Shopify Inc. $SHOP Holdings Decreased by Jennison Associates LLC

Jennison Associates LLC trimmed its holdings in shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 14.1% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 16,299,259 shares of the software maker’s stock after selling 2,667,148 shares during the period. Shopify makes up about 1.3% of Jennison Associates LLC’s holdings, making the stock its 19th biggest position. Jennison Associates LLC’s holdings in Shopify were worth $1,933,418,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of SHOP. Kingdom Financial Group LLC. acquired a new stake in Shopify during the 4th quarter worth about $26,000. Curio Wealth LLC acquired a new position in shares of Shopify in the 4th quarter valued at about $27,000. Mowery & Schoenfeld Wealth Management LLC purchased a new stake in shares of Shopify in the fourth quarter worth approximately $29,000. Lloyd Advisory Services LLC. purchased a new stake in shares of Shopify in the fourth quarter worth approximately $31,000. Finally, Lodestone Wealth Management LLC acquired a new stake in shares of Shopify during the fourth quarter worth approximately $31,000. 69.27% of the stock is owned by hedge funds and other institutional investors.

Shopify Stock Performance

Shares of NASDAQ SHOP opened at $123.56 on Friday. The stock has a market cap of $160.34 billion, a price-to-earnings ratio of 122.34, a PEG ratio of 2.68 and a beta of 2.58. The business has a 50 day simple moving average of $112.47 and a 200 day simple moving average of $123.66. Shopify Inc. has a 52 week low of $94.00 and a 52 week high of $182.19.

Wall Street Analyst Weigh In

A number of research analysts recently commented on SHOP shares. Needham & Company LLC reaffirmed a “buy” rating and set a $180.00 price objective on shares of Shopify in a research report on Tuesday, May 5th. Citizens Jmp cut their target price on shares of Shopify from $160.00 to $150.00 and set a “market outperform” rating for the company in a research report on Wednesday, May 6th. Barclays set a $126.00 target price on shares of Shopify and gave the stock an “equal weight” rating in a research report on Wednesday, May 6th. Bank of America started coverage on shares of Shopify in a research note on Tuesday, July 7th. They set a “buy” rating and a $150.00 target price for the company. Finally, Robert W. Baird set a $150.00 price target on shares of Shopify in a report on Wednesday, May 6th. Three investment analysts have rated the stock with a Strong Buy rating, thirty-two have given a Buy rating and ten have issued a Hold rating to the company. According to MarketBeat, Shopify has a consensus rating of “Moderate Buy” and an average target price of $157.58.

Shopify 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.