OVERSEA CHINESE BANKING Corp Ltd Buys 3,429 Shares of Shopify Inc. $SHOP

OVERSEA CHINESE BANKING Corp Ltd raised its position in shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 7.9% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 46,886 shares of the software maker’s stock after acquiring an additional 3,429 shares during the period. OVERSEA CHINESE BANKING Corp Ltd’s holdings in Shopify were worth $6,939,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in the company. Vanguard Group Inc. increased its position in Shopify by 2.8% during the 2nd quarter. Vanguard Group Inc. now owns 49,316,695 shares of the software maker’s stock worth $5,688,053,000 after buying an additional 1,354,415 shares during the period. Norges Bank bought a new position in Shopify during the second quarter worth about $1,794,952,000. Loomis Sayles & Co. L P raised its stake in Shopify by 1.3% in the 2nd 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 in the last quarter. Jennison Associates LLC raised its stake in Shopify by 118.1% in the 2nd quarter. Jennison Associates LLC now owns 11,519,610 shares of the software maker’s stock worth $1,328,787,000 after purchasing an additional 6,238,829 shares in the last quarter. Finally, Geode Capital Management LLC boosted its holdings in Shopify by 19.9% in the 2nd quarter. Geode Capital Management LLC now owns 10,731,795 shares of the software maker’s stock valued at $1,247,007,000 after purchasing an additional 1,781,530 shares during the period. 69.27% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities research analysts recently weighed in on SHOP shares. Cantor Fitzgerald reaffirmed a “neutral” rating and set a $181.00 price objective (up previously from $156.00) on shares of Shopify in a research report on Wednesday, November 5th. DZ Bank raised shares of Shopify from a “strong sell” rating to a “hold” rating in a report on Thursday, November 6th. BNP Paribas Exane initiated coverage on shares of Shopify in a research note on Monday, November 24th. They issued a “neutral” rating on the stock. Zacks Research downgraded shares of Shopify from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, November 12th. Finally, BMO Capital Markets raised their target price on Shopify from $180.00 to $190.00 and gave the company an “outperform” rating in a report on Wednesday, November 5th. Twenty-four research analysts have rated the stock with a Buy rating and twenty-one have given a Hold rating to the stock. According to data from MarketBeat.com, Shopify has a consensus rating of “Moderate Buy” and a consensus target price of $171.61.

Shopify Stock Performance

Shopify stock opened at $157.51 on Thursday. The firm has a market cap of $205.05 billion, a price-to-earnings ratio of 116.67, a PEG ratio of 4.97 and a beta of 2.83. Shopify Inc. has a 52-week low of $69.84 and a 52-week high of $182.19. The firm has a 50 day moving average price of $159.94 and a two-hundred day moving average price of $148.96.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last issued its quarterly earnings results on Tuesday, November 4th. The software maker reported $0.27 earnings per share for the quarter, topping analysts’ consensus estimates of $0.24 by $0.03. Shopify had a return on equity of 11.72% and a net margin of 16.65%.The firm had revenue of $2.84 billion during the quarter, compared to the consensus estimate of $2.75 billion. As a group, equities research analysts predict that Shopify Inc. will post 1.12 EPS for the current fiscal year.

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.