Shopify Inc. (NYSE:SHOP) Shares Sold by Principal Financial Group Inc.

Principal Financial Group Inc. lessened its position in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 8.0% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 40,200 shares of the software maker’s stock after selling 3,500 shares during the period. Principal Financial Group Inc.’s holdings in Shopify were worth $3,224,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. Oliver Lagore Vanvalin Investment Group grew its holdings in Shopify by 100.0% in the 2nd quarter. Oliver Lagore Vanvalin Investment Group now owns 400 shares of the software maker’s stock valued at $26,000 after buying an additional 200 shares during the period. Hazlett Burt & Watson Inc. acquired a new position in Shopify during the second quarter worth approximately $33,000. Brooklyn Investment Group purchased a new position in Shopify during the third quarter worth approximately $33,000. Rosenberg Matthew Hamilton boosted its holdings in shares of Shopify by 41.3% in the 3rd quarter. Rosenberg Matthew Hamilton now owns 455 shares of the software maker’s stock valued at $36,000 after purchasing an additional 133 shares during the last quarter. Finally, Truvestments Capital LLC purchased a new stake in shares of Shopify during the 3rd quarter valued at $45,000. Institutional investors and hedge funds own 69.27% of the company’s stock.

Shopify Stock Performance

Shares of SHOP opened at $109.25 on Friday. The stock has a market capitalization of $141.16 billion, a PE ratio of 102.10, a price-to-earnings-growth ratio of 2.98 and a beta of 2.46. The business’s fifty day moving average price is $103.89 and its 200 day moving average price is $82.45. The company has a debt-to-equity ratio of 0.09, a current ratio of 7.10 and a quick ratio of 7.10. Shopify Inc. has a 12-month low of $48.56 and a 12-month high of $120.72.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on SHOP. Piper Sandler increased their target price on Shopify from $67.00 to $94.00 and gave the stock a “neutral” rating in a research report on Wednesday, November 13th. Scotiabank raised their price objective on Shopify from $75.00 to $80.00 and gave the stock a “sector perform” rating in a report on Thursday, October 24th. Truist Financial boosted their target price on Shopify from $65.00 to $110.00 and gave the stock a “hold” rating in a report on Wednesday, November 13th. Barclays increased their target price on shares of Shopify from $70.00 to $93.00 and gave the stock an “equal weight” rating in a research report on Wednesday, November 13th. Finally, Wells Fargo & Company lifted their price target on shares of Shopify from $90.00 to $120.00 and gave the company an “overweight” rating in a research report on Wednesday, November 13th. One research analyst has rated the stock with a sell rating, sixteen have issued a hold rating, twenty-three have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Shopify presently has a consensus rating of “Moderate Buy” and an average price target of $99.03.

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.