Miracle Mile Advisors LLC Has $266,000 Position in Shopify Inc. (NYSE:SHOP)

Miracle Mile Advisors LLC boosted its holdings in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 10.1% in the first quarter, Holdings Channel.com reports. The fund owned 3,444 shares of the software maker’s stock after buying an additional 316 shares during the quarter. Miracle Mile Advisors LLC’s holdings in Shopify were worth $266,000 at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of SHOP. Baillie Gifford & Co. grew its stake in shares of Shopify by 2.3% during the fourth quarter. Baillie Gifford & Co. now owns 64,164,758 shares of the software maker’s stock worth $4,998,476,000 after purchasing an additional 1,419,749 shares during the period. Vanguard Group Inc. grew its position in shares of Shopify by 3.0% during the 4th quarter. Vanguard Group Inc. now owns 42,168,291 shares of the software maker’s stock worth $3,284,910,000 after buying an additional 1,242,067 shares during the period. Capital World Investors increased its stake in shares of Shopify by 28.7% in the 4th quarter. Capital World Investors now owns 39,424,769 shares of the software maker’s stock valued at $3,071,197,000 after acquiring an additional 8,789,411 shares during the last quarter. Capital International Investors raised its position in shares of Shopify by 9.7% in the 4th quarter. Capital International Investors now owns 15,849,638 shares of the software maker’s stock valued at $1,235,534,000 after acquiring an additional 1,399,562 shares during the period. Finally, Norges Bank bought a new position in Shopify during the 4th quarter worth approximately $1,049,089,000. Institutional investors and hedge funds own 69.27% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have commented on SHOP shares. Evercore ISI raised shares of Shopify from an “in-line” rating to an “outperform” rating and set a $75.00 target price for the company in a research note on Friday, June 14th. CIBC dropped their price objective on Shopify from $100.00 to $85.00 and set an “outperformer” rating on the stock in a research note on Thursday, May 9th. Benchmark reissued a “hold” rating on shares of Shopify in a research note on Tuesday, May 7th. Mizuho dropped their price target on Shopify from $75.00 to $65.00 and set a “neutral” rating on the stock in a research report on Thursday, May 9th. Finally, Barclays cut their price objective on Shopify from $68.00 to $63.00 and set an “equal weight” rating on the stock in a report on Thursday, May 9th. One equities research analyst has rated the stock with a sell rating, sixteen have given a hold rating and twenty-one have given a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $76.42.

Shopify Stock Performance

NYSE:SHOP opened at $64.64 on Tuesday. Shopify Inc. has a 12-month low of $45.50 and a 12-month high of $91.57. The stock’s 50 day moving average price is $64.20 and its two-hundred day moving average price is $73.00. The company has a debt-to-equity ratio of 0.10, a quick ratio of 7.14 and a current ratio of 7.14.

Shopify (NYSE:SHOP) (TSE:SHOP) last posted its quarterly earnings results on Wednesday, May 8th. The software maker reported $0.12 earnings per share for the quarter, beating analysts’ consensus estimates of $0.08 by $0.04. Shopify had a positive return on equity of 7.36% and a negative net margin of 2.82%. The business had revenue of $1.86 billion for the quarter, compared to analysts’ expectations of $1.84 billion. On average, equities research analysts predict that Shopify Inc. will post 0.61 EPS for the current year.

Shopify 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.