Allspring Global Investments Holdings LLC Has $124.77 Million Stake in Shopify Inc. $SHOP

Allspring Global Investments Holdings LLC lifted its stake in Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 8.6% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 793,725 shares of the software maker’s stock after purchasing an additional 62,520 shares during the period. Allspring Global Investments Holdings LLC owned 0.06% of Shopify worth $124,774,000 at the end of the most recent quarter.

Other institutional investors have also recently bought and sold shares of the company. Heartwood Wealth Advisors LLC bought a new stake in shares of Shopify during the third quarter worth $27,000. JPL Wealth Management LLC bought a new position in Shopify in the third quarter valued at about $32,000. Caitlin John LLC bought a new position in Shopify in the third quarter valued at about $36,000. Cornerstone Planning Group LLC increased its position in Shopify by 104.9% in the third quarter. Cornerstone Planning Group LLC now owns 250 shares of the software maker’s stock worth $37,000 after purchasing an additional 128 shares during the period. Finally, Financial Consulate Inc. acquired a new stake in Shopify in the third quarter worth about $38,000. Institutional investors own 69.27% of the company’s stock.

Analyst Upgrades and Downgrades

SHOP has been the topic of a number of research reports. Scotiabank upgraded shares of Shopify from a “sector perform” rating to an “outperform” rating and upped their target price for the company from $165.00 to $200.00 in a research report on Thursday, January 8th. Arete Research set a $175.00 price target on shares of Shopify in a research report on Monday, February 2nd. Citizens Jmp dropped their price target on shares of Shopify from $200.00 to $160.00 and set a “market outperform” rating for the company in a research note on Thursday, February 12th. Mizuho raised shares of Shopify from a “neutral” rating to an “outperform” rating and set a $150.00 price objective on the stock in a research note on Thursday, February 12th. Finally, TD Cowen raised shares of Shopify from a “hold” rating to a “buy” rating and set a $159.00 target price for the company in a report on Wednesday, February 11th. Three investment analysts have rated the stock with a Strong Buy rating, thirty-one have issued a Buy rating and ten have issued a Hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $163.38.

Shopify Price Performance

NASDAQ:SHOP opened at $111.77 on Tuesday. The business’s 50-day simple moving average is $124.22 and its 200-day simple moving average is $146.90. Shopify Inc. has a fifty-two week low of $69.84 and a fifty-two week high of $182.19. The stock has a market capitalization of $145.76 billion, a PE ratio of 120.18, a price-to-earnings-growth ratio of 3.96 and a beta of 2.83.

About Shopify

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.