Royal London Asset Management Ltd. Purchases 107,650 Shares of Shopify Inc. (NYSE:SHOP)

Royal London Asset Management Ltd. lifted its position in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 32.6% during the 4th quarter, HoldingsChannel reports. The firm owned 437,532 shares of the software maker’s stock after buying an additional 107,650 shares during the period. Royal London Asset Management Ltd.’s holdings in Shopify were worth $46,523,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in SHOP. PFG Private Wealth Management LLC increased its stake in Shopify by 3,657.1% in the fourth quarter. PFG Private Wealth Management LLC now owns 263 shares of the software maker’s stock valued at $28,000 after acquiring an additional 256 shares during the last quarter. New Wave Wealth Advisors LLC bought a new position in Shopify in the fourth quarter valued at $39,000. Mather Group LLC. boosted its position in Shopify by 84.8% during the fourth quarter. Mather Group LLC. now owns 401 shares of the software maker’s stock valued at $43,000 after buying an additional 184 shares during the period. Brooklyn Investment Group purchased a new stake in Shopify during the third quarter valued at about $33,000. Finally, Sierra Ocean LLC purchased a new stake in Shopify during the fourth quarter valued at about $46,000. Institutional investors own 69.27% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have issued reports on SHOP shares. UBS Group upped their price target on shares of Shopify from $110.00 to $125.00 and gave the company a “neutral” rating in a research report on Wednesday, February 12th. Benchmark upgraded shares of Shopify from a “hold” rating to a “buy” rating and set a $150.00 price target for the company in a research report on Monday, February 10th. New Street Research started coverage on shares of Shopify in a research report on Friday, January 10th. They set a “neutral” rating and a $115.00 price target for the company. Wells Fargo & Company upped their price target on shares of Shopify from $120.00 to $135.00 and gave the company an “overweight” rating in a research report on Wednesday, February 12th. Finally, Phillip Securities lowered shares of Shopify from a “strong-buy” rating to a “moderate buy” rating in a report on Monday, February 17th. One investment analyst has rated the stock with a sell rating, fifteen have given a hold rating, twenty-four have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Shopify presently has a consensus rating of “Moderate Buy” and a consensus price target of $126.31.

Shopify Stock Performance

Shares of NYSE SHOP opened at $101.84 on Friday. Shopify Inc. has a fifty-two week low of $48.56 and a fifty-two week high of $129.38. The company has a 50 day simple moving average of $110.03 and a two-hundred day simple moving average of $99.12. The company has a market capitalization of $131.86 billion, a price-to-earnings ratio of 65.70, a P/E/G ratio of 4.82 and a beta of 2.60.

Shopify (NYSE:SHOP) (TSE:SHOP) last announced its quarterly earnings results on Tuesday, February 11th. The software maker reported $0.34 earnings per share for the quarter, missing the consensus estimate of $0.44 by ($0.10). Shopify had a net margin of 22.74% and a return on equity of 12.00%. On average, analysts forecast that Shopify Inc. will post 1.12 earnings per share for the current fiscal year.

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.