Shopify Inc. (NYSE:SHOP) Shares Bought by Alliancebernstein L.P.

Alliancebernstein L.P. increased its stake in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 631.3% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund owned 4,459,580 shares of the software maker’s stock after acquiring an additional 3,849,796 shares during the period. Alliancebernstein L.P. owned approximately 0.35% of Shopify worth $474,187,000 as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. Brooklyn Investment Group purchased a new position in shares of Shopify in the 3rd quarter worth $33,000. Fiduciary Trust Co acquired a new stake in Shopify during the third quarter worth about $548,000. Acropolis Investment Management LLC purchased a new position in shares of Shopify in the 3rd quarter worth about $136,000. Bamco Inc. NY lifted its stake in shares of Shopify by 4.7% in the 3rd quarter. Bamco Inc. NY now owns 2,720,481 shares of the software maker’s stock valued at $218,019,000 after purchasing an additional 121,562 shares in the last quarter. Finally, Benjamin Edwards Inc. grew its holdings in shares of Shopify by 24,244.4% during the 3rd quarter. Benjamin Edwards Inc. now owns 45,524 shares of the software maker’s stock worth $3,648,000 after purchasing an additional 45,337 shares during the period. 69.27% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms recently commented on SHOP. JPMorgan Chase & Co. raised their price target on shares of Shopify from $121.00 to $124.00 and gave the company an “overweight” rating in a report on Wednesday, February 12th. New Street Research started coverage on shares of Shopify in a report on Friday, January 10th. They set a “neutral” rating and a $115.00 target price on the stock. Piper Sandler increased their price target on Shopify from $94.00 to $104.00 and gave the company a “neutral” rating in a report on Wednesday, February 12th. Loop Capital raised Shopify from a “hold” rating to a “buy” rating and raised their price objective for the company from $110.00 to $140.00 in a research report on Friday, December 6th. Finally, The Goldman Sachs Group upped their target price on Shopify from $135.00 to $150.00 and gave the stock a “buy” rating in a research report 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 given a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $126.31.

Shopify Stock Down 5.9 %

Shopify stock opened at $96.51 on Monday. The firm has a 50-day moving average price of $110.21 and a two-hundred day moving average price of $100.98. Shopify Inc. has a 52-week low of $48.56 and a 52-week high of $129.38. The firm has a market capitalization of $124.96 billion, a price-to-earnings ratio of 62.27, a PEG ratio of 4.82 and a beta of 2.60.

Shopify (NYSE:SHOP) (TSE:SHOP) last issued its quarterly earnings data 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%. Research analysts expect that Shopify Inc. will post 1.12 earnings per share for the current year.

About Shopify

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.