AIA Group Ltd Sells 22,249 Shares of Shopify Inc. $SHOP

AIA Group Ltd lessened its holdings in Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 16.8% in the first quarter, Holdings Channel reports. The firm owned 110,456 shares of the software maker’s stock after selling 22,249 shares during the period. AIA Group Ltd’s holdings in Shopify were worth $13,102,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently made changes to their positions in the business. Mediolanum International Funds Ltd lifted its stake in Shopify by 4.7% in the first quarter. Mediolanum International Funds Ltd now owns 96,756 shares of the software maker’s stock valued at $10,828,000 after purchasing an additional 4,305 shares during the last quarter. Spartan Wealth Advisory Services LLC bought a new stake in shares of Shopify in the first quarter valued at approximately $251,000. Ascent Wealth Partners LLC lifted its stake in shares of Shopify by 6.0% during the 1st quarter. Ascent Wealth Partners LLC now owns 20,715 shares of the software maker’s stock valued at $2,457,000 after buying an additional 1,177 shares in the last quarter. Annis Gardner Whiting Capital Advisors LLC boosted its holdings in Shopify by 1.3% in the 1st quarter. Annis Gardner Whiting Capital Advisors LLC now owns 14,553 shares of the software maker’s stock worth $1,726,000 after buying an additional 185 shares during the period. Finally, Quadrant Private Wealth Management LLC boosted its holdings in Shopify by 54.1% in the 1st quarter. Quadrant Private Wealth Management LLC now owns 4,497 shares of the software maker’s stock worth $533,000 after buying an additional 1,579 shares during the period. 69.27% of the stock is owned by hedge funds and other institutional investors.

Shopify Stock Down 1.2%

NASDAQ SHOP opened at $123.56 on Friday. The firm has a market capitalization of $160.34 billion, a PE ratio of 122.34, a P/E/G ratio of 2.68 and a beta of 2.58. The stock’s 50 day moving average is $112.47 and its 200 day moving average is $123.66. Shopify Inc. has a twelve month low of $94.00 and a twelve month high of $182.19.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on SHOP shares. Piper Sandler reissued an “overweight” rating and issued a $150.00 price target (down from $165.00) on shares of Shopify in a report on Tuesday, May 5th. BTIG Research initiated coverage on Shopify in a report on Friday, July 10th. They issued a “buy” rating for the company. Robert W. Baird set a $150.00 target price on shares of Shopify in a report on Wednesday, May 6th. Susquehanna assumed coverage on shares of Shopify in a research note on Friday, July 10th. They issued a “neutral” rating for the company. Finally, Stifel Nicolaus set a $150.00 price target on Shopify and gave the stock a “buy” rating in a research note on Thursday, July 9th. Three investment analysts have rated the stock with a Strong Buy rating, thirty-two have issued a Buy rating and ten have given a Hold rating to the company. Based on data from MarketBeat, Shopify currently 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.