Goodman Advisory Group LLC Increases Stock Position in Shopify Inc. $SHOP

Goodman Advisory Group LLC increased its holdings in Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 16,980.9% during the third quarter, HoldingsChannel.com reports. The fund owned 18,789 shares of the software maker’s stock after buying an additional 18,679 shares during the period. Goodman Advisory Group LLC’s holdings in Shopify were worth $2,792,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. Vanguard Group Inc. grew its position in Shopify by 1.2% during the 3rd quarter. Vanguard Group Inc. now owns 49,926,824 shares of the software maker’s stock worth $7,417,517,000 after purchasing an additional 610,129 shares during the last quarter. Jennison Associates LLC raised its holdings in shares of Shopify by 64.3% in the third quarter. Jennison Associates LLC now owns 18,923,431 shares of the software maker’s stock valued at $2,812,211,000 after buying an additional 7,403,821 shares during the last quarter. Norges Bank purchased a new stake in shares of Shopify in the second quarter valued at about $1,794,952,000. Loomis Sayles & Co. L P boosted its stake in shares of Shopify by 1.3% during the second quarter. Loomis Sayles & Co. L P now owns 14,622,787 shares of the software maker’s stock worth $1,686,738,000 after buying an additional 191,824 shares during the period. Finally, Geode Capital Management LLC boosted its stake in shares of Shopify by 19.9% during the second quarter. Geode Capital Management LLC now owns 10,731,795 shares of the software maker’s stock worth $1,247,007,000 after buying an additional 1,781,530 shares during the period. Hedge funds and other institutional investors own 69.27% of the company’s stock.

Shopify Stock Performance

SHOP opened at $130.20 on Friday. The company has a market cap of $169.50 billion, a price-to-earnings ratio of 140.00, a PEG ratio of 4.74 and a beta of 2.83. Shopify Inc. has a one year low of $69.84 and a one year high of $182.19. The business’s fifty day moving average is $137.30 and its two-hundred day moving average is $149.06.

Analyst Ratings Changes

Several equities analysts recently issued reports on SHOP shares. Citigroup restated a “buy” rating and issued a $172.00 price target (down from $195.00) on shares of Shopify in a research report on Friday, February 13th. Arete Research set a $175.00 price objective on Shopify in a research report on Monday, February 2nd. Bank of America lifted their target price on Shopify from $185.00 to $190.00 and gave the company a “buy” rating in a research note on Wednesday, December 17th. Truist Financial set a $150.00 target price on Shopify and gave the company a “buy” rating in a report on Tuesday, February 17th. Finally, Cantor Fitzgerald restated a “neutral” rating and set a $126.00 price target (down from $181.00) on shares of Shopify in a research note on Thursday, February 12th. Two research analysts have rated the stock with a Strong Buy rating, thirty-one have given a Buy rating and ten have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $162.64.

Shopify Profile

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.