Swiss Life Asset Management Ltd Buys 26,808 Shares of Shopify Inc. $SHOP

Key Points

• Swiss Life Asset Management increased its stake in Shopify by 19.2% in Q3, purchasing 26,808 shares to hold 166,613 shares worth about $24.79 million.
• Other large institutional moves include a new ~$1.79 billion position from Norges Bank and major additions from Jennison and Brown Advisory, leaving roughly 69.27% of Shopify owned by institutions.
• Analyst sentiment is broadly positive with upgrades from several firms and a MarketBeat consensus of "Moderate Buy" and an average target of $163.38, versus Shopify's recent open near $122.35.

Swiss Life Asset Management Ltd raised its stake in shares of Shopify Inc. (NASDAQ:SHOP - Free Report) TSE: SHOP by 19.2% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 166,613 shares of the software maker's stock after buying an additional 26,808 shares during the quarter. Swiss Life Asset Management Ltd's holdings in Shopify were worth $24,788,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of SHOP. Norges Bank bought a new position in shares of Shopify in the second quarter valued at approximately $1,794,952,000. Jennison Associates LLC boosted its holdings in Shopify by 64.3% in the 3rd quarter. Jennison Associates LLC now owns 18,923,431 shares of the software maker's stock valued at $2,812,211,000 after purchasing an additional 7,403,821 shares during the period. Brown Advisory Inc. boosted its holdings in Shopify by 5,193.6% in the 2nd quarter. Brown Advisory Inc. now owns 2,066,884 shares of the software maker's stock valued at $238,419,000 after purchasing an additional 2,027,839 shares during the period. Picton Mahoney Asset Management grew its position in shares of Shopify by 246,359.0% during the 2nd quarter. Picton Mahoney Asset Management now owns 1,759,717 shares of the software maker's stock valued at $202,146,000 after purchasing an additional 1,759,003 shares in the last quarter. Finally, Foxhaven Asset Management LP bought a new position in shares of Shopify in the second quarter worth $156,044,000. 69.27% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

SHOP has been the topic of a number of recent analyst reports. DZ Bank upgraded Shopify from a "hold" rating to a "strong-buy" rating in a research report on Monday, February 16th. Scotiabank upgraded Shopify from a "sector perform" rating to an "outperform" rating and upped their target price for the stock from $165.00 to $200.00 in a research note on Thursday, January 8th. Barclays set a $130.00 target price on Shopify and gave the stock an "equal weight" rating in a research note on Thursday, February 12th. Truist Financial set a $150.00 price objective on Shopify and gave the stock a "buy" rating in a report on Tuesday, February 17th. Finally, Citizens Jmp decreased their price objective on shares of Shopify from $200.00 to $160.00 and set a "market outperform" rating on the stock in a research report on Thursday, February 12th. Three equities research analysts have rated the stock with a Strong Buy rating, thirty-one have issued a Buy rating and ten have given a Hold rating to the company's stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $163.38.

Shopify Trading Down 1.1%

Shares of Shopify stock opened at $122.35 on Friday. The firm has a market capitalization of $159.56 billion, a PE ratio of 131.56, a price-to-earnings-growth ratio of 4.39 and a beta of 2.83. Shopify Inc. has a 12 month low of $69.84 and a 12 month high of $182.19. The business's 50-day moving average price is $130.53 and its 200-day moving average price is $148.18.

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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