Jennison Associates LLC Has $2.81 Billion Holdings in Shopify Inc. $SHOP

Jennison Associates LLC boosted its stake in Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 64.3% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 18,923,431 shares of the software maker’s stock after purchasing an additional 7,403,821 shares during the quarter. Shopify comprises about 1.6% of Jennison Associates LLC’s investment portfolio, making the stock its 15th largest holding. Jennison Associates LLC’s holdings in Shopify were worth $2,812,211,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors also recently modified their holdings of the stock. Vanguard Group Inc. raised its position in shares of Shopify by 2.8% in the 2nd quarter. Vanguard Group Inc. now owns 49,316,695 shares of the software maker’s stock valued at $5,688,053,000 after acquiring an additional 1,354,415 shares during the period. Norges Bank bought a new stake in Shopify in the second quarter valued at approximately $1,794,952,000. Loomis Sayles & Co. L P raised its holdings in Shopify by 1.3% in the second quarter. Loomis Sayles & Co. L P now owns 14,622,787 shares of the software maker’s stock worth $1,686,738,000 after purchasing an additional 191,824 shares during the period. Geode Capital Management LLC boosted its position in shares of Shopify by 19.9% during the second quarter. Geode Capital Management LLC now owns 10,731,795 shares of the software maker’s stock worth $1,247,007,000 after purchasing an additional 1,781,530 shares in the last quarter. Finally, Edgewood Management LLC boosted its position in shares of Shopify by 10.5% during the second quarter. Edgewood Management LLC now owns 9,558,067 shares of the software maker’s stock worth $1,102,523,000 after purchasing an additional 911,908 shares in the last quarter. 69.27% of the stock is currently owned by institutional investors and hedge funds.

Shopify Stock Up 0.2%

Shares of SHOP opened at $137.89 on Friday. The stock has a market capitalization of $179.51 billion, a P/E ratio of 102.14, a P/E/G ratio of 4.07 and a beta of 2.83. Shopify Inc. has a twelve month low of $69.84 and a twelve month high of $182.19. The company has a 50 day moving average of $159.00 and a 200-day moving average of $150.25.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last announced its quarterly earnings data on Tuesday, November 4th. The software maker reported $0.27 EPS for the quarter, topping analysts’ consensus estimates of $0.24 by $0.03. The business had revenue of $2.84 billion for the quarter, compared to analyst estimates of $2.75 billion. Shopify had a net margin of 16.65% and a return on equity of 11.72%. On average, sell-side analysts anticipate that Shopify Inc. will post 1.12 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

SHOP has been the topic of several research analyst reports. Raymond James Financial reaffirmed a “market perform” rating on shares of Shopify in a research note on Monday, December 1st. Truist Financial set a $155.00 price target on Shopify and gave the stock a “hold” rating in a research report on Tuesday, November 4th. BNP Paribas Exane began coverage on Shopify in a report on Monday, November 24th. They set a “neutral” rating on the stock. Cantor Fitzgerald reissued a “neutral” rating and set a $181.00 target price (up from $156.00) on shares of Shopify in a research note on Wednesday, November 5th. Finally, Royal Bank Of Canada restated an “outperform” rating and set a $200.00 target price on shares of Shopify in a report on Wednesday, January 7th. Twenty-four equities research analysts have rated the stock with a Buy rating and twenty have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $171.61.

Shopify Company Profile

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.