Allianz SE Makes New Investment in Shopify Inc. (NYSE:SHOP)

Allianz SE purchased a new stake in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 250 shares of the software maker’s stock, valued at approximately $27,000.

Several other large investors also recently made changes to their positions in SHOP. Vanguard Group Inc. boosted its position in Shopify by 1.7% during the 4th quarter. Vanguard Group Inc. now owns 47,080,112 shares of the software maker’s stock worth $5,010,721,000 after acquiring an additional 781,162 shares during the last quarter. Norges Bank acquired a new position in Shopify during the fourth quarter worth $1,542,262,000. National Bank of Canada FI boosted its holdings in Shopify by 28.0% during the third quarter. National Bank of Canada FI now owns 7,408,880 shares of the software maker’s stock worth $593,588,000 after purchasing an additional 1,621,981 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. grew its position in Shopify by 30.2% in the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 7,095,382 shares of the software maker’s stock valued at $754,201,000 after purchasing an additional 1,647,374 shares in the last quarter. Finally, Geode Capital Management LLC increased its stake in Shopify by 9.6% in the 3rd quarter. Geode Capital Management LLC now owns 5,387,806 shares of the software maker’s stock valued at $432,573,000 after buying an additional 471,280 shares during the last quarter. Institutional investors own 69.27% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the company. New Street Research initiated coverage on Shopify in a report on Friday, January 10th. They issued a “neutral” rating and a $115.00 price objective for the company. Benchmark upgraded Shopify from a “hold” rating to a “buy” rating and set a $150.00 price target for the company in a research note on Monday, February 10th. Truist Financial upped their price objective on Shopify from $110.00 to $120.00 and gave the stock a “hold” rating in a research note on Wednesday, February 12th. Oppenheimer raised their target price on shares of Shopify from $130.00 to $150.00 and gave the company an “outperform” rating in a research note on Wednesday, February 12th. Finally, Piper Sandler upped their price target on shares of Shopify from $94.00 to $104.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 12th. One analyst has rated the stock with a sell rating, fifteen have assigned a hold rating, twenty-four have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Shopify has a consensus rating of “Moderate Buy” and an average target price of $126.31.

Shopify Stock Performance

Shares of NYSE SHOP opened at $95.48 on Tuesday. The stock has a market capitalization of $123.63 billion, a P/E ratio of 61.60, a PEG ratio of 4.82 and a beta of 2.60. The stock’s fifty day moving average is $110.06 and its 200 day moving average is $101.15. Shopify Inc. has a 52 week low of $48.56 and a 52 week high of $129.38.

Shopify (NYSE:SHOP) (TSE:SHOP) last released its earnings results on Tuesday, February 11th. The software maker reported $0.34 EPS for the quarter, missing the consensus estimate of $0.44 by ($0.10). Shopify had a net margin of 22.74% and a return on equity of 12.00%. Equities research analysts forecast that Shopify Inc. will post 1.12 earnings per share for the current year.

About Shopify

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.