Geode Capital Management LLC Acquires 111,778 Shares of Shopify Inc. (NYSE:SHOP)

Posted by on Jun 8th, 2023

Geode Capital Management LLC lifted its holdings in shares of Shopify Inc. (NYSE:SHOP – Get Rating) (TSE:SHOP) by 3.1% in the fourth quarter, according to its most recent filing with the SEC. The firm owned 3,715,190 shares of the software maker’s stock after acquiring an additional 111,778 shares during the period. Geode Capital Management LLC owned approximately 0.29% of Shopify worth $128,310,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently made changes to their positions in SHOP. Baillie Gifford & Co. lifted its holdings in shares of Shopify by 12.3% during the 4th quarter. Baillie Gifford & Co. now owns 72,447,961 shares of the software maker’s stock worth $2,514,667,000 after acquiring an additional 7,936,912 shares during the period. Assenagon Asset Management S.A. lifted its holdings in Shopify by 5,093.1% during the 4th quarter. Assenagon Asset Management S.A. now owns 2,819,757 shares of the software maker’s stock valued at $97,873,000 after purchasing an additional 2,765,459 shares during the last quarter. Coatue Management LLC lifted its holdings in Shopify by 673.2% during the 3rd quarter. Coatue Management LLC now owns 2,465,610 shares of the software maker’s stock valued at $66,424,000 after purchasing an additional 2,146,710 shares during the last quarter. Artisan Partners Limited Partnership bought a new position in Shopify during the 3rd quarter valued at about $51,418,000. Finally, Bank of New York Mellon Corp lifted its holdings in Shopify by 105.9% during the 3rd quarter. Bank of New York Mellon Corp now owns 3,645,340 shares of the software maker’s stock valued at $98,205,000 after purchasing an additional 1,875,168 shares during the last quarter. 56.31% of the stock is owned by institutional investors.

Shopify Trading Down 6.5 %

Shares of SHOP opened at $59.55 on Thursday. The firm’s 50 day moving average price is $53.66 and its two-hundred day moving average price is $45.77. The company has a quick ratio of 6.71, a current ratio of 6.71 and a debt-to-equity ratio of 0.11. Shopify Inc. has a twelve month low of $23.63 and a twelve month high of $65.54.

Shopify (NYSE:SHOP – Get Rating) (TSE:SHOP) last announced its quarterly earnings data on Thursday, May 4th. The software maker reported ($0.08) EPS for the quarter, topping analysts’ consensus estimates of ($0.16) by $0.08. Shopify had a negative net margin of 32.49% and a negative return on equity of 6.02%. The business had revenue of $1.51 billion for the quarter, compared to analyst estimates of $1.44 billion. As a group, research analysts forecast that Shopify Inc. will post -0.46 earnings per share for the current year.

Wall Street Analysts Forecast Growth

SHOP has been the subject of several analyst reports. UBS Group raised shares of Shopify from a “sell” rating to a “neutral” rating and lifted their price target for the company from $34.00 to $64.00 in a report on Friday, May 5th. Oppenheimer lifted their price target on shares of Shopify from $65.00 to $70.00 in a report on Friday, May 5th. Benchmark restated a “hold” rating and issued a $48.30 price objective on shares of Shopify in a research report on Monday, February 13th. Citigroup lowered their price objective on shares of Shopify from $54.00 to $50.00 and set a “neutral” rating for the company in a research report on Friday, February 17th. Finally, Wells Fargo & Company raised their price objective on shares of Shopify from $46.00 to $56.00 and gave the company an “overweight” rating in a research report on Thursday, February 16th. Two investment analysts have rated the stock with a sell rating, twenty-three have assigned a hold rating and thirteen have assigned a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $54.85.

Shopify Company Profile

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Shopify, Inc operates a cloud-based commerce platform designed for small and medium-sized businesses. Its software is used by merchants to run business across all sales channels, including web, tablet and mobile storefronts, social media storefronts, and brick-and-mortar and pop-up shops. The firm’s platform provides merchants with a single view of business and customers and enables them to manage products and inventory, process orders and payments, build customer relationships and leverage analytics and reporting.

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Institutional Ownership by Quarter for Shopify (NYSE:SHOP)

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