Munich Reinsurance Co Stock Corp in Munich Purchases New Shares in Shopify Inc. $SHOP

Key Points

• Munich Reinsurance Co Stock Corp opened a new position in Shopify by purchasing 15,161 shares (~$2.25M) in the third quarter, according to its SEC filing.
• Large institutions including Norges Bank, Jennison Associates, Brown Advisory and Geode significantly increased stakes, leaving institutional ownership at 69.27%.
• SHOP trades around $130 (52-week range $69.84–$182.19) with a market cap of ~$169.5B, and analysts carry a "Moderate Buy" consensus with an average target of $162.64.

Munich Reinsurance Co Stock Corp in Munich purchased a new position in shares of Shopify Inc. (NASDAQ:SHOP - Free Report) TSE: SHOP during the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 15,161 shares of the software maker's stock, valued at approximately $2,253,000.

A number of other hedge funds have also recently added to or reduced their stakes in SHOP. Norges Bank bought a new position in shares of Shopify in the second quarter worth about $1,794,952,000. Jennison Associates LLC lifted its position in shares of Shopify by 64.3% during the third quarter. Jennison Associates LLC now owns 18,923,431 shares of the software maker's stock worth $2,812,211,000 after purchasing an additional 7,403,821 shares in the last quarter. Brown Advisory Inc. grew its stake in shares of Shopify by 5,193.6% during the second 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 last quarter. Geode Capital Management LLC grew its stake in shares of Shopify by 19.9% during the second quarter. Geode Capital Management LLC now owns 10,731,795 shares of the software maker's stock valued at $1,247,007,000 after purchasing an additional 1,781,530 shares during the last quarter. Finally, Picton Mahoney Asset Management increased its holdings in shares of Shopify by 246,359.0% in the second quarter. Picton Mahoney Asset Management now owns 1,759,717 shares of the software maker's stock valued at $202,146,000 after purchasing an additional 1,759,003 shares in the last quarter. Institutional investors own 69.27% of the company's stock.

Shopify Stock Performance

Shares of SHOP stock opened at $130.20 on Friday. The firm's 50 day moving average price is $137.30 and its two-hundred day moving average price is $149.06. Shopify Inc. has a 52-week low of $69.84 and a 52-week high of $182.19. The stock has a market cap of $169.50 billion, a PE ratio of 140.00, a PEG ratio of 4.74 and a beta of 2.83.

Analysts Set New Price Targets

Several research analysts recently weighed in on SHOP shares. Canaccord Genuity Group set a $165.00 price objective on shares of Shopify and gave the stock a "buy" rating in a research report on Thursday, February 12th. Mizuho raised Shopify from a "neutral" rating to an "outperform" rating and set a $150.00 target price for the company in a research note on Thursday, February 12th. Bank of America boosted their target price on Shopify from $185.00 to $190.00 and gave the stock a "buy" rating in a research report on Wednesday, December 17th. Cantor Fitzgerald reaffirmed a "neutral" rating and set a $126.00 price target (down from $181.00) on shares of Shopify in a research note on Thursday, February 12th. Finally, Wells Fargo & Company set a $191.00 price target on Shopify and gave the company an "overweight" rating in a report on Thursday, February 12th. Two analysts have rated the stock with a Strong Buy rating, thirty-one have issued a Buy rating and ten have given a Hold rating to the company. According to data from MarketBeat.com, Shopify has an average rating of "Moderate Buy" and an average target price of $162.64.

Shopify Profile

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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