Jennison Associates LLC Buys 42,976 Shares of Shopify Inc. $SHOP

Jennison Associates LLC grew its stake in Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 0.2% in the fourth quarter, HoldingsChannel.com reports. The fund owned 18,966,407 shares of the software maker’s stock after acquiring an additional 42,976 shares during the period. Shopify makes up 1.8% of Jennison Associates LLC’s investment portfolio, making the stock its 13th largest position. Jennison Associates LLC’s holdings in Shopify were worth $3,053,023,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. Mowery & Schoenfeld Wealth Management LLC bought a new stake in shares of Shopify in the 4th quarter valued at about $29,000. Lodestone Wealth Management LLC bought a new stake in shares of Shopify in the 4th quarter valued at about $31,000. Sound Income Strategies LLC increased its stake in shares of Shopify by 82.4% in the 4th quarter. Sound Income Strategies LLC now owns 197 shares of the software maker’s stock valued at $31,000 after acquiring an additional 89 shares during the last quarter. JPL Wealth Management LLC bought a new stake in shares of Shopify in the 3rd quarter valued at about $32,000. Finally, Caitlin John LLC bought a new stake in shares of Shopify in the 3rd quarter valued at about $36,000. 69.27% of the stock is owned by institutional investors.

Shopify Stock Down 0.5%

NASDAQ:SHOP opened at $120.61 on Thursday. Shopify Inc. has a twelve month low of $88.14 and a twelve month high of $182.19. The business has a 50 day moving average price of $122.54 and a two-hundred day moving average price of $142.29. The company has a market cap of $157.29 billion, a P/E ratio of 129.69, a price-to-earnings-growth ratio of 4.42 and a beta of 2.82.

Analyst Ratings Changes

A number of analysts have recently commented on the company. Citigroup reaffirmed a “buy” rating and issued a $163.00 price target (down from $172.00) on shares of Shopify in a research note on Tuesday. Phillip Securities raised Shopify from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, February 18th. Deutsche Bank Aktiengesellschaft reissued a “buy” rating and set a $175.00 target price on shares of Shopify in a research note on Thursday, February 12th. TD Cowen raised Shopify from a “hold” rating to a “buy” rating and set a $159.00 target price for the company in a research note on Wednesday, February 11th. Finally, Benchmark lowered their target price on Shopify from $195.00 to $145.00 and set a “buy” rating for the company in a research note on Tuesday, February 10th. Three investment analysts have rated the stock with a Strong Buy rating, thirty-one have assigned a Buy rating and ten have issued a Hold rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $162.46.

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.