Allspring Global Investments Holdings LLC Has $51.12 Million Stock Holdings in Shopify Inc. (NYSE:SHOP)

Allspring Global Investments Holdings LLC grew its position in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 150.5% during the 4th quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 475,564 shares of the software maker’s stock after purchasing an additional 285,737 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Shopify were worth $51,121,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Jennison Associates LLC acquired a new stake in shares of Shopify in the 4th quarter valued at $132,323,000. Swiss National Bank lifted its position in Shopify by 0.9% during the 3rd quarter. Swiss National Bank now owns 3,657,800 shares of the software maker’s stock worth $293,507,000 after buying an additional 33,300 shares in the last quarter. Watts Gwilliam & Co. LLC lifted its position in Shopify by 53.0% during the 4th quarter. Watts Gwilliam & Co. LLC now owns 13,401 shares of the software maker’s stock worth $1,431,000 after buying an additional 4,641 shares in the last quarter. Teachers Retirement System of The State of Kentucky lifted its position in Shopify by 29.3% during the 3rd quarter. Teachers Retirement System of The State of Kentucky now owns 342,030 shares of the software maker’s stock worth $27,409,000 after buying an additional 77,500 shares in the last quarter. Finally, Oppenheimer & Co. Inc. lifted its position in Shopify by 26.4% during the 3rd quarter. Oppenheimer & Co. Inc. now owns 33,609 shares of the software maker’s stock worth $2,693,000 after buying an additional 7,027 shares in the last quarter. Institutional investors and hedge funds own 69.27% of the company’s stock.

Shopify Price Performance

NYSE SHOP opened at $127.65 on Friday. The business has a 50 day simple moving average of $111.43 and a 200 day simple moving average of $92.02. Shopify Inc. has a 52-week low of $48.56 and a 52-week high of $128.00. The company has a debt-to-equity ratio of 0.09, a quick ratio of 7.10 and a current ratio of 7.10. The stock has a market cap of $164.93 billion, a price-to-earnings ratio of 119.30, a PEG ratio of 2.49 and a beta of 2.47.

Shopify (NYSE:SHOP) (TSE:SHOP) last released its quarterly earnings results on Tuesday, February 11th. The software maker reported $0.34 earnings per share for the quarter, missing analysts’ consensus estimates of $0.44 by ($0.10). Shopify had a return on equity of 11.60% and a net margin of 16.84%. Analysts anticipate that Shopify Inc. will post 0.91 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on the stock. Deutsche Bank Aktiengesellschaft upped their price target on shares of Shopify from $125.00 to $150.00 and gave the stock a “buy” rating in a research report on Wednesday. Oppenheimer upped their price target on shares of Shopify from $130.00 to $150.00 and gave the stock an “outperform” rating in a research report on Wednesday. Barclays upped their price target on shares of Shopify from $93.00 to $100.00 and gave the stock an “equal weight” rating in a research report on Wednesday. Truist Financial upped their price target on shares of Shopify from $110.00 to $120.00 and gave the stock a “hold” rating in a research report on Wednesday. Finally, Wedbush reiterated an “outperform” rating and set a $125.00 price target on shares of Shopify in a research report on Tuesday. One equities research analyst has rated the stock with a sell rating, fourteen have issued a hold rating, twenty-five have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $125.14.

Shopify Company Profile

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.