Geode Capital Management LLC Acquires 1,627,776 Shares of Shopify Inc. (NYSE:SHOP)

Geode Capital Management LLC raised its holdings in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 30.2% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 7,015,582 shares of the software maker’s stock after buying an additional 1,627,776 shares during the quarter. Geode Capital Management LLC owned about 0.54% of Shopify worth $748,799,000 at the end of the most recent quarter.

Several other hedge funds have also recently made changes to their positions in SHOP. Tidemark LLC raised its stake in Shopify by 3.6% in the fourth quarter. Tidemark LLC now owns 2,592 shares of the software maker’s stock worth $276,000 after buying an additional 90 shares in the last quarter. Howland Capital Management LLC lifted its stake in shares of Shopify by 2.0% in the 4th quarter. Howland Capital Management LLC now owns 4,949 shares of the software maker’s stock valued at $526,000 after purchasing an additional 99 shares during the period. Trust Co. of Vermont lifted its stake in shares of Shopify by 9.9% in the 4th quarter. Trust Co. of Vermont now owns 1,114 shares of the software maker’s stock valued at $118,000 after purchasing an additional 100 shares during the period. First United Bank & Trust boosted its position in shares of Shopify by 2.2% during the fourth quarter. First United Bank & Trust now owns 4,590 shares of the software maker’s stock valued at $488,000 after purchasing an additional 100 shares in the last quarter. Finally, Mark Sheptoff Financial Planning LLC raised its holdings in Shopify by 50.0% in the fourth quarter. Mark Sheptoff Financial Planning LLC now owns 300 shares of the software maker’s stock worth $32,000 after purchasing an additional 100 shares in the last quarter. 69.27% of the stock is owned by hedge funds and other institutional investors.

Shopify Stock Performance

Shares of Shopify stock opened at $100.65 on Thursday. The stock’s fifty day moving average is $109.77 and its 200 day moving average is $101.33. Shopify Inc. has a one year low of $48.56 and a one year high of $129.38. The stock has a market cap of $130.32 billion, a P/E ratio of 64.94, a P/E/G ratio of 4.82 and a beta of 2.81.

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

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on the stock. ATB Capital boosted their target price on shares of Shopify from $145.00 to $170.00 and gave the company a “sector perform” rating in a report on Wednesday, February 12th. Cantor Fitzgerald restated a “neutral” rating and issued a $120.00 price objective on shares of Shopify in a report on Wednesday, February 12th. Evercore ISI lifted their target price on shares of Shopify from $125.00 to $140.00 and gave the company an “outperform” rating in a report on Wednesday, February 12th. Jefferies Financial Group upped their price target on Shopify from $110.00 to $130.00 and gave the stock a “hold” rating in a research note on Tuesday, February 18th. Finally, Barclays lifted their price objective on Shopify from $93.00 to $100.00 and gave the company an “equal weight” rating in a research note on Wednesday, February 12th. One analyst has rated the stock with a sell rating, fifteen have given a hold rating, twenty-four have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Shopify has a consensus rating of “Moderate Buy” and an average target price of $126.31.

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.