Munich Reinsurance Co Stock Corp in Munich Purchases New Shares in Shopify Inc. $SHOP

Munich Reinsurance Co Stock Corp in Munich purchased a new position in shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) during the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 15,161 shares of the software maker’s stock, valued at approximately $2,253,000.

A number of other hedge funds have also recently added to or reduced their stakes in SHOP. Norges Bank bought a new position in shares of Shopify in the second quarter worth about $1,794,952,000. Jennison Associates LLC lifted its position in shares of Shopify by 64.3% during the third quarter. Jennison Associates LLC now owns 18,923,431 shares of the software maker’s stock worth $2,812,211,000 after purchasing an additional 7,403,821 shares in the last quarter. Brown Advisory Inc. grew its stake in shares of Shopify by 5,193.6% during the second quarter. Brown Advisory Inc. now owns 2,066,884 shares of the software maker’s stock valued at $238,419,000 after purchasing an additional 2,027,839 shares during the last quarter. Geode Capital Management LLC grew its stake in shares of Shopify by 19.9% during the second quarter. Geode Capital Management LLC now owns 10,731,795 shares of the software maker’s stock valued at $1,247,007,000 after purchasing an additional 1,781,530 shares during the last quarter. Finally, Picton Mahoney Asset Management increased its holdings in shares of Shopify by 246,359.0% in the second quarter. Picton Mahoney Asset Management now owns 1,759,717 shares of the software maker’s stock valued at $202,146,000 after purchasing an additional 1,759,003 shares in the last quarter. Institutional investors own 69.27% of the company’s stock.

Shopify Stock Performance

Shares of SHOP stock opened at $130.20 on Friday. The firm’s 50 day moving average price is $137.30 and its two-hundred day moving average price is $149.06. Shopify Inc. has a 52-week low of $69.84 and a 52-week high of $182.19. The stock has a market cap of $169.50 billion, a PE ratio of 140.00, a PEG ratio of 4.74 and a beta of 2.83.

Analysts Set New Price Targets

Several research analysts recently weighed in on SHOP shares. Canaccord Genuity Group set a $165.00 price objective on shares of Shopify and gave the stock a “buy” rating in a research report on Thursday, February 12th. Mizuho raised Shopify from a “neutral” rating to an “outperform” rating and set a $150.00 target price for the company in a research note on Thursday, February 12th. Bank of America boosted their target price on Shopify from $185.00 to $190.00 and gave the stock a “buy” rating in a research report on Wednesday, December 17th. Cantor Fitzgerald reaffirmed a “neutral” rating and set a $126.00 price target (down from $181.00) on shares of Shopify in a research note on Thursday, February 12th. Finally, Wells Fargo & Company set a $191.00 price target on Shopify and gave the company an “overweight” rating in a report on Thursday, February 12th. Two analysts have rated the stock with a Strong Buy rating, thirty-one have issued a Buy rating and ten have given a Hold rating to the company. According to data from MarketBeat.com, Shopify has an average rating of “Moderate Buy” and an average target price of $162.64.

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.