Shopify Inc. $SHOP is Mufg Securities Canada LTD.’s 5th Largest Position

Mufg Securities Canada LTD. decreased its position in shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 5.1% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,725,549 shares of the software maker’s stock after selling 93,039 shares during the quarter. Shopify makes up 5.2% of Mufg Securities Canada LTD.’s holdings, making the stock its 5th largest holding. Mufg Securities Canada LTD.’s holdings in Shopify were worth $197,102,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Norges Bank purchased a new stake in shares of Shopify in the 4th quarter worth approximately $2,611,797,000. Invesco Ltd. boosted its stake in shares of Shopify by 9.8% during the fourth quarter. Invesco Ltd. now owns 14,026,193 shares of the software maker’s stock valued at $2,257,796,000 after purchasing an additional 1,252,074 shares in the last quarter. Geode Capital Management LLC increased its holdings in Shopify by 6.2% during the fourth quarter. Geode Capital Management LLC now owns 12,601,476 shares of the software maker’s stock valued at $2,043,365,000 after buying an additional 737,892 shares during the period. Mackenzie Financial Corp raised its stake in Shopify by 9.1% in the fourth quarter. Mackenzie Financial Corp now owns 9,961,097 shares of the software maker’s stock worth $1,627,352,000 after buying an additional 827,643 shares in the last quarter. Finally, Sands Capital Management LLC raised its stake in Shopify by 37.0% in the fourth quarter. Sands Capital Management LLC now owns 9,506,036 shares of the software maker’s stock worth $1,530,187,000 after buying an additional 2,568,765 shares in the last quarter. 69.27% of the stock is currently owned by institutional investors.

Shopify Stock Down 3.6%

Shopify stock opened at $147.37 on Tuesday. Shopify Inc. has a 1-year low of $94.00 and a 1-year high of $182.19. The business has a fifty day moving average price of $131.76 and a 200-day moving average price of $121.93. The company has a debt-to-equity ratio of 0.01, a current ratio of 5.35 and a quick ratio of 5.35. The stock has a market capitalization of $189.61 billion, a price-to-earnings ratio of 99.57, a PEG ratio of 3.12 and a beta of 2.58.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last released its quarterly earnings results on Wednesday, August 5th. The software maker reported $0.42 EPS for the quarter, beating analysts’ consensus estimates of $0.40 by $0.02. The company had revenue of $3.58 billion during the quarter. Shopify had a return on equity of 12.58% and a net margin of 14.53%.The company’s quarterly revenue was up 33.7% compared to the same quarter last year. During the same quarter last year, the business posted $0.69 earnings per share. Equities research analysts forecast that Shopify Inc. will post 1.45 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several brokerages have issued reports on SHOP. Wedbush increased their target price on Shopify from $155.00 to $176.00 and gave the company an “outperform” rating in a research report on Thursday, August 6th. Stifel Nicolaus set a $150.00 price objective on Shopify and gave the stock a “buy” rating in a research note on Thursday, July 9th. Citigroup reiterated an “outperform” rating on shares of Shopify in a research note on Thursday, August 6th. JPMorgan Chase & Co. increased their price target on shares of Shopify from $155.00 to $185.00 and gave the company an “overweight” rating in a research report on Thursday, August 6th. Finally, Canaccord Genuity Group set a $180.00 price target on shares of Shopify and gave the company a “buy” rating in a report on Wednesday, August 5th. One research analyst has rated the stock with a Strong Buy rating, thirty-five have given a Buy rating and ten have issued a Hold rating to the company’s stock. Based on data from MarketBeat, Shopify presently has a consensus rating of “Moderate Buy” and an average price target of $170.84.

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.