Allianz SE Increases Stake in Shopify Inc. (NYSE:SHOP)

Key Points

• Allianz SE significantly increased its stake in Shopify Inc. by 24,416.4% during the first quarter, acquiring a total of 61,291 shares valued at about $5.846 million.
• Approximately 69.27% of Shopify's stock is owned by hedge funds and institutional investors, indicating strong interest from major financial players.
• Analyst ratings for Shopify show a consensus of "Moderate Buy" with a target price averaging around $120.34, reflecting optimistic growth expectations despite fluctuating price targets among different analysts.

Allianz SE increased its holdings in Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 24,416.4% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 61,291 shares of the software maker's stock after acquiring an additional 61,041 shares during the quarter. Allianz SE's holdings in Shopify were worth $5,846,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in SHOP. LRI Investments LLC increased its holdings in Shopify by 9.8% in the 4th quarter. LRI Investments LLC now owns 889 shares of the software maker's stock worth $94,000 after acquiring an additional 79 shares in the last quarter. Fullcircle Wealth LLC lifted its stake in Shopify by 2.7% in the 1st quarter. Fullcircle Wealth LLC now owns 4,240 shares of the software maker's stock valued at $418,000 after buying an additional 110 shares in the last quarter. Avidian Wealth Enterprises LLC boosted its holdings in Shopify by 3.4% in the 1st quarter. Avidian Wealth Enterprises LLC now owns 3,533 shares of the software maker's stock worth $337,000 after buying an additional 116 shares during the last quarter. Pinnacle Financial Partners Inc increased its stake in Shopify by 4.0% during the 1st quarter. Pinnacle Financial Partners Inc now owns 3,233 shares of the software maker's stock worth $320,000 after buying an additional 125 shares in the last quarter. Finally, Accurate Wealth Management LLC lifted its position in shares of Shopify by 4.0% in the first quarter. Accurate Wealth Management LLC now owns 3,408 shares of the software maker's stock valued at $325,000 after acquiring an additional 131 shares in the last quarter. 69.27% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

SHOP has been the subject of several recent research reports. National Bankshares increased their price objective on Shopify from $120.00 to $140.00 and gave the company an "outperform" rating in a research note on Monday, July 21st. Truist Financial reduced their target price on shares of Shopify from $120.00 to $100.00 and set a "hold" rating for the company in a research report on Tuesday, May 6th. Benchmark lowered their price target on shares of Shopify from $150.00 to $125.00 and set a "buy" rating on the stock in a research report on Tuesday, May 6th. Oppenheimer reiterated an "outperform" rating and issued a $145.00 price objective (up previously from $125.00) on shares of Shopify in a report on Monday, July 28th. Finally, Wells Fargo & Company boosted their target price on Shopify from $107.00 to $125.00 and gave the stock an "overweight" rating in a report on Friday, June 6th. One 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 assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $120.34.

Shopify Stock Down 3.0%

Shares of Shopify stock opened at $118.60 on Friday. Shopify Inc. has a 52-week low of $48.56 and a 52-week high of $129.38. The company has a market capitalization of $153.87 billion, a P/E ratio of 76.52, a P/E/G ratio of 4.82 and a beta of 2.61. The company has a 50 day moving average of $113.90 and a 200 day moving average of $106.57.

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.

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