Mackenzie Financial Corp Raises Stake in Shopify Inc. (NYSE:SHOP)

Mackenzie Financial Corp grew its stake in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 49.9% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 6,315,028 shares of the software maker’s stock after buying an additional 2,102,939 shares during the quarter. Mackenzie Financial Corp’s holdings in Shopify were worth $417,386,000 as of its most recent SEC filing.

A number of other large investors also recently bought and sold shares of SHOP. The Manufacturers Life Insurance Company grew its holdings in shares of Shopify by 7.4% during the second quarter. The Manufacturers Life Insurance Company now owns 7,726,950 shares of the software maker’s stock worth $510,016,000 after buying an additional 533,111 shares in the last quarter. Maplelane Capital LLC acquired a new position in shares of Shopify during the second quarter worth about $5,614,000. APG Asset Management N.V. boosted its holdings in shares of Shopify by 6.3% in the 2nd quarter. APG Asset Management N.V. now owns 936,792 shares of the software maker’s stock valued at $57,751,000 after buying an additional 55,420 shares in the last quarter. APG Asset Management US Inc. increased its position in shares of Shopify by 2.4% during the second quarter. APG Asset Management US Inc. now owns 376,776 shares of the software maker’s stock worth $24,807,000 after purchasing an additional 9,001 shares in the last quarter. Finally, Caxton Associates LP purchased a new stake in Shopify in the 2nd quarter valued at $3,963,000. 69.27% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on SHOP shares. UBS Group boosted their target price on shares of Shopify from $71.00 to $75.00 and gave the stock a “neutral” rating in a research report on Thursday, August 8th. Deutsche Bank Aktiengesellschaft boosted their price target on Shopify from $80.00 to $85.00 and gave the company a “buy” rating in a research report on Thursday, August 8th. Cantor Fitzgerald reiterated a “neutral” rating and issued a $70.00 price target on shares of Shopify in a report on Monday. Moffett Nathanson lowered shares of Shopify from a “buy” rating to a “neutral” rating and cut their price objective for the stock from $74.00 to $65.00 in a report on Thursday, June 6th. Finally, Truist Financial dropped their target price on shares of Shopify from $65.00 to $55.00 and set a “hold” rating for the company in a research report on Tuesday, August 6th. One equities research analyst has rated the stock with a sell rating, sixteen have assigned a hold rating, twenty-four have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $77.92.

Shopify Price Performance

Shares of NYSE SHOP opened at $80.77 on Friday. The company has a current ratio of 7.32, a quick ratio of 7.32 and a debt-to-equity ratio of 0.10. The firm’s 50-day moving average price is $69.23 and its 200-day moving average price is $68.48. The firm has a market capitalization of $104.09 billion, a P/E ratio of -475.12, a P/E/G ratio of 2.68 and a beta of 2.35. Shopify Inc. has a 1-year low of $45.50 and a 1-year high of $91.57.

Shopify (NYSE:SHOP) (TSE:SHOP) last announced its quarterly earnings results on Wednesday, August 7th. The software maker reported $0.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.20 by $0.06. The business had revenue of $2.05 billion for the quarter, compared to analyst estimates of $2.01 billion. Shopify had a return on equity of 10.88% and a net margin of 16.40%. The company’s quarterly revenue was up 20.7% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.08) earnings per share. Equities research analysts anticipate that Shopify Inc. will post 0.76 earnings per share for the current fiscal year.

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.