Legal & General Group Plc Has $628.60 Million Stock Holdings in Shopify Inc. (NYSE:SHOP)

Legal & General Group Plc reduced its position in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 28.8% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 5,909,188 shares of the software maker’s stock after selling 2,391,429 shares during the quarter. Legal & General Group Plc owned about 0.46% of Shopify worth $628,595,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in SHOP. Jennison Associates LLC acquired a new stake in shares of Shopify in the 4th quarter worth about $132,323,000. Watts Gwilliam & Co. LLC raised its stake in shares of Shopify by 53.0% in the fourth quarter. Watts Gwilliam & Co. LLC now owns 13,401 shares of the software maker’s stock worth $1,431,000 after purchasing an additional 4,641 shares during the last quarter. Teachers Retirement System of The State of Kentucky lifted its holdings in shares of Shopify by 29.3% in the third quarter. Teachers Retirement System of The State of Kentucky now owns 342,030 shares of the software maker’s stock valued at $27,409,000 after purchasing an additional 77,500 shares in the last quarter. Public Employees Retirement System of Ohio purchased a new position in shares of Shopify during the third quarter valued at approximately $33,676,000. Finally, Orion Portfolio Solutions LLC grew its holdings in Shopify by 18.2% during the third quarter. Orion Portfolio Solutions LLC now owns 101,691 shares of the software maker’s stock worth $8,149,000 after buying an additional 15,623 shares in the last quarter. Institutional investors own 69.27% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have weighed in on SHOP. Robert W. Baird raised their price objective on Shopify from $126.00 to $135.00 and gave the company an “outperform” rating in a research note on Wednesday, February 12th. JMP Securities restated a “market outperform” rating and set a $120.00 price target on shares of Shopify in a report on Thursday, December 12th. ATB Capital upped their price objective on shares of Shopify from $145.00 to $170.00 and gave the stock a “sector perform” rating in a research report on Wednesday, February 12th. Wedbush reissued an “outperform” rating and set a $125.00 target price on shares of Shopify in a research report on Tuesday, February 11th. Finally, Jefferies Financial Group upped their target price on Shopify from $110.00 to $130.00 and gave the company a “hold” rating in a report on Tuesday, February 18th. One analyst has rated the stock with a sell rating, fifteen have given a hold rating, twenty-four have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Shopify currently has an average rating of “Moderate Buy” and an average price target of $126.31.

Shopify Stock Up 2.5 %

Shares of NYSE SHOP opened at $78.82 on Tuesday. The stock’s 50-day simple moving average is $108.10 and its two-hundred day simple moving average is $101.59. Shopify Inc. has a twelve month low of $48.56 and a twelve month high of $129.38. The firm has a market capitalization of $102.06 billion, a P/E ratio of 50.85, a P/E/G ratio of 4.82 and a beta of 2.82.

Shopify (NYSE:SHOP) (TSE:SHOP) last announced its 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 net margin of 22.74% and a return on equity of 12.00%. As a group, research analysts anticipate that Shopify Inc. will post 1.12 EPS for the current fiscal 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.