Nomura Asset Management Co. Ltd. Buys 1,664 Shares of Shopify Inc. (NYSE:SHOP)

Nomura Asset Management Co. Ltd. grew its stake in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 3.0% in the 4th quarter, Holdings Channel.com reports. The firm owned 57,051 shares of the software maker’s stock after purchasing an additional 1,664 shares during the period. Nomura Asset Management Co. Ltd.’s holdings in Shopify were worth $6,068,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of SHOP. Vanguard Group Inc. grew its holdings in Shopify by 1.7% during the 4th quarter. Vanguard Group Inc. now owns 47,080,112 shares of the software maker’s stock valued at $5,010,721,000 after purchasing an additional 781,162 shares during the last quarter. Norges Bank bought a new position in shares of Shopify during the fourth quarter valued at approximately $1,542,262,000. National Bank of Canada FI raised its holdings in shares of Shopify by 28.0% in the third quarter. National Bank of Canada FI now owns 7,408,880 shares of the software maker’s stock worth $593,588,000 after buying an additional 1,621,981 shares during the period. Connor Clark & Lunn Investment Management Ltd. lifted its stake in shares of Shopify by 30.2% during the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 7,095,382 shares of the software maker’s stock worth $754,201,000 after acquiring an additional 1,647,374 shares during the last quarter. Finally, Geode Capital Management LLC boosted its holdings in Shopify by 9.6% during the 3rd quarter. Geode Capital Management LLC now owns 5,387,806 shares of the software maker’s stock valued at $432,573,000 after acquiring an additional 471,280 shares during the period. Hedge funds and other institutional investors own 69.27% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on SHOP. Scotiabank lifted their target price on Shopify from $115.00 to $120.00 and gave the stock a “sector perform” rating in a research report on Wednesday, February 12th. Barclays boosted their price objective on shares of Shopify from $93.00 to $100.00 and gave the company an “equal weight” rating in a research report on Wednesday, February 12th. Robert W. Baird raised their target price on shares of Shopify from $126.00 to $135.00 and gave the stock an “outperform” rating in a research report on Wednesday, February 12th. Piper Sandler boosted their price target on Shopify from $94.00 to $104.00 and gave the company a “neutral” rating in a report on Wednesday, February 12th. Finally, Deutsche Bank Aktiengesellschaft raised their price objective on Shopify from $125.00 to $150.00 and gave the stock a “buy” rating in a report on Wednesday, February 12th. One equities research analyst has rated the stock with a sell rating, fifteen have issued a hold rating, twenty-four have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Shopify has an average rating of “Moderate Buy” and a consensus price target of $126.31.

Shopify Stock Performance

Shares of SHOP stock opened at $95.48 on Tuesday. Shopify Inc. has a fifty-two week low of $48.56 and a fifty-two week high of $129.38. The firm has a market capitalization of $123.63 billion, a PE ratio of 61.60, a P/E/G ratio of 4.82 and a beta of 2.60. The stock’s 50-day simple moving average is $110.06 and its 200-day simple moving average is $101.15.

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

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.