Principal Financial Group Inc. Has $26.34 Million Stock Holdings in Shopify Inc. $SHOP

Key Points

• Principal Financial Group cut its Shopify stake by 23.9% in the first quarter, selling 69,628 shares and leaving it with 222,232 shares valued at about $26.34 million.
• Other major institutional investors remain heavily invested in Shopify, and overall institutional ownership stands at 69.27% of the company.
• Analyst sentiment remains positive overall: Shopify has a “Moderate Buy” consensus rating with an average price target of $157.58, though some firms recently lowered targets while Jefferies upgraded the stock to buy.

Principal Financial Group Inc. decreased its holdings in Shopify Inc. (NASDAQ:SHOP - Free Report) TSE: SHOP by 23.9% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 222,232 shares of the software maker's stock after selling 69,628 shares during the period. Principal Financial Group Inc.'s holdings in Shopify were worth $26,339,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of the business. Vanguard Group Inc. grew its position in Shopify by 1.5% in the fourth quarter. Vanguard Group Inc. now owns 50,670,627 shares of the software maker's stock valued at $8,158,643,000 after acquiring an additional 743,803 shares during the last quarter. Norges Bank acquired a new stake in shares of Shopify in the 4th quarter valued at approximately $2,611,797,000. Invesco Ltd. grew its holdings in shares of Shopify by 9.8% during the 4th quarter. Invesco Ltd. now owns 14,026,193 shares of the software maker's stock valued at $2,257,796,000 after purchasing an additional 1,252,074 shares during the last quarter. Geode Capital Management LLC grew its holdings in shares of Shopify by 6.2% during the 4th quarter. Geode Capital Management LLC now owns 12,601,476 shares of the software maker's stock valued at $2,043,365,000 after purchasing an additional 737,892 shares during the last quarter. Finally, Mackenzie Financial Corp increased its position in Shopify by 9.1% during the 4th quarter. Mackenzie Financial Corp now owns 9,961,097 shares of the software maker's stock worth $1,627,352,000 after purchasing an additional 827,643 shares in the last quarter. Institutional investors and hedge funds own 69.27% of the company's stock.

Analyst Ratings Changes

Several equities analysts recently commented on the stock. Wells Fargo & Company dropped their price objective on shares of Shopify from $166.00 to $144.00 and set an "overweight" rating for the company in a research note on Wednesday, May 6th. Needham & Company LLC reaffirmed a "buy" rating and set a $180.00 target price on shares of Shopify in a research note on Tuesday, May 5th. Jefferies Financial Group upgraded shares of Shopify from a "hold" rating to a "buy" rating and upped their price target for the stock from $140.00 to $160.00 in a report on Sunday, July 12th. UBS Group reiterated a "neutral" rating on shares of Shopify in a research note on Thursday, May 28th. Finally, Canaccord Genuity Group cut their price objective on Shopify from $165.00 to $145.00 and set a "buy" rating on the stock in a report on Wednesday, May 6th. Three equities research analysts have rated the stock with a Strong Buy rating, thirty-two have issued a Buy rating and ten have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, Shopify currently has an average rating of "Moderate Buy" and a consensus price target of $157.58.

Shopify Trading Up 0.7%

Shares of SHOP stock opened at $124.48 on Tuesday. The stock has a market cap of $161.53 billion, a price-to-earnings ratio of 123.25, a PEG ratio of 2.68 and a beta of 2.58. The stock has a 50-day moving average of $112.90 and a 200-day moving average of $123.07. Shopify Inc. has a 1-year low of $94.00 and a 1-year high of $182.19.

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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