Fidelity Management & Research Co recently announced the acquisition of new stake in Shopify Inc (NYSE:SHOP). The institutional investor has increased its shareholding in the Technology company by 16.79% to 34.05 million shares with purchase of 4.89 million shares. This fresh investment now brings its stake to 2.82% valued currently at $2.48 billion. In addition, Capital Research & Management Co raised its holdings by 2.41 million to 30.64 million shares. And The Vanguard Group, Inc. has lifted its position by 1.06% or 0.29 million shares – to 27.61 million shares.
With over 9.82 million Shopify Inc (SHOP) shares trading Friday and a closing price of $74.51 on the day, the dollar volume was approximately $731.43 million. The shares have shown a positive half year performance of 20.82% and its price on 01/05/24 gained nearly 1.48%. Currently, there are 1.20B common shares owned by the public and among those 1.16B 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: 48 analysts who have offered their price forecasts for SHOP have a consensus price objective of $75.23. The analysts have set the share’s price value over the next 12 months at a high of $100.00 and a low of $53.00. The average price target is 0.96% above its recent price level and a downside to the estimated low will see the stock lose -40.58% over that period. But an upside of 25.49% will see the stock hit the forecast high price target while median target price for the stock is $75.00.
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 26.31 million shares of the company’s stock, all valued at over $1.92 billion. The company sold -4.39 million shares recently to bring their total holdings to about 2.18% of the shares outstanding. American Funds Growth Fund of Ame bought 0.57 million shares to see its total holdings expand to 17.66 million shares valued at over $1.29 billion and representing 1.47% of the shares outstanding. Vanguard Total International Stoc bought 0.13 million shares to bring its total holdings to over 15.48 million shares at a value of $1.13 billion. Vanguard Total International Stoc now owns shares totaling to 1.28% of the shares outstanding.
Shares of Shopify Inc (NYSE: SHOP) opened at $73.32, down -$0.1 from a prior closing price of $73.42. However, the script later moved the day high at 75.95, up 1.48%. The company’s stock has a 5-day price change of -5.81% and 42.77% over the past three months. SHOP shares are trading -4.35% year to date (YTD), with the 12-month market performance up to 98.48% higher. It has a 12-month low price of $34.97 and touched a high of $79.99 over the same period. SHOP has an average intraday trading volume of 11.36 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 -1.02%, 9.68%, and 24.43% respectively.
Institutional ownership of Shopify Inc (NYSE: SHOP) shares accounts for 62.01% of the company’s 1.20B shares outstanding. Mutual fund holders own 24.23%, while other institutional holders and individual stakeholders account for 42.14% and — respectively.
It has a market capitalization of $95.73B and a beta (3y monthly) value of 2.27. The earnings-per-share (ttm) stands at -$0.91. Price movements for the stock have been influenced by the stock’s volatility, which stands at 3.94% over the week and 3.10% over the month.
Analysts forecast that Shopify Inc (SHOP) will achieve an EPS of $0.31 for the current quarter, $0.21 for the next quarter and $1.05 for 2024. The lowest estimate earnings-per-share for the quarter is $0.21 while analysts give the company a high EPS estimate of $0.57. Comparatively, EPS for the current quarter was $0.07 a year ago. Earnings per share for the fiscal year are expected to increase by 1627.74%, and 50.36% over the next financial year.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 48 brokerage firm advisors rate Shopify Inc (SHOP) as a “Moderate Buy” at a consensus score of 2.33. Specifically, 16 Wall Street analysts polled rate the stock as a buy, while 27 of the 48 advise that investors “hold,” and 1 rated it as a “Sell.”
