Rakuten Investment Management Inc. Invests $2.11 Million in Shopify Inc. $SHOP

Rakuten Investment Management Inc. bought a new stake in Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 14,164 shares of the software maker’s stock, valued at approximately $2,105,000.

Several other institutional investors have also recently bought and sold shares of the company. Norges Bank acquired a new stake in shares of Shopify in the second quarter valued at approximately $1,794,952,000. Jennison Associates LLC increased 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 valued at $1,328,787,000 after buying an additional 6,238,829 shares during the last quarter. Brown Advisory Inc. lifted its position in Shopify by 5,193.6% during the 2nd quarter. Brown Advisory Inc. now owns 2,066,884 shares of the software maker’s stock worth $238,419,000 after buying an additional 2,027,839 shares in the last quarter. Geode Capital Management LLC lifted its position in Shopify by 19.9% during the 2nd quarter. Geode Capital Management LLC now owns 10,731,795 shares of the software maker’s stock worth $1,247,007,000 after buying an additional 1,781,530 shares in the last quarter. Finally, Picton Mahoney Asset Management boosted its stake in shares of Shopify by 246,359.0% during the 2nd quarter. Picton Mahoney Asset Management now owns 1,759,717 shares of the software maker’s stock worth $202,146,000 after buying an additional 1,759,003 shares during the last quarter. Institutional investors own 69.27% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms recently issued reports on SHOP. Canaccord Genuity Group upped their target price on Shopify from $165.00 to $185.00 and gave the stock a “buy” rating in a report on Tuesday, November 4th. CIBC reiterated an “outperform” rating on shares of Shopify in a research note on Wednesday, November 5th. DA Davidson raised their target price on shares of Shopify from $185.00 to $195.00 and gave the company a “buy” rating in a research note on Wednesday, November 5th. Scotiabank upgraded shares of Shopify from a “sector perform” rating to an “outperform” rating and boosted their target price for the stock from $165.00 to $200.00 in a report on Thursday, January 8th. Finally, Morgan Stanley reiterated an “overweight” rating and issued a $192.00 price target (up previously from $165.00) on shares of Shopify in a research note on Wednesday, November 5th. Twenty-four investment analysts have rated the stock with a Buy rating and twenty have assigned a Hold rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $171.61.

Shopify Price Performance

SHOP stock opened at $137.89 on Friday. Shopify Inc. has a one year low of $69.84 and a one year high of $182.19. The stock has a market cap of $179.51 billion, a price-to-earnings ratio of 102.14, a price-to-earnings-growth ratio of 4.07 and a beta of 2.83. The company has a fifty day moving average price of $159.00 and a two-hundred day moving average price of $150.25.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last posted its earnings results on Tuesday, November 4th. The software maker reported $0.27 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.24 by $0.03. The company had revenue of $2.84 billion during the quarter, compared to analysts’ expectations of $2.75 billion. Shopify had a net margin of 16.65% and a return on equity of 11.72%. Research analysts anticipate 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.