Shopify Inc. $SHOP Shares Acquired by Legal & General Group Plc

Key Points

• Legal & General Group Plc increased its stake in Shopify by 4.4% in Q3 to 6,188,885 shares, representing a 0.48% ownership and worth $919,665,000 at quarter-end.
• Several other institutional investors also added or established positions—Principal Financial raised its stake to 450,895 shares (~$67.0M) and IQ EQ lifted its holding 65.5% to 158,514 shares (~$23.6M)—and institutions now own 69.27% of the company.
• Analysts maintain a consensus of "Moderate Buy" with an average price target of $163.33 versus the recent share price near $133.50, while several firms (Needham, BofA, Moffett Nathanson) have issued recent upgrades or raised targets.

Legal & General Group Plc increased its position in shares of Shopify Inc. (NASDAQ:SHOP - Free Report) TSE: SHOP by 4.4% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 6,188,885 shares of the software maker's stock after purchasing an additional 260,968 shares during the period. Legal & General Group Plc owned 0.48% of Shopify worth $919,665,000 at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of the business. Knights of Columbus Asset Advisors LLC acquired a new position in shares of Shopify in the 3rd quarter valued at $4,110,000. Principal Financial Group Inc. raised its stake in Shopify by 16.3% during the 3rd quarter. Principal Financial Group Inc. now owns 450,895 shares of the software maker's stock worth $67,006,000 after acquiring an additional 63,300 shares in the last quarter. Triton Financial Group Inc purchased a new stake in Shopify in the third quarter valued at $1,931,000. IQ EQ FUND MANAGEMENT IRELAND Ltd lifted its position in Shopify by 65.5% in the third quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 158,514 shares of the software maker's stock valued at $23,557,000 after acquiring an additional 62,743 shares during the last quarter. Finally, TriaGen Wealth Management LLC purchased a new stake in Shopify in the third quarter valued at $2,562,000. Hedge funds and other institutional investors own 69.27% of the company's stock.

Shopify Stock Performance

Shares of SHOP stock opened at $133.50 on Tuesday. The stock has a fifty day moving average price of $136.61 and a 200 day moving average price of $149.12. The stock has a market cap of $173.80 billion, a PE ratio of 143.55, a P/E/G ratio of 4.67 and a beta of 2.83. Shopify Inc. has a 1 year low of $69.84 and a 1 year high of $182.19.

Analyst Ratings Changes

Several equities analysts have issued reports on the stock. Needham & Company LLC restated a "buy" rating and issued a $180.00 price objective on shares of Shopify in a research note on Thursday, February 12th. Citizens Jmp reduced their target price on Shopify from $200.00 to $160.00 and set a "market outperform" rating for the company in a report on Thursday, February 12th. Bank of America upped their target price on Shopify from $185.00 to $190.00 and gave the company a "buy" rating in a research report on Wednesday, December 17th. BMO Capital Markets set a $160.00 price target on Shopify in a research note on Thursday, February 12th. Finally, Moffett Nathanson raised Shopify from a "neutral" rating to a "buy" rating and set a $150.00 price target on the stock in a research report on Monday, February 9th. Two investment analysts have rated the stock with a Strong Buy rating, thirty-one have given a Buy rating and ten have given a Hold rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $163.33.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.