Munich Reinsurance Co Stock Corp in Munich grew its stake in Shopify Inc. (NASDAQ:SHOP - Free Report) TSE: SHOP by 159.7% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 39,374 shares of the software maker's stock after acquiring an additional 24,213 shares during the quarter. Munich Reinsurance Co Stock Corp in Munich's holdings in Shopify were worth $6,452,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also made changes to their positions in SHOP. Brighton Jones LLC increased its holdings in shares of Shopify by 2.8% in the 4th quarter. Brighton Jones LLC now owns 21,176 shares of the software maker's stock valued at $2,252,000 after acquiring an additional 584 shares during the period. AQR Capital Management LLC increased its holdings in shares of Shopify by 107.3% in the 1st quarter. AQR Capital Management LLC now owns 14,576 shares of the software maker's stock valued at $1,392,000 after acquiring an additional 7,544 shares during the period. Sivia Capital Partners LLC increased its holdings in shares of Shopify by 6.6% in the 2nd quarter. Sivia Capital Partners LLC now owns 8,190 shares of the software maker's stock valued at $945,000 after acquiring an additional 506 shares during the period. Osterweis Capital Management Inc. purchased a new position in shares of Shopify in the 2nd quarter valued at $53,000. Finally, Main Street Financial Solutions LLC increased its holdings in shares of Shopify by 15.3% in the 2nd quarter. Main Street Financial Solutions LLC now owns 11,131 shares of the software maker's stock valued at $1,284,000 after acquiring an additional 1,479 shares during the period. 69.27% of the stock is currently owned by hedge funds and other institutional investors.
Wall Street Analyst Weigh In
Several brokerages recently weighed in on SHOP. Mizuho upgraded Shopify from a "neutral" rating to an "outperform" rating and set a $150.00 target price on the stock in a research note on Thursday, February 12th. Piper Sandler began coverage on Shopify in a research note on Thursday, March 12th. They set an "overweight" rating and a $165.00 target price on the stock. KeyCorp restated an "overweight" rating and set a $160.00 target price on shares of Shopify in a research note on Wednesday, February 11th. Benchmark dropped their price target on Shopify from $195.00 to $145.00 and set a "buy" rating on the stock in a research note on Tuesday, February 10th. Finally, Needham & Company LLC reiterated a "buy" rating and set a $180.00 price target on shares of Shopify in a research note on Thursday, February 12th. Three equities research analysts have rated the stock with a Strong Buy rating, thirty-one have assigned a Buy rating and ten have issued a Hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $162.70.
Read Our Latest Analysis on Shopify
Shopify Stock Performance
Shopify stock opened at $125.83 on Friday. The business's 50-day simple moving average is $122.15 and its two-hundred day simple moving average is $143.22. The company has a market cap of $164.10 billion, a PE ratio of 135.30, a PEG ratio of 4.42 and a beta of 2.82. Shopify Inc. has a fifty-two week low of $88.14 and a fifty-two week high of $182.19.
About Shopify
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Free Report)
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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