Allspring Global Investments Holdings LLC Has $91.39 Million Position in Shopify Inc. $SHOP

Allspring Global Investments Holdings LLC lessened its position in Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 2.9% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 771,069 shares of the software maker’s stock after selling 22,656 shares during the period. Allspring Global Investments Holdings LLC owned about 0.06% of Shopify worth $91,387,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Kingdom Financial Group LLC. bought a new position in Shopify during the fourth quarter worth about $26,000. Curio Wealth LLC bought a new stake in Shopify in the fourth quarter valued at approximately $27,000. Mowery & Schoenfeld Wealth Management LLC acquired a new stake in shares of Shopify in the fourth quarter valued at approximately $29,000. Lloyd Advisory Services LLC. acquired a new stake in shares of Shopify in the fourth quarter valued at approximately $31,000. Finally, Lodestone Wealth Management LLC bought a new position in shares of Shopify during the 4th quarter worth approximately $31,000. 69.27% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

SHOP has been the topic of a number of recent analyst reports. Weiss Ratings lowered Shopify from a “hold (c)” rating to a “hold (c-)” rating in a report on Wednesday, May 6th. Royal Bank Of Canada reaffirmed an “outperform” rating and set a $170.00 price target on shares of Shopify in a report on Wednesday, May 6th. Zacks Research upgraded shares of Shopify from a “hold” rating to a “strong-buy” rating in a report on Tuesday, July 7th. Susquehanna assumed coverage on shares of Shopify in a research report on Friday, July 10th. They issued a “neutral” rating on the stock. Finally, Citigroup cut shares of Shopify from a “market outperform” rating to a “neutral” rating in a research note on Friday, July 10th. Three equities 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. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $157.58.

Shopify Trading Down 1.2%

Shares of NASDAQ SHOP opened at $123.56 on Friday. The company has a market cap of $160.34 billion, a price-to-earnings ratio of 122.34, a PEG ratio of 2.71 and a beta of 2.58. Shopify Inc. has a 12 month low of $94.00 and a 12 month high of $182.19. The stock has a 50-day moving average price of $112.47 and a two-hundred day moving average price of $123.66.

Shopify Company 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.