Baillie Gifford & 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 13.09% to 64.51 million shares with purchase of 7.47 million shares. This fresh investment now brings its stake to 5.42% valued currently at $2.21 billion. In addition, Morgan Stanley Investment Managem raised its holdings by 19.32 million to 58.76 million shares. And Capital Research & Management Co has lifted its position by 39.20% or 14.82 million shares – to 52.63 million shares.
With over 14.71 million Shopify Inc. (SHOP) shares trading Friday and a closing price of $36.59 on the day, the dollar volume was approximately $538.31 million. The shares have shown a positive half year performance of 0.56% and its price on 11/18/22 lost nearly -3.00%. Currently, there are 1.27B common shares owned by the public and among those 1.12B shares have been available to trade.
An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 43 analysts who have offered their price forecasts for SHOP have a consensus price objective of $39.85. The analysts have set the share’s price value over the next 12 months at a high of $60.00 and a low of $28.00. The average price target is 9.99% above its recent price level and a downside to the estimated low will see the stock lose -30.68% over that period. But an upside of 39.02% will see the stock hit the forecast high price target while median target price for the stock is $39.50.
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 40.34 million shares of the company’s stock, all valued at over $1.38 billion. The company bought an additional 11.42 million shares recently to bring their total holdings to about 3.39% of the shares outstanding. American Funds Growth Fund of Ame bought 3.33 million shares to see its total holdings expand to 17.16 million shares valued at over $587.42 million and representing 1.44% of the shares outstanding. Vanguard Total International Stoc bought 8832.0 shares to bring its total holdings to over 15.15 million shares at a value of $518.55 million. Vanguard Total International Stoc now owns shares totaling to 1.27% of the shares outstanding.
Shares of Shopify Inc. (NYSE: SHOP) opened at $38.29, up $0.57 from a prior closing price of $37.72. The company’s stock has a 5-day price change of -7.23% and 10.28% over the past three months. SHOP shares are trading -73.44% year to date (YTD), with the 12-month market performance down to -78.24% lower. It has a 12-month low price of $23.63 and touched a high of $176.29 over the same period. SHOP has an average intraday trading volume of 28.32 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 7.52%, 16.84%, and -15.84% respectively.
Institutional ownership of Shopify Inc. (NYSE: SHOP) shares accounts for 65.90% of the company’s 1.27B shares outstanding. Mutual fund holders own 22.58%, while other institutional holders and individual stakeholders account for 39.77% and — respectively.
It has a market capitalization of $47.49B and a beta (3y monthly) value of 1.88. The earnings-per-share (ttm) stands at -$2.54. Price movements for the stock have been influenced by the stock’s volatility, which stands at 4.68% over the week and 6.77% over the month.
Analysts forecast that Shopify Inc. (SHOP) will achieve an EPS of -$0.04 for the current quarter, $0 for the next quarter and $0.03 for 2023. The lowest estimate earnings-per-share for the quarter is -$0.08 while analysts give the company a high EPS estimate of $0.15. Comparatively, EPS for the current quarter was $0.18 a year ago. Earnings per share for the fiscal year are expected to increase by 784.30%, and 180.00% over the next financial year.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 43 brokerage firm advisors rate Shopify Inc. (SHOP) as a “Moderate Buy” at a consensus score of 2.50. Specifically, 14 Wall Street analysts polled rate the stock as a buy, while 23 of the 43 advise that investors “hold,” and 1 rated it as a “Sell.”
Looking at the support for the SHOP, a number of firms have released research notes about the stock. MoffettNathanson stated their Market Perform rating for the stock in a research note on November 15, 2022, with the firm’s price target at $30. Atlantic Equities coverage for the Shopify Inc. (SHOP) stock in a research note released on August 11, 2022 offered a Overweight rating with a price target of $46. Piper Sandler was of a view on July 28, 2022 that the stock is Neutral, while Oppenheimer gave the stock Outperform rating on July 27, 2022, issuing a price target of $50- $45. JMP Securities on their part issued Mkt Perform rating on July 05, 2022.