Jennison Associates LLC Acquires 4,036,326 Shares of Shopify Inc. (NYSE:SHOP)

Jennison Associates LLC lifted its position in shares of Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 324.3% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 5,280,781 shares of the software maker's stock after acquiring an additional 4,036,326 shares during the quarter. Jennison Associates LLC owned approximately 0.41% of Shopify worth $504,209,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in SHOP. LRI Investments LLC lifted its stake in shares of Shopify by 9.8% in the 4th quarter. LRI Investments LLC now owns 889 shares of the software maker's stock valued at $94,000 after purchasing an additional 79 shares during the period. Mark Sheptoff Financial Planning LLC raised its stake in shares of Shopify by 50.0% in the fourth quarter. Mark Sheptoff Financial Planning LLC now owns 300 shares of the software maker's stock worth $32,000 after purchasing an additional 100 shares during the last quarter. Fullcircle Wealth LLC grew its holdings in shares of Shopify by 2.7% in the first quarter. Fullcircle Wealth LLC now owns 4,240 shares of the software maker's stock valued at $418,000 after acquiring an additional 110 shares in the last quarter. Seven Mile Advisory grew its holdings in Shopify by 2.3% during the fourth quarter. Seven Mile Advisory now owns 5,068 shares of the software maker's stock valued at $539,000 after purchasing an additional 114 shares during the period. Finally, Avidian Wealth Enterprises LLC lifted its position in shares of Shopify by 3.4% during the first quarter. Avidian Wealth Enterprises LLC now owns 3,533 shares of the software maker's stock worth $337,000 after acquiring an additional 116 shares in the last quarter. 69.27% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on the company. Morgan Stanley raised their target price on Shopify from $106.00 to $112.00 and gave the stock an "overweight" rating in a research note on Friday, May 9th. Mizuho cut their target price on shares of Shopify from $110.00 to $85.00 and set a "neutral" rating for the company in a research report on Monday, April 14th. JPMorgan Chase & Co. dropped their target price on shares of Shopify from $124.00 to $115.00 and set an "overweight" rating for the company in a report on Friday, May 9th. Benchmark decreased their price target on shares of Shopify from $150.00 to $125.00 and set a "buy" rating on the stock in a research note on Tuesday, May 6th. Finally, Capital One Financial upgraded shares of Shopify from an "equal weight" rating to an "overweight" rating in a research note on Thursday, May 8th. One research analyst has rated the stock with a sell rating, fifteen have issued a hold rating, twenty-four have given a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $117.45.

Shopify Stock Performance

Shares of SHOP opened at $127.70 on Friday. The business's 50-day moving average is $109.81 and its two-hundred day moving average is $105.25. Shopify Inc. has a fifty-two week low of $48.56 and a fifty-two week high of $129.38. The company has a market capitalization of $165.67 billion, a P/E ratio of 82.38, a P/E/G ratio of 4.82 and a beta of 2.61.

Shopify Profile

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.