The Manufacturers Life Insurance Company Acquires 660,198 Shares of Shopify Inc. $SHOP

Key Points

• The Manufacturers Life Insurance Company increased its Shopify stake by 8.5% in the first quarter, adding 660,198 shares to own 8.42 million shares valued at approximately $998.1 million.
• Other institutional investors also raised their Shopify holdings, with institutional ownership reaching 69.27% of the company’s outstanding stock.
• Analysts maintain a generally positive outlook, with Shopify receiving a consensus “Moderate Buy” rating and an average price target of $157.69, despite several target reductions.

The Manufacturers Life Insurance Company lifted its stake in Shopify Inc. (NASDAQ:SHOP - Free Report) TSE: SHOP by 8.5% during the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 8,418,903 shares of the software maker's stock after buying an additional 660,198 shares during the quarter. Shopify makes up about 0.9% of The Manufacturers Life Insurance Company's investment portfolio, making the stock its 14th largest position. The Manufacturers Life Insurance Company owned about 0.65% of Shopify worth $998,137,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds also recently bought and sold shares of SHOP. M&T Bank Corp grew its stake in shares of Shopify by 37.1% in the 4th quarter. M&T Bank Corp now owns 81,082 shares of the software maker's stock worth $13,051,000 after buying an additional 21,945 shares in the last quarter. Triasima Portfolio Management inc. increased its stake in Shopify by 11.0% during the fourth quarter. Triasima Portfolio Management inc. now owns 182,338 shares of the software maker's stock worth $29,398,000 after acquiring an additional 18,028 shares during the last quarter. Assetmark Inc. raised its position in Shopify by 6.7% during the fourth quarter. Assetmark Inc. now owns 213,583 shares of the software maker's stock valued at $34,380,000 after purchasing an additional 13,415 shares during the period. Mirae Asset Global Investments Co. Ltd. boosted its holdings in shares of Shopify by 12.8% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 526,114 shares of the software maker's stock worth $84,689,000 after purchasing an additional 59,745 shares during the period. Finally, Massachusetts Financial Services Co. MA raised its holdings in Shopify by 6.4% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 5,892,833 shares of the software maker's stock valued at $948,569,000 after buying an additional 356,008 shares during the period. 69.27% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

SHOP has been the topic of several analyst reports. Piper Sandler reiterated an "overweight" rating and set a $150.00 price target (down from $165.00) on shares of Shopify in a report on Tuesday, May 5th. Stifel Nicolaus set a $150.00 target price on shares of Shopify and gave the company a "buy" rating in a research note on Thursday, July 9th. Weiss Ratings cut shares of Shopify from a "hold (c)" rating to a "hold (c-)" rating in a research report on Wednesday, May 6th. Wells Fargo & Company decreased their price target on shares of Shopify from $166.00 to $144.00 and set an "overweight" rating for the company in a research note on Wednesday, May 6th. Finally, Robert W. Baird set a $150.00 price objective on Shopify in a report on Wednesday, May 6th. Three investment analysts have rated the stock with a Strong Buy rating, thirty-three have issued a Buy rating and nine have issued a Hold rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $157.69.

Shopify Price Performance

Shopify stock opened at $126.88 on Tuesday. Shopify Inc. has a 1-year low of $94.00 and a 1-year high of $182.19. The business has a fifty day moving average price of $114.88 and a 200-day moving average price of $121.52. The stock has a market capitalization of $164.65 billion, a price-to-earnings ratio of 125.63, a PEG ratio of 2.45 and a beta of 2.58.

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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