Jennison Associates LLC Invests $132.32 Million in Shopify Inc. (NYSE:SHOP)

Jennison Associates LLC bought a new stake in Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm bought 1,244,455 shares of the software maker's stock, valued at approximately $132,323,000. Jennison Associates LLC owned about 0.10% of Shopify as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also recently added to or reduced their stakes in SHOP. Brooklyn Investment Group acquired a new stake in Shopify in the 3rd quarter valued at approximately $33,000. Rosenberg Matthew Hamilton increased its holdings in Shopify by 41.3% in the 3rd quarter. Rosenberg Matthew Hamilton now owns 455 shares of the software maker's stock valued at $36,000 after purchasing an additional 133 shares during the last quarter. New Wave Wealth Advisors LLC acquired a new stake in Shopify in the 4th quarter valued at approximately $39,000. Truvestments Capital LLC purchased a new position in Shopify in the 3rd quarter valued at approximately $45,000. Finally, GAMMA Investing LLC boosted its position in Shopify by 73.5% in the 3rd quarter. GAMMA Investing LLC now owns 597 shares of the software maker's stock valued at $48,000 after buying an additional 253 shares during the period. Institutional investors and hedge funds own 69.27% of the company's stock.

Shopify Stock Performance

NYSE SHOP traded down $3.12 during trading on Thursday, reaching $118.61. The company's stock had a trading volume of 7,200,524 shares, compared to its average volume of 6,425,890. The company has a debt-to-equity ratio of 0.09, a quick ratio of 7.10 and a current ratio of 7.10. The firm has a market cap of $153.26 billion, a price-to-earnings ratio of 110.86, a P/E/G ratio of 2.46 and a beta of 2.47. Shopify Inc. has a twelve month low of $48.56 and a twelve month high of $122.81. The business's fifty day moving average price is $110.75 and its 200-day moving average price is $89.95.

Analysts Set New Price Targets

Several brokerages have commented on SHOP. The Goldman Sachs Group raised their price target on shares of Shopify from $88.00 to $135.00 and gave the company a "buy" rating in a research report on Wednesday, November 13th. Loop Capital raised shares of Shopify from a "hold" rating to a "buy" rating and raised their price target for the company from $110.00 to $140.00 in a research report on Friday, December 6th. Oppenheimer raised their price target on shares of Shopify from $90.00 to $130.00 and gave the company an "outperform" rating in a research report on Wednesday, November 13th. KeyCorp raised their price target on shares of Shopify from $80.00 to $130.00 and gave the company an "overweight" rating in a research report on Wednesday, November 13th. Finally, New Street Research began coverage on shares of Shopify in a research report on Friday, January 10th. They issued a "neutral" rating and a $115.00 price target for the company. One equities research analyst has rated the stock with a sell rating, fifteen have issued a hold rating, twenty-three have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $100.32.

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.