Principal Financial Group Inc. Has $4.19 Million Stock Holdings in Shopify Inc. (NYSE:SHOP)

Principal Financial Group Inc. decreased its position in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 2.0% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 39,400 shares of the software maker’s stock after selling 800 shares during the quarter. Principal Financial Group Inc.’s holdings in Shopify were worth $4,191,000 as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. New Wave Wealth Advisors LLC bought a new position in shares of Shopify during the fourth quarter worth $39,000. Mather Group LLC. lifted its holdings in Shopify by 84.8% during the fourth quarter. Mather Group LLC. now owns 401 shares of the software maker’s stock worth $43,000 after acquiring an additional 184 shares in the last quarter. Brooklyn Investment Group acquired a new position in Shopify in the third quarter valued at about $33,000. Sierra Ocean LLC bought a new stake in shares of Shopify in the fourth quarter worth about $46,000. Finally, Synergy Asset Management LLC bought a new stake in shares of Shopify in the fourth quarter worth about $55,000. Institutional investors and hedge funds own 69.27% of the company’s stock.

Analysts Set New Price Targets

SHOP has been the subject of several research analyst reports. TD Securities boosted their price objective on Shopify from $100.00 to $130.00 and gave the company a “hold” rating in a research report on Wednesday, February 12th. KeyCorp lifted their price target on shares of Shopify from $80.00 to $130.00 and gave the company an “overweight” rating in a research note on Wednesday, November 13th. Deutsche Bank Aktiengesellschaft increased their price objective on shares of Shopify from $125.00 to $150.00 and gave the stock a “buy” rating in a research report on Wednesday, February 12th. Wells Fargo & Company boosted their price objective on shares of Shopify from $120.00 to $135.00 and gave the company an “overweight” rating in a research report on Wednesday, February 12th. Finally, Moffett Nathanson upped their target price on shares of Shopify from $86.00 to $99.00 and gave the stock a “neutral” rating in a research note on Tuesday, November 26th. One investment analyst has rated the stock with a sell rating, fifteen have issued a hold rating, twenty-four have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $126.31.

Shopify Stock Down 5.1 %

SHOP opened at $106.25 on Tuesday. Shopify Inc. has a 12-month low of $48.56 and a 12-month high of $129.38. The business has a 50 day moving average of $112.82 and a 200-day moving average of $97.34. The stock has a market cap of $137.57 billion, a price-to-earnings ratio of 68.55, a PEG ratio of 4.82 and a beta of 2.47.

Shopify (NYSE:SHOP) (TSE:SHOP) last announced its quarterly earnings results on Tuesday, February 11th. The software maker reported $0.34 earnings per share (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%. As a group, analysts expect 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.