Shopify Inc. $SHOP Stock Purchased by Allspring Global Investments Holdings LLC

Key Points

• Allspring Global Investments increased its Shopify stake by 31.8% in the third quarter, adding 136,422 shares to hold 565,085 shares worth about $84.2 million.
• Institutional investors own 69.27% of Shopify shares. Analysts’ consensus rating is “Moderate Buy,” with an average price target of $178.82.
• Shopify reported quarterly EPS of $0.49, beating the $0.33 estimate, while revenue rose 31.6% year over year to $3.74 billion.

Allspring Global Investments Holdings LLC grew its holdings in shares of Shopify Inc. (NASDAQ:SHOP - Free Report) TSE: SHOP by 31.8% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 565,085 shares of the software maker's stock after buying an additional 136,422 shares during the quarter. Allspring Global Investments Holdings LLC's holdings in Shopify were worth $84,248,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of the business. The Manufacturers Life Insurance Company lifted its stake in shares of Shopify by 8.5% during the first quarter. The Manufacturers Life Insurance Company now owns 8,418,903 shares of the software maker's stock worth $998,137,000 after purchasing an additional 660,198 shares in the last quarter. Swiss National Bank lifted its position in Shopify by 27.0% during the 1st quarter. Swiss National Bank now owns 4,115,300 shares of the software maker's stock worth $487,580,000 after acquiring an additional 876,100 shares in the last quarter. Bank of New York Mellon Corp boosted its holdings in Shopify by 4.8% in the 1st quarter. Bank of New York Mellon Corp now owns 3,495,964 shares of the software maker's stock worth $414,691,000 after acquiring an additional 159,873 shares during the period. Amova Asset Management Americas Inc. boosted its holdings in Shopify by 5.0% in the 1st quarter. Amova Asset Management Americas Inc. now owns 3,458,265 shares of the software maker's stock worth $410,219,000 after acquiring an additional 165,080 shares during the period. Finally, Amundi boosted its holdings in Shopify by 2.7% in the 1st quarter. Amundi now owns 3,200,943 shares of the software maker's stock worth $379,696,000 after acquiring an additional 84,971 shares during the period. 69.27% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

SHOP has been the subject of several recent research reports. Deutsche Bank Aktiengesellschaft increased their price objective on shares of Shopify from $175.00 to $185.00 and gave the company a "buy" rating in a research report on Thursday, August 6th. Citizens Jmp boosted their price objective on shares of Shopify from $150.00 to $185.00 and gave the stock a "market outperform" rating in a report on Thursday, August 6th. National Bank Financial upped their price objective on shares of Shopify from $180.00 to $185.00 and gave the company an "outperform" rating in a research report on Wednesday, November 4th. Benchmark boosted their price target on Shopify from $145.00 to $170.00 and gave the stock a "buy" rating in a research note on Thursday, August 6th. Finally, Seaport Research Partners reissued a "buy" rating and issued a $180.00 price target on shares of Shopify in a report on Thursday, October 8th. One analyst has rated the stock with a Strong Buy rating, thirty-eight have assigned a Buy rating and ten have given a Hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $178.82.

Shopify Price Performance

SHOP stock opened at $152.06 on Tuesday. Shopify Inc. has a 1-year low of $94.00 and a 1-year high of $180.88. The firm has a fifty day moving average price of $152.50 and a two-hundred day moving average price of $130.14. The firm has a market cap of $195.65 billion, a price-to-earnings ratio of 110.09, a PEG ratio of 3.10 and a beta of 2.65.

Shopify (NASDAQ:SHOP - Get Free Report) TSE: SHOP last posted its quarterly earnings results on Tuesday, November 3rd. The software maker reported $0.49 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.33 by $0.16. The company had revenue of $3.74 billion for the quarter. Shopify had a net margin of 15.01% and a return on equity of 14.03%. The company's quarterly revenue was up 31.6% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.34 earnings per share. As a group, analysts expect that Shopify Inc. will post 1.47 EPS for the current fiscal year.

Shopify Company Profile

Shopify is a commerce technology company that provides tools for businesses to create and operate online stores. Its platform supports activities such as product management, order processing, payments, shipping, marketing and customer engagement.

Shopify also offers point-of-sale tools for merchants selling in person, connecting retail operations with online sales. Its services are used by businesses of varying sizes and are available to merchants in countries around the world.

Founded in 2006, Shopify is headquartered in Ottawa, Canada.

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