifted its holdings in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 631.3% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 4,459,580 shares of the software maker’s stock after purchasing an additional 3,849,796 shares during the period. Alliancebernstein L.P.’s holdings in Shopify were worth $474,187,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Jennison Associates LLC bought a new position in shares of Shopify in the fourth quarter valued at $132,323,000. Watts Gwilliam & Co. LLC grew its holdings in shares of Shopify by 53.0% in the 4th quarter. Watts Gwilliam & Co. LLC now owns 13,401 shares of the software maker’s stock worth $1,431,000 after acquiring an additional 4,641 shares during the last quarter. Teachers Retirement System of The State of Kentucky raised its position in shares of Shopify by 29.3% during the third quarter. Teachers Retirement System of The State of Kentucky now owns 342,030 shares of the software maker’s stock worth $27,409,000 after purchasing an additional 77,500 shares during the period. Wahed Invest LLC lifted its holdings in shares of Shopify by 18.4% during the third quarter. Wahed Invest LLC now owns 57,624 shares of the software maker’s stock valued at $4,618,000 after purchasing an additional 8,960 shares during the last quarter. Finally, Public Employees Retirement System of Ohio acquired a new position in shares of Shopify in the 3rd quarter valued at $33,676,000. 69.27% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of analysts have commented on SHOP shares. New Street Research began coverage on shares of Shopify in a research note on Friday, January 10th. They set a “neutral” rating and a $115.00 price objective for the company. The Goldman Sachs Group upped their price target on shares of Shopify from $135.00 to $150.00 and gave the company a “buy” rating in a research report on Wednesday, February 12th. JPMorgan Chase & Co. lifted their price objective on shares of Shopify from $121.00 to $124.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 12th. Cantor Fitzgerald restated a “neutral” rating and issued a $120.00 target price on shares of Shopify in a report on Wednesday, February 12th. Finally, Benchmark upgraded Shopify from a “hold” rating to a “buy” rating and set a $150.00 price target on the stock in a report on Monday, February 10th. One equities research analyst has rated the stock with a sell rating, fifteen have given a hold rating, twenty-four have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $126.31.

Shopify Price Performance

Shopify stock opened at $96.51 on Monday. Shopify Inc. has a fifty-two week low of $48.56 and a fifty-two week high of $129.38. The firm has a fifty day moving average price of $110.21 and a two-hundred day moving average price of $100.98. The firm has a market cap of $124.96 billion, a price-to-earnings ratio of 62.27, a P/E/G ratio of 4.82 and a beta of 2.60.

Shopify (NYSE:SHOP) (TSE:SHOP) last posted its quarterly earnings data 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%. As a group, sell-side analysts expect that Shopify Inc. will post 1.12 earnings per share for the current year.

About Shopify

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.