Prudential Financial Inc. Has $3.86 Million Position in Shopify Inc. (NYSE:SHOP)

Prudential Financial Inc. grew its position in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 112.7% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm owned 36,322 shares of the software maker’s stock after purchasing an additional 19,242 shares during the period. Prudential Financial Inc.’s holdings in Shopify were worth $3,864,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the company. Benjamin Edwards Inc. lifted its holdings in Shopify by 24,244.4% during the third quarter. Benjamin Edwards Inc. now owns 45,524 shares of the software maker’s stock worth $3,648,000 after acquiring an additional 45,337 shares in the last quarter. Hilltop Holdings Inc. raised its position in shares of Shopify by 72.3% during the third quarter. Hilltop Holdings Inc. now owns 12,355 shares of the software maker’s stock worth $990,000 after purchasing an additional 5,185 shares during the period. Integrated Wealth Concepts LLC lifted its holdings in shares of Shopify by 2.1% during the 3rd quarter. Integrated Wealth Concepts LLC now owns 32,078 shares of the software maker’s stock valued at $2,571,000 after purchasing an additional 655 shares in the last quarter. Insight Holdings Group LLC grew its position in shares of Shopify by 109.5% in the 3rd quarter. Insight Holdings Group LLC now owns 55,100 shares of the software maker’s stock valued at $4,416,000 after purchasing an additional 28,800 shares during the period. Finally, IHT Wealth Management LLC increased its stake in Shopify by 13.6% during the 3rd quarter. IHT Wealth Management LLC now owns 8,472 shares of the software maker’s stock worth $678,000 after purchasing an additional 1,011 shares in the last quarter. 69.27% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on SHOP. Phillip Securities cut shares of Shopify from a “strong-buy” rating to a “moderate buy” rating in a report on Monday, February 17th. Truist Financial upped their target price on shares of Shopify from $110.00 to $120.00 and gave the stock a “hold” rating in a research note on Wednesday, February 12th. Deutsche Bank Aktiengesellschaft lifted their price target on Shopify from $125.00 to $150.00 and gave the company a “buy” rating in a research note on Wednesday, February 12th. Scotiabank upped their price objective on Shopify from $115.00 to $120.00 and gave the stock a “sector perform” rating in a research report on Wednesday, February 12th. Finally, Wells Fargo & Company lifted their target price on Shopify from $120.00 to $135.00 and gave the company an “overweight” rating in a research report on Wednesday, February 12th. One equities research analyst has rated the stock with a sell rating, fifteen have assigned a hold rating, twenty-four have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Shopify has a consensus rating of “Moderate Buy” and an average price target of $126.31.

Shopify Stock Performance

Shares of Shopify stock opened at $97.64 on Wednesday. Shopify Inc. has a 52-week low of $48.56 and a 52-week high of $129.38. The stock has a market cap of $126.43 billion, a PE ratio of 62.99, a PEG ratio of 4.82 and a beta of 2.60. The firm has a 50-day moving average of $109.88 and a 200-day moving average of $101.33.

Shopify (NYSE:SHOP) (TSE:SHOP) last announced its earnings results on Tuesday, February 11th. The software maker reported $0.34 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.44 by ($0.10). Shopify had a return on equity of 12.00% and a net margin of 22.74%. Equities research analysts predict that Shopify Inc. will post 1.12 earnings per share for the current fiscal year.

Shopify Company Profile

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.