Allspring Global Investments Holdings LLC Increases Stock Holdings in Shopify Inc. (NYSE:SHOP)

Allspring Global Investments Holdings LLC raised its stake in Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 33.9% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 636,664 shares of the software maker's stock after purchasing an additional 161,100 shares during the period. Allspring Global Investments Holdings LLC's holdings in Shopify were worth $62,164,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in the stock. Norges Bank acquired a new stake in shares of Shopify in the fourth quarter valued at approximately $1,542,262,000. Arrowstreet Capital Limited Partnership boosted its holdings in shares of Shopify by 79.8% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 16,487,579 shares of the software maker's stock valued at $1,752,834,000 after acquiring an additional 7,316,862 shares during the period. Alliancebernstein L.P. boosted its holdings in shares of Shopify by 631.3% in the fourth quarter. Alliancebernstein L.P. now owns 4,459,580 shares of the software maker's stock valued at $474,187,000 after acquiring an additional 3,849,796 shares during the period. Marshall Wace LLP boosted its holdings in shares of Shopify by 623.8% in the fourth quarter. Marshall Wace LLP now owns 1,870,891 shares of the software maker's stock valued at $198,932,000 after acquiring an additional 2,228,091 shares during the period. Finally, Durable Capital Partners LP boosted its holdings in shares of Shopify by 86.9% in the fourth quarter. Durable Capital Partners LP now owns 3,950,348 shares of the software maker's stock valued at $420,041,000 after acquiring an additional 1,836,294 shares during the period. 69.27% of the stock is currently owned by hedge funds and other institutional investors.

Shopify Stock Up 0.5%

Shares of NYSE SHOP opened at $113.65 on Monday. The firm's 50-day simple moving average is $103.68 and its 200 day simple moving average is $104.64. Shopify Inc. has a fifty-two week low of $48.56 and a fifty-two week high of $129.38. The stock has a market cap of $147.45 billion, a P/E ratio of 73.32, a P/E/G ratio of 4.82 and a beta of 2.63.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on SHOP shares. Barclays decreased their price target on Shopify from $100.00 to $94.00 and set an "equal weight" rating for the company in a report on Friday, May 9th. BMO Capital Markets assumed coverage on Shopify in a report on Tuesday, May 6th. They issued an "outperform" rating and a $120.00 target price for the company. Truist Financial reduced their target price on Shopify from $120.00 to $100.00 and set a "hold" rating for the company in a report on Tuesday, May 6th. JPMorgan Chase & Co. dropped their price target on Shopify from $124.00 to $115.00 and set an "overweight" rating for the company in a research report on Friday, May 9th. Finally, BNP Paribas cut Shopify from a "strong-buy" rating to a "hold" rating in a research report on Monday, May 5th. One investment analyst has rated the stock with a sell rating, fourteen have issued a hold rating, twenty-five have given a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, Shopify has an average rating of "Moderate Buy" and an average price target of $115.66.

Shopify Company Profile

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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