Principal Financial Group Inc. Decreases Holdings in Shopify Inc. (NYSE:SHOP)

Principal Financial Group Inc. decreased its position in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 8.0% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 40,200 shares of the software maker’s stock after selling 3,500 shares during the quarter. Principal Financial Group Inc.’s holdings in Shopify were worth $3,224,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of SHOP. Edgestream Partners L.P. boosted its stake in shares of Shopify by 91.4% during the 1st quarter. Edgestream Partners L.P. now owns 6,083 shares of the software maker’s stock worth $469,000 after acquiring an additional 2,905 shares in the last quarter. CreativeOne Wealth LLC raised its position in shares of Shopify by 62.4% during the 1st quarter. CreativeOne Wealth LLC now owns 6,392 shares of the software maker’s stock worth $494,000 after purchasing an additional 2,456 shares during the last quarter. Gamco Investors INC. ET AL acquired a new position in shares of Shopify during the 1st quarter worth approximately $207,000. Bank of Nova Scotia Trust Co. raised its position in shares of Shopify by 5.1% during the 1st quarter. Bank of Nova Scotia Trust Co. now owns 36,444 shares of the software maker’s stock worth $2,812,000 after purchasing an additional 1,759 shares during the last quarter. Finally, BOKF NA raised its position in shares of Shopify by 6.3% during the 1st quarter. BOKF NA now owns 5,722 shares of the software maker’s stock worth $447,000 after purchasing an additional 337 shares during the last quarter. Hedge funds and other institutional investors own 69.27% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on the company. JPMorgan Chase & Co. lifted their price objective on Shopify from $74.00 to $76.00 and gave the stock an “overweight” rating in a research report on Tuesday, August 20th. Wells Fargo & Company boosted their price target on Shopify from $90.00 to $120.00 and gave the company an “overweight” rating in a report on Wednesday, November 13th. Robert W. Baird boosted their price target on Shopify from $90.00 to $126.00 and gave the company an “outperform” rating in a report on Wednesday, November 13th. Barclays upped their price objective on Shopify from $70.00 to $93.00 and gave the stock an “equal weight” rating in a report on Wednesday, November 13th. Finally, UBS Group upped their price target on shares of Shopify from $71.00 to $75.00 and gave the stock a “neutral” rating in a research report on Thursday, August 8th. One analyst has rated the stock with a sell rating, seventeen have issued a hold rating, twenty-three have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $94.95.

Shopify Price Performance

NYSE:SHOP opened at $106.53 on Friday. The firm has a market cap of $137.47 billion, a PE ratio of 99.56, a price-to-earnings-growth ratio of 3.09 and a beta of 2.36. Shopify Inc. has a 12 month low of $48.56 and a 12 month high of $115.62. The company has a quick ratio of 7.10, a current ratio of 7.10 and a debt-to-equity ratio of 0.09. The company’s 50-day moving average price is $84.81 and its two-hundred day moving average price is $71.95.

Shopify Profile

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.