Principal Financial Group Inc. Has $23.22 Million Stock Position in Shopify Inc. (NYSE:SHOP)

Principal Financial Group Inc. increased its position in shares of Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 517.6% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 243,316 shares of the software maker's stock after buying an additional 203,916 shares during the quarter. Principal Financial Group Inc.'s holdings in Shopify were worth $23,218,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the company. Clarity Capital Partners LLC bought a new position in shares of Shopify during the first quarter worth about $224,000. Resonant Capital Advisors LLC increased its position in shares of Shopify by 4.8% during the 1st quarter. Resonant Capital Advisors LLC now owns 3,216 shares of the software maker's stock worth $307,000 after purchasing an additional 148 shares during the last quarter. Cannon Global Investment Management LLC acquired a new position in shares of Shopify during the 1st quarter worth approximately $964,000. Vishria Bird Financial Group LLC acquired a new position in shares of Shopify during the 1st quarter worth approximately $259,000. Finally, Pinnacle Financial Partners Inc increased its position in shares of 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 purchasing an additional 125 shares during the last quarter. 69.27% of the stock is currently owned by institutional investors.

Shopify Trading Down 2.6%

NYSE SHOP traded down $3.05 during midday trading on Friday, hitting $112.11. The company had a trading volume of 5,574,434 shares, compared to its average volume of 9,310,497. The company has a market capitalization of $145.45 billion, a PE ratio of 72.33, a P/E/G ratio of 4.82 and a beta of 2.61. The firm has a 50-day moving average price of $107.86 and a 200-day moving average price of $104.95. Shopify Inc. has a twelve month low of $48.56 and a twelve month high of $129.38.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the company. BNP Paribas lowered Shopify from a "strong-buy" rating to a "hold" rating in a research report on Monday, May 5th. National Bankshares lowered their price target on Shopify from $140.00 to $120.00 and set an "outperform" rating on the stock in a research report on Friday, April 25th. JPMorgan Chase & Co. lowered their price target on Shopify from $124.00 to $115.00 and set an "overweight" rating on the stock in a research report on Friday, May 9th. Barclays lowered their price target on Shopify from $100.00 to $94.00 and set an "equal weight" rating on the stock in a research report on Friday, May 9th. Finally, Morgan Stanley boosted their price target on Shopify from $106.00 to $112.00 and gave the stock an "overweight" rating in a research report on Friday, May 9th. One research analyst has rated the stock with a sell rating, fourteen have assigned a hold rating, twenty-five have assigned a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, Shopify has a consensus 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.