Allspring Global Investments Holdings LLC Sells 22,656 Shares of Shopify Inc. $SHOP

Allspring Global Investments Holdings LLC decreased its position in shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 2.9% during the 1st quarter, HoldingsChannel reports. The fund owned 771,069 shares of the software maker’s stock after selling 22,656 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Shopify were worth $91,387,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Norges Bank bought a new position in Shopify in the fourth quarter valued at about $2,611,797,000. Sands Capital Management LLC grew its holdings in Shopify by 37.0% during the 4th quarter. Sands Capital Management LLC now owns 9,506,036 shares of the software maker’s stock worth $1,530,187,000 after acquiring an additional 2,568,765 shares during the last quarter. Invesco Ltd. grew its holdings in Shopify by 9.8% during the 4th quarter. Invesco Ltd. now owns 14,026,193 shares of the software maker’s stock worth $2,257,796,000 after acquiring an additional 1,252,074 shares during the last quarter. Thrivent Financial for Lutherans increased its position in Shopify by 7,207.2% in the 4th quarter. Thrivent Financial for Lutherans now owns 1,148,259 shares of the software maker’s stock valued at $184,883,000 after acquiring an additional 1,132,545 shares during the period. Finally, Select Equity Group L.P. increased its position in Shopify by 92.5% in the 2nd quarter. Select Equity Group L.P. now owns 2,246,473 shares of the software maker’s stock valued at $259,124,000 after acquiring an additional 1,079,494 shares during the period. Institutional investors own 69.27% of the company’s stock.

Shopify Stock Down 1.2%

Shares of NASDAQ SHOP opened at $123.56 on Friday. The firm has a market cap of $160.34 billion, a PE ratio of 122.34, a P/E/G ratio of 2.71 and a beta of 2.58. The company’s fifty day simple moving average is $112.47 and its 200 day simple moving average is $123.66. Shopify Inc. has a 12-month low of $94.00 and a 12-month high of $182.19.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the stock. Zacks Research upgraded shares of Shopify from a “hold” rating to a “strong-buy” rating in a report on Tuesday, July 7th. Piper Sandler restated an “overweight” rating and issued a $150.00 price objective (down from $165.00) on shares of Shopify in a report on Tuesday, May 5th. Wells Fargo & Company lowered their target price on Shopify from $166.00 to $144.00 and set an “overweight” rating for the company in a research report on Wednesday, May 6th. Oppenheimer reaffirmed an “outperform” rating and set a $175.00 target price on shares of Shopify in a report on Wednesday, May 6th. Finally, Bank of America initiated coverage on Shopify in a research report on Tuesday, July 7th. They issued a “buy” rating and a $150.00 price target on the stock. Three research analysts have rated the stock with a Strong Buy rating, thirty-two have given a Buy rating and ten have given a Hold rating to the company. According to data from MarketBeat, Shopify presently has an average rating of “Moderate Buy” and an average target price of $157.58.

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.