Principal Financial Group Inc. Has $3.22 Million Stake in Shopify Inc. (NYSE:SHOP)

Principal Financial Group Inc. trimmed its stake in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 8.0% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 40,200 shares of the software maker’s stock after selling 3,500 shares during the period. Principal Financial Group Inc.’s holdings in Shopify were worth $3,224,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of SHOP. Silvercrest Asset Management Group LLC lifted its holdings in Shopify by 735.0% in the first quarter. Silvercrest Asset Management Group LLC now owns 52,928 shares of the software maker’s stock valued at $4,084,000 after buying an additional 46,589 shares during the period. Mirae Asset Global Investments Co. Ltd. lifted its holdings in Shopify by 3.8% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 190,371 shares of the software maker’s stock valued at $15,079,000 after buying an additional 7,009 shares during the period. DekaBank Deutsche Girozentrale lifted its holdings in Shopify by 5.8% in the first quarter. DekaBank Deutsche Girozentrale now owns 523,257 shares of the software maker’s stock valued at $40,838,000 after buying an additional 28,639 shares during the period. Clearbridge Investments LLC lifted its holdings in Shopify by 54.2% in the second quarter. Clearbridge Investments LLC now owns 4,714,691 shares of the software maker’s stock valued at $311,404,000 after buying an additional 1,657,251 shares during the period. Finally, Dash Acquisitions Inc. acquired a new position in Shopify in the third quarter valued at approximately $2,933,000. 69.27% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

SHOP has been the topic of several analyst reports. Redburn Atlantic upgraded shares of Shopify from a “neutral” rating to a “buy” rating and set a $99.00 price objective on the stock in a report on Tuesday, September 17th. Evercore upped their target price on shares of Shopify from $75.00 to $80.00 in a research note on Thursday, August 8th. Mizuho upped their target price on shares of Shopify from $68.00 to $105.00 and gave the company a “neutral” rating in a research note on Wednesday, November 13th. JPMorgan Chase & Co. upped their target price on shares of Shopify from $74.00 to $76.00 and gave the company an “overweight” rating in a research note on Tuesday, August 20th. Finally, Benchmark reaffirmed a “hold” rating on shares of Shopify in a research note on Tuesday, August 6th. One investment analyst has rated the stock with a sell rating, seventeen have assigned a hold rating, twenty-three have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $94.95.

Shopify Trading Up 2.5 %

Shares of Shopify stock opened at $106.53 on Friday. The firm has a market capitalization of $137.47 billion, a PE ratio of 99.56, a price-to-earnings-growth ratio of 3.09 and a beta of 2.36. The company has a current ratio of 7.10, a quick ratio of 7.10 and a debt-to-equity ratio of 0.09. The firm’s 50 day moving average is $84.81 and its 200 day moving average is $71.95. Shopify Inc. has a 1 year low of $48.56 and a 1 year high of $115.62.

About Shopify

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.