Jennison Associates LLC Has $3.05 Billion Stock Holdings in Shopify Inc. $SHOP

Key Points

• Jennison Associates slightly increased its stake in Shopify by 0.2% to 18,966,407 shares, a position worth about $3.05 billion that represents roughly 1.46% of Shopify and is Jennison's 13th-largest holding.
• Shopify stock opened at $120.61, trading within a one-year range of $88.14–$182.19, with a market cap of $157.29 billion, a PE ratio of 129.69 and a beta of 2.82, signaling high valuation and volatility.
• Analysts show a consensus rating of "Moderate Buy" with an average price target of $162.46 and multiple brokerages issuing buy/strong-buy targets in the $159–$175 range.

Jennison Associates LLC grew its position in Shopify Inc. (NASDAQ:SHOP - Free Report) TSE: SHOP by 0.2% during the 4th quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 18,966,407 shares of the software maker's stock after purchasing an additional 42,976 shares during the period. Shopify comprises approximately 1.8% of Jennison Associates LLC's holdings, making the stock its 13th biggest holding. Jennison Associates LLC owned about 1.46% of Shopify worth $3,053,023,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently made changes to their positions in SHOP. Mowery & Schoenfeld Wealth Management LLC acquired a new stake in shares of Shopify in the 4th quarter valued at $29,000. Lodestone Wealth Management LLC acquired a new position in Shopify during the 4th quarter worth about $31,000. Sound Income Strategies LLC lifted its position in Shopify by 82.4% during the 4th quarter. Sound Income Strategies LLC now owns 197 shares of the software maker's stock worth $31,000 after buying an additional 89 shares in the last quarter. JPL Wealth Management LLC acquired a new position in Shopify during the 3rd quarter worth about $32,000. Finally, Caitlin John LLC acquired a new position in Shopify during the 3rd quarter worth about $36,000. Institutional investors and hedge funds own 69.27% of the company's stock.

Shopify Trading Down 0.5%

Shopify stock opened at $120.61 on Thursday. Shopify Inc. has a 1 year low of $88.14 and a 1 year high of $182.19. The company has a market cap of $157.29 billion, a PE ratio of 129.69, a PEG ratio of 4.42 and a beta of 2.82. The company's 50-day moving average is $122.54 and its two-hundred day moving average is $142.29.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on SHOP. BMO Capital Markets set a $160.00 price target on shares of Shopify in a research report on Thursday, February 12th. Citizens Jmp reduced their price target on shares of Shopify from $200.00 to $160.00 and set a "market outperform" rating on the stock in a research report on Thursday, February 12th. TD Securities upgraded shares of Shopify from a "hold" rating to a "buy" rating and set a $159.00 price target on the stock in a research report on Thursday, February 12th. Canaccord Genuity Group set a $165.00 price target on shares of Shopify and gave the stock a "buy" rating in a research report on Thursday, February 12th. Finally, Arete Research set a $175.00 price target on shares of Shopify in a research report on Monday, February 2nd. Three equities research analysts have rated the stock with a Strong Buy rating, thirty-one have given a Buy rating and ten have issued a Hold rating to the company. According to data from MarketBeat.com, Shopify currently has an average rating of "Moderate Buy" and a consensus target price of $162.46.

Shopify Company 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.

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