Shopify Inc. $SHOP Position Lessened by Allianz Asset Management GmbH

Key Points

• Allianz Asset Management GmbH reduced its stake in Shopify by 7.4% in the last quarter, owning 413,424 shares worth approximately $47.6 million after selling 33,156 shares.
• Several brokerages have raised their price targets for Shopify, with JPMorgan Chase increasing it to $179 and CIBC to $185, reflecting a strong overall market confidence in the company.
• Shopify reported a quarterly revenue of $2.68 billion and $0.35 EPS, exceeding analysts' expectations and indicating a year-over-year growth of 31.1%.

Allianz Asset Management GmbH decreased its stake in Shopify Inc. (NASDAQ:SHOP - Free Report) TSE: SHOP by 7.4% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 413,424 shares of the software maker's stock after selling 33,156 shares during the period. Allianz Asset Management GmbH's holdings in Shopify were worth $47,586,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Family Legacy Financial Solutions LLC bought a new stake in shares of Shopify in the 2nd quarter worth approximately $25,000. Coastline Trust Co bought a new stake in shares of Shopify in the 2nd quarter worth approximately $29,000. Global Wealth Strategies & Associates lifted its holdings in shares of Shopify by 182.8% in the 2nd quarter. Global Wealth Strategies & Associates now owns 263 shares of the software maker's stock worth $30,000 after purchasing an additional 170 shares during the last quarter. Smithfield Trust Co lifted its holdings in shares of Shopify by 149.2% in the 1st quarter. Smithfield Trust Co now owns 314 shares of the software maker's stock worth $30,000 after purchasing an additional 188 shares during the last quarter. Finally, Dagco Inc. bought a new stake in shares of Shopify in the 1st quarter worth approximately $30,000. Institutional investors own 69.27% of the company's stock.

Analysts Set New Price Targets

Several brokerages recently issued reports on SHOP. JPMorgan Chase & Co. raised their price target on Shopify from $115.00 to $179.00 and gave the stock an "overweight" rating in a report on Thursday, August 7th. CIBC lifted their target price on Shopify from $145.00 to $185.00 and gave the company an "outperform" rating in a research note on Thursday, August 7th. Citigroup lifted their target price on Shopify from $155.00 to $195.00 and gave the company a "buy" rating in a research note on Friday, August 8th. Robert W. Baird lifted their target price on Shopify from $160.00 to $170.00 and gave the company an "outperform" rating in a research note on Tuesday, October 7th. Finally, Arete Research raised Shopify to a "hold" rating in a research note on Wednesday, July 23rd. One research analyst has rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating, twenty-two have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $152.76.

Shopify Stock Performance

Shares of SHOP stock opened at $157.76 on Friday. Shopify Inc. has a 1 year low of $69.84 and a 1 year high of $169.69. The stock has a market cap of $205.03 billion, a PE ratio of 88.13, a price-to-earnings-growth ratio of 7.33 and a beta of 2.72. The business's fifty day moving average is $148.00 and its 200-day moving average is $120.99.

Shopify (NASDAQ:SHOP - Get Free Report) TSE: SHOP last issued its quarterly earnings results on Wednesday, August 6th. The software maker reported $0.35 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.29 by $0.06. Shopify had a return on equity of 12.30% and a net margin of 23.42%.The company had revenue of $2.68 billion for the quarter, compared to analysts' expectations of $2.55 billion. During the same period last year, the firm earned $0.26 EPS. The firm's revenue for the quarter was up 31.1% on a year-over-year basis. Equities research analysts predict that Shopify Inc. will post 1.12 earnings per share for the current year.

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.

Want to see what other hedge funds are holding SHOP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Shopify Inc. (NASDAQ:SHOP - Free Report) TSE: SHOP.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.