Allianz Asset Management GmbH Has $49.01 Million Stock Position in Shopify Inc. $SHOP

Key Points

• Allianz Asset Management GmbH reduced its Shopify stake by 20.2% in Q3, selling 83,596 shares and holding 329,828 shares worth about $49.01 million.
• Other institutions significantly increased exposure—Norges Bank opened a ~$1.795 billion position and Jennison now holds ~18.9M shares (~$2.81 billion)—with institutional investors owning 69.27% of Shopify.
• Analysts are mostly positive: Shopify has a consensus rating of Moderate Buy with a target of $171.70, several firms raised targets to $190–$200, and the company recently beat Q3 EPS and revenue estimates.

Allianz Asset Management GmbH reduced its position in shares of Shopify Inc. (NASDAQ:SHOP - Free Report) TSE: SHOP by 20.2% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 329,828 shares of the software maker's stock after selling 83,596 shares during the quarter. Allianz Asset Management GmbH's holdings in Shopify were worth $49,012,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently modified their holdings of the business. Norges Bank bought a new position in Shopify in the second quarter valued at approximately $1,794,952,000. Jennison Associates LLC raised its position in shares of Shopify by 64.3% during the 3rd quarter. Jennison Associates LLC now owns 18,923,431 shares of the software maker's stock valued at $2,812,211,000 after acquiring an additional 7,403,821 shares during the last quarter. Brown Advisory Inc. lifted its stake in shares of Shopify by 5,193.6% in the 2nd quarter. Brown Advisory Inc. now owns 2,066,884 shares of the software maker's stock valued at $238,419,000 after purchasing an additional 2,027,839 shares during the period. Geode Capital Management LLC boosted its position in shares of Shopify by 19.9% in the 2nd quarter. Geode Capital Management LLC now owns 10,731,795 shares of the software maker's stock worth $1,247,007,000 after purchasing an additional 1,781,530 shares during the last quarter. Finally, Picton Mahoney Asset Management grew its stake in shares of Shopify by 246,359.0% during the second quarter. Picton Mahoney Asset Management now owns 1,759,717 shares of the software maker's stock worth $202,146,000 after purchasing an additional 1,759,003 shares during the period. Institutional investors own 69.27% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms recently commented on SHOP. BMO Capital Markets upped their price objective on Shopify from $180.00 to $190.00 and gave the company an "outperform" rating in a report on Wednesday, November 5th. Oppenheimer reaffirmed an "outperform" rating on shares of Shopify in a research note on Monday, December 1st. Citigroup reiterated a "market outperform" rating on shares of Shopify in a research report on Thursday, December 4th. UBS Group set a $195.00 price objective on shares of Shopify in a report on Wednesday, December 3rd. Finally, National Bankshares upped their target price on shares of Shopify from $180.00 to $200.00 and gave the company an "outperform" rating in a research note on Thursday, October 23rd. Twenty-five investment analysts have rated the stock with a Buy rating and nineteen have given a Hold rating to the company. According to MarketBeat, Shopify has a consensus rating of "Moderate Buy" and a consensus target price of $171.70.

Shopify Trading Down 4.4%

Shares of NASDAQ SHOP opened at $114.02 on Thursday. The company has a fifty day moving average price of $156.24 and a 200 day moving average price of $151.25. The firm has a market cap of $148.44 billion, a PE ratio of 84.46, a PEG ratio of 3.51 and a beta of 2.83. Shopify Inc. has a 1-year low of $69.84 and a 1-year high of $182.19.

Shopify (NASDAQ:SHOP - Get Free Report) TSE: SHOP last released its quarterly earnings results on Tuesday, November 4th. The software maker reported $0.27 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.24 by $0.03. The firm had revenue of $2.84 billion for the quarter, compared to the consensus estimate of $2.75 billion. Shopify had a return on equity of 11.72% and a net margin of 16.65%. Equities research analysts forecast that Shopify Inc. will post 1.12 EPS for the current year.

About Shopify

Shopify is a Canadian commerce technology company that provides a cloud-based platform for businesses to create, manage and scale online and physical retail stores. Its core offering is a software-as-a-service e-commerce platform that enables merchants to build customizable storefronts, manage product catalogs, process orders, and handle inventory. Shopify also supports omnichannel selling through integrated point-of-sale (POS) systems for in-person transactions.

Beyond storefront software, Shopify offers a range of merchant services and tools designed to simplify commerce operations.

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