Shopify Inc. $SHOP Position Reduced by Jennison Associates LLC

Key Points

• Jennison Associates LLC cut its Shopify stake by 14.1% in the first quarter, selling 2,667,148 shares and leaving it with 16.3 million shares worth about $1.93 billion.
• Other institutions were mixed on the stock, with several increasing holdings while institutional ownership overall remained high at 69.27%.
• Analysts remain broadly upbeat on Shopify, with a Moderate Buy consensus and an average price target of $157.58, while recent targets ranged from $150 to $175.

Jennison Associates LLC decreased its position in shares of Shopify Inc. (NASDAQ:SHOP - Free Report) TSE: SHOP by 14.1% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 16,299,259 shares of the software maker's stock after selling 2,667,148 shares during the period. Shopify accounts for about 1.3% of Jennison Associates LLC's investment portfolio, making the stock its 19th largest holding. Jennison Associates LLC owned 1.25% of Shopify worth $1,933,418,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in the company. Annis Gardner Whiting Capital Advisors LLC boosted its stake in Shopify by 1.3% during the 1st quarter. Annis Gardner Whiting Capital Advisors LLC now owns 14,553 shares of the software maker's stock valued at $1,726,000 after purchasing an additional 185 shares in the last quarter. Quadrant Private Wealth Management LLC raised its stake in shares of Shopify by 54.1% in the 1st quarter. Quadrant Private Wealth Management LLC now owns 4,497 shares of the software maker's stock worth $533,000 after buying an additional 1,579 shares in the last quarter. Gryphon Financial Partners LLC raised its stake in shares of Shopify by 3.5% in the 1st quarter. Gryphon Financial Partners LLC now owns 152,807 shares of the software maker's stock worth $18,126,000 after buying an additional 5,154 shares in the last quarter. Assetmark Inc. lifted its holdings in shares of Shopify by 2.6% in the first quarter. Assetmark Inc. now owns 219,104 shares of the software maker's stock valued at $25,990,000 after buying an additional 5,521 shares during the period. Finally, PeakShares LLC acquired a new stake in shares of Shopify in the first quarter valued at $119,000. 69.27% of the stock is currently owned by institutional investors and hedge funds.

Shopify Price Performance

SHOP stock opened at $123.56 on Friday. The firm has a market capitalization of $160.34 billion, a P/E ratio of 122.34, a P/E/G ratio of 2.68 and a beta of 2.58. Shopify Inc. has a 52-week low of $94.00 and a 52-week high of $182.19. The company's 50 day simple moving average is $112.47 and its 200-day simple moving average is $123.66.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the company. Stifel Nicolaus set a $150.00 target price on Shopify and gave the company a "buy" rating in a research note on Thursday, July 9th. Oppenheimer restated an "outperform" rating and set a $175.00 price objective on shares of Shopify in a research report on Wednesday, May 6th. Citizens Jmp lowered their price objective on shares of Shopify from $160.00 to $150.00 and set a "market outperform" rating on the stock in a research note on Wednesday, May 6th. National Bank Financial dropped their target price on shares of Shopify from $200.00 to $155.00 and set an "outperform" rating on the stock in a report on Wednesday, May 27th. Finally, BMO Capital Markets began coverage on shares of Shopify in a report on Friday, July 10th. They issued a "market perform" rating on the stock. Three analysts have rated the stock with a Strong Buy rating, thirty-two have assigned a Buy rating and ten have assigned a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $157.58.

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.

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