Allianz Asset Management GmbH Increases Stake in Shopify Inc. (NYSE:SHOP)

Allianz Asset Management GmbH lifted its holdings in shares of Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 150.3% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 446,580 shares of the software maker's stock after purchasing an additional 268,189 shares during the quarter. Allianz Asset Management GmbH's holdings in Shopify were worth $42,594,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. Parkworth Wealth Management Inc. raised its stake in Shopify by 14.0% during the first quarter. Parkworth Wealth Management Inc. now owns 8,168 shares of the software maker's stock worth $752,000 after buying an additional 1,000 shares during the last quarter. J.W. Cole Advisors Inc. lifted its stake in shares of Shopify by 111.4% during the 1st quarter. J.W. Cole Advisors Inc. now owns 41,602 shares of the software maker's stock valued at $3,972,000 after buying an additional 21,925 shares in the last quarter. Aspen Capital Management LLC purchased a new stake in Shopify in the 1st quarter worth approximately $220,000. Kestra Private Wealth Services LLC raised its position in shares of Shopify by 16.0% during the 1st quarter. Kestra Private Wealth Services LLC now owns 51,694 shares of the software maker's stock valued at $4,936,000 after buying an additional 7,136 shares in the last quarter. Finally, Fountainhead AM LLC grew its holdings in shares of Shopify by 16.8% during the 1st quarter. Fountainhead AM LLC now owns 4,639 shares of the software maker's stock valued at $443,000 after purchasing an additional 666 shares during the last quarter. 69.27% of the stock is owned by institutional investors.

Shopify Trading Up 2.4%

Shares of NYSE:SHOP traded up $2.93 during midday trading on Friday, reaching $125.01. 4,139,895 shares of the company were exchanged, compared to its average volume of 10,452,593. The business's fifty day moving average is $111.77 and its two-hundred day moving average is $105.80. Shopify Inc. has a one year low of $48.56 and a one year high of $129.38. The stock has a market cap of $162.18 billion, a PE ratio of 80.62, a price-to-earnings-growth ratio of 4.82 and a beta of 2.61.

Analyst Ratings Changes

A number of brokerages have issued reports on SHOP. National Bankshares raised their price target on shares of Shopify from $120.00 to $140.00 and gave the stock an "outperform" rating in a report on Monday. DA Davidson raised their target price on shares of Shopify from $115.00 to $125.00 and gave the stock a "buy" rating in a research report on Monday, June 16th. Royal Bank Of Canada raised their target price on shares of Shopify from $125.00 to $145.00 and gave the stock an "outperform" rating in a research report on Friday, July 18th. Cantor Fitzgerald reaffirmed a "neutral" rating and issued a $91.00 target price on shares of Shopify in a research report on Wednesday, June 11th. Finally, Jefferies Financial Group dropped their target price on shares of Shopify from $130.00 to $110.00 and set a "hold" rating for the company in a research report on Monday, May 5th. One equities research analyst has rated the stock with a sell rating, eighteen have given a hold rating, twenty-two have assigned a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, Shopify currently has an average rating of "Moderate Buy" and a consensus target price of $119.16.

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.