T. Rowe Price Associates, Inc. recently announced the acquisition of new stake in Shopify Inc. (NYSE:SHOP). The institutional investor has increased its shareholding in the Technology company by 21.53% to 33.55 million shares with purchase of 5.94 million shares. This fresh investment now brings its stake to 2.79% valued currently at $2.23 billion. In addition, Fidelity Management & Research Co raised its holdings by 9.87 million to 29.16 million shares. And The Vanguard Group, Inc. has lifted its position by 2.00% or 0.54 million shares – to 27.32 million shares.
With over 11.28 million Shopify Inc. (SHOP) shares trading Monday and a closing price of $59.50 on the day, the dollar volume was approximately $670.93 million. The shares have shown a positive half year performance of 33.17% and its price on 09/18/23 lost nearly -4.62%. Currently, there are 1.28B common shares owned by the public and among those 1.20B shares have been available to trade.
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An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 47 analysts who have offered their price forecasts for SHOP have a consensus price objective of $68.02. The analysts have set the share’s price value over the next 12 months at a high of $80.00 and a low of $52.00. The average price target is 11.18% above its recent price level and a downside to the estimated low will see the stock lose -14.42% over that period. But an upside of 25.62% will see the stock hit the forecast high price target while median target price for the stock is $66.00.
The top 3 mutual fund holders in Shopify Inc. are American Funds EuroPacific Growth, American Funds Growth Fund of Ame, and Vanguard Total International Stoc. American Funds EuroPacific Growth owns 30.7 million shares of the company’s stock, all valued at over $2.04 billion. The company sold -13.29 million shares recently to bring their total holdings to about 2.55% of the shares outstanding. American Funds Growth Fund of Ame sold -0.97 million shares to see its total holdings shrink to 17.09 million shares valued at over $1.14 billion and representing 1.42% of the shares outstanding. Vanguard Total International Stoc bought 0.11 million shares to bring its total holdings to over 15.36 million shares at a value of $1.02 billion. Vanguard Total International Stoc now owns shares totaling to 1.28% of the shares outstanding.
Shares of Shopify Inc. (NYSE: SHOP) opened at $62.04, down -$0.34 from a prior closing price of $62.38. However, the script later moved the day high at 62.42, down -4.62%. The company’s stock has a 5-day price change of -7.84% and -8.05% over the past three months. SHOP shares are trading 71.42% year to date (YTD), with the 12-month market performance up to 75.78% higher. It has a 12-month low price of $23.63 and touched a high of $71.43 over the same period. SHOP has an average intraday trading volume of 11.19 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by -1.85%, -3.41%, and 14.83% respectively.
Institutional ownership of Shopify Inc. (NYSE: SHOP) shares accounts for 65.80% of the company’s 1.28B shares outstanding. Mutual fund holders own 25.15%, while other institutional holders and individual stakeholders account for 41.13% and — respectively.
It has a market capitalization of $77.55B and a beta (3y monthly) value of 2.05. The earnings-per-share (ttm) stands at -$1.58. Price movements for the stock have been influenced by the stock’s volatility, which stands at 3.05% over the week and 3.35% over the month.
Analysts forecast that Shopify Inc. (SHOP) will achieve an EPS of $0.14 for the current quarter, $0.22 for the next quarter and $0.74 for 2024. The lowest estimate earnings-per-share for the quarter is $0.08 while analysts give the company a high EPS estimate of $0.25. Comparatively, EPS for the current quarter was -$0.02 a year ago. Earnings per share for the fiscal year are expected to decrease by -219.40%, and 51.22% over the next financial year.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 47 brokerage firm advisors rate Shopify Inc. (SHOP) as a “Moderate Buy” at a consensus score of 2.50. Specifically, 17 Wall Street analysts polled rate the stock as a buy, while 25 of the 47 advise that investors “hold,” and 2 rated it as a “Sell.”
Looking at the support for the SHOP, a number of firms have released research notes about the stock. Canaccord Genuity stated their Buy rating for the stock in a research note on August 31, 2023, with the firm’s price target at $60-$70.
