Russell Investments Group Ltd. Buys 26,240 Shares of Shopify Inc. (NYSE:SHOP)

Russell Investments Group Ltd. boosted its stake in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 1.9% during the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 1,438,704 shares of the software maker’s stock after buying an additional 26,240 shares during the period. Russell Investments Group Ltd. owned approximately 0.11% of Shopify worth $153,027,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of the stock. Norges Bank purchased a new position in Shopify during the 4th quarter valued at $1,542,262,000. Arrowstreet Capital Limited Partnership lifted its holdings in Shopify by 79.8% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 16,487,579 shares of the software maker’s stock valued at $1,752,834,000 after buying an additional 7,316,862 shares in the last quarter. Alliancebernstein L.P. lifted its holdings in Shopify by 631.3% during the 4th quarter. Alliancebernstein L.P. now owns 4,459,580 shares of the software maker’s stock valued at $474,187,000 after buying an additional 3,849,796 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. boosted its position in Shopify by 30.2% in the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 7,095,382 shares of the software maker’s stock valued at $754,201,000 after buying an additional 1,647,374 shares during the period. Finally, Geode Capital Management LLC increased its position in shares of Shopify by 30.2% during the fourth quarter. Geode Capital Management LLC now owns 7,015,582 shares of the software maker’s stock worth $748,799,000 after acquiring an additional 1,627,776 shares during the period. 69.27% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

SHOP has been the subject of several research reports. JMP Securities reiterated a “market outperform” rating and issued a $120.00 target price on shares of Shopify in a report on Thursday, December 12th. The Goldman Sachs Group lifted their price objective on shares of Shopify from $135.00 to $150.00 and gave the company a “buy” rating in a report on Wednesday, February 12th. Loop Capital raised Shopify from a “hold” rating to a “buy” rating and increased their target price for the company from $110.00 to $140.00 in a research report on Friday, December 6th. TD Securities raised their price objective on Shopify from $100.00 to $130.00 and gave the company a “hold” rating in a research report on Wednesday, February 12th. Finally, Jefferies Financial Group increased their price target on shares of Shopify from $110.00 to $130.00 and gave the company a “hold” rating in a research report on Tuesday, February 18th. One research analyst has rated the stock with a sell rating, fifteen have assigned a hold rating, twenty-four have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $126.31.

Shopify Stock Performance

Shares of Shopify stock opened at $76.89 on Friday. Shopify Inc. has a one year low of $48.56 and a one year high of $129.38. The company has a market cap of $99.56 billion, a P/E ratio of 49.61, a PEG ratio of 4.82 and a beta of 2.81. The firm has a fifty day moving average of $108.67 and a two-hundred day moving average of $101.22.

Shopify (NYSE:SHOP) (TSE:SHOP) last posted its quarterly earnings results 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 return on equity of 12.00% and a net margin of 22.74%. As a group, equities analysts predict 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.