Shopify Inc. $SHOP Shares Sold by Allianz Asset Management GmbH

Allianz Asset Management GmbH trimmed its stake in Shopify Inc. (NASDAQ:SHOPFree Report) (TSE:SHOP) by 7.4% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 413,424 shares of the software maker’s stock after selling 33,156 shares during the quarter. Allianz Asset Management GmbH’s holdings in Shopify were worth $47,586,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the stock. Vanguard Group Inc. grew its holdings in shares of Shopify by 1.9% in the 1st quarter. Vanguard Group Inc. now owns 47,962,280 shares of the software maker’s stock worth $4,563,106,000 after acquiring an additional 882,168 shares during the last quarter. Mackenzie Financial Corp grew its holdings in shares of Shopify by 19.7% in the 1st quarter. Mackenzie Financial Corp now owns 8,648,734 shares of the software maker’s stock worth $822,745,000 after acquiring an additional 1,426,406 shares during the last quarter. Nuveen LLC acquired a new position in shares of Shopify in the 1st quarter worth $667,392,000. Canada Pension Plan Investment Board grew its holdings in shares of Shopify by 34.4% in the 1st quarter. Canada Pension Plan Investment Board now owns 5,943,409 shares of the software maker’s stock worth $565,504,000 after acquiring an additional 1,522,573 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA grew its holdings in shares of Shopify by 21.0% in the 1st quarter. Massachusetts Financial Services Co. MA now owns 5,649,162 shares of the software maker’s stock worth $539,382,000 after acquiring an additional 979,598 shares during the last quarter. 69.27% of the stock is currently owned by institutional investors and hedge funds.

Shopify Price Performance

Shares of NASDAQ SHOP opened at $157.76 on Friday. The business’s 50-day moving average price is $148.00 and its two-hundred day moving average price is $120.99. Shopify Inc. has a one year low of $69.84 and a one year high of $169.69. The company has a market capitalization of $205.03 billion, a P/E ratio of 88.13, a price-to-earnings-growth ratio of 7.33 and a beta of 2.72.

Shopify (NASDAQ:SHOPGet Free Report) (TSE:SHOP) last issued its earnings results on Wednesday, August 6th. The software maker reported $0.35 EPS for the quarter, beating analysts’ consensus estimates of $0.29 by $0.06. Shopify had a return on equity of 12.30% and a net margin of 23.42%.The firm had revenue of $2.68 billion for the quarter, compared to the consensus estimate of $2.55 billion. During the same quarter in the previous year, the company posted $0.26 earnings per share. The business’s quarterly revenue was up 31.1% compared to the same quarter last year. On average, equities analysts anticipate that Shopify Inc. will post 1.12 EPS for the current year.

Analyst Upgrades and Downgrades

SHOP has been the topic of a number of recent research reports. Cantor Fitzgerald set a $156.00 target price on Shopify and gave the stock a “neutral” rating in a report on Wednesday, August 27th. Benchmark reiterated a “buy” rating and set a $140.00 price target (up previously from $125.00) on shares of Shopify in a report on Tuesday, August 5th. Evercore ISI lifted their price target on Shopify from $120.00 to $170.00 and gave the company an “outperform” rating in a report on Friday, August 8th. Bank of America lifted their price target on Shopify from $110.00 to $185.00 and gave the company a “buy” rating in a report on Thursday, August 7th. Finally, Canaccord Genuity Group lifted their price target on Shopify from $115.00 to $165.00 and gave the company a “buy” rating in a report on Thursday, August 7th. One analyst has rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating, twenty-two have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, Shopify presently has a consensus rating of “Moderate Buy” and an average price target of $152.76.

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Shopify Company Profile

(Free Report)

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.

Further Reading

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Institutional Ownership by Quarter for Shopify (NASDAQ:SHOP)

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