Lazard Asset Management LLC Has $49.58 Million Stock Holdings in Shopify Inc. $SHOP

Lazard Asset Management LLC boosted its holdings in shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 140.6% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 417,786 shares of the software maker’s stock after purchasing an additional 244,125 shares during the quarter. Lazard Asset Management LLC’s holdings in Shopify were worth $49,582,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its holdings in shares of Shopify by 1.5% during the fourth quarter. Vanguard Group Inc. now owns 50,670,627 shares of the software maker’s stock worth $8,158,643,000 after buying an additional 743,803 shares during the last quarter. Norges Bank acquired a new stake in shares of Shopify in the fourth quarter worth $2,611,797,000. Invesco Ltd. grew its stake in shares of Shopify by 9.8% in the fourth quarter. Invesco Ltd. now owns 14,026,193 shares of the software maker’s stock worth $2,257,796,000 after acquiring an additional 1,252,074 shares during the last quarter. Geode Capital Management LLC increased its position in Shopify by 6.2% during the fourth quarter. Geode Capital Management LLC now owns 12,601,476 shares of the software maker’s stock worth $2,043,365,000 after acquiring an additional 737,892 shares during the period. Finally, Mackenzie Financial Corp increased its position in Shopify by 9.1% during the fourth quarter. Mackenzie Financial Corp now owns 9,961,097 shares of the software maker’s stock worth $1,627,352,000 after acquiring an additional 827,643 shares during the period. Institutional investors and hedge funds own 69.27% of the company’s stock.

Analyst Ratings Changes

Several equities analysts recently commented on the stock. Morgan Stanley cut shares of Shopify from an “overweight” rating to a “buy” rating in a research note on Monday, July 13th. Stifel Nicolaus set a $150.00 price objective on shares of Shopify and gave the stock a “buy” rating in a report on Thursday, July 9th. Piper Sandler reaffirmed an “overweight” rating and set a $150.00 price objective (down from $165.00) on shares of Shopify in a research report on Tuesday, May 5th. Citizens Jmp reduced their target price on shares of Shopify from $160.00 to $150.00 and set a “market outperform” rating for the company in a research note on Wednesday, May 6th. Finally, National Bank Financial set a $155.00 target price on Shopify and gave the stock an “outperform” rating in a research report on Monday, July 20th. Three research analysts have rated the stock with a Strong Buy rating, thirty-three have issued a Buy rating and nine have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $157.69.

Shopify Stock Performance

Shares of SHOP stock opened at $126.88 on Tuesday. Shopify Inc. has a 52-week low of $94.00 and a 52-week high of $182.19. The stock has a market cap of $164.65 billion, a price-to-earnings ratio of 125.63, a P/E/G ratio of 2.45 and a beta of 2.58. The firm has a fifty day moving average of $114.88 and a 200-day moving average of $121.52.

About Shopify

Shopify is a Canadian commerce technology company that provides a cloud-based platform for businesses to create, manage and scale online and physical retail stores. Its core offering is a software-as-a-service e-commerce platform that enables merchants to build customizable storefronts, manage product catalogs, process orders, and handle inventory. Shopify also supports omnichannel selling through integrated point-of-sale (POS) systems for in-person transactions.

Beyond storefront software, Shopify offers a range of merchant services and tools designed to simplify commerce operations.