Shopify Inc. $SHOP Shares Sold by MGO One Seven LLC

MGO One Seven LLC decreased its stake in shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 30.0% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 16,362 shares of the software maker’s stock after selling 7,022 shares during the period. MGO One Seven LLC’s holdings in Shopify were worth $1,887,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. Vanguard Group Inc. increased its position in Shopify by 1.9% during the first quarter. Vanguard Group Inc. now owns 47,962,280 shares of the software maker’s stock worth $4,563,106,000 after purchasing an additional 882,168 shares during the last quarter. Mackenzie Financial Corp increased its position in Shopify by 19.7% during the first quarter. Mackenzie Financial Corp now owns 8,648,734 shares of the software maker’s stock worth $822,745,000 after purchasing an additional 1,426,406 shares during the last quarter. Nuveen LLC acquired a new position in Shopify during the first quarter worth approximately $667,392,000. Canada Pension Plan Investment Board increased its position in Shopify by 34.4% during the first quarter. Canada Pension Plan Investment Board now owns 5,943,409 shares of the software maker’s stock worth $565,504,000 after purchasing an additional 1,522,573 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA increased its position in Shopify by 21.0% during the first quarter. Massachusetts Financial Services Co. MA now owns 5,649,162 shares of the software maker’s stock worth $539,382,000 after purchasing an additional 979,598 shares during the last quarter. Institutional investors and hedge funds own 69.27% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts recently commented on SHOP shares. Zacks Research raised shares of Shopify to a “hold” rating in a research report on Tuesday, August 12th. Stifel Nicolaus lifted their price target on shares of Shopify from $110.00 to $150.00 and gave the company a “hold” rating in a research report on Thursday, August 7th. Royal Bank Of Canada lifted their price target on shares of Shopify from $145.00 to $170.00 and gave the company an “outperform” rating in a research report on Thursday, August 7th. Scotiabank reaffirmed a “sector perform” rating and set a $150.00 price target (up from $115.00) on shares of Shopify in a research report on Thursday, August 7th. Finally, DA Davidson lifted their price target on shares of Shopify from $125.00 to $185.00 and gave the company a “buy” rating in a research report on Thursday, August 7th. Twenty-two research analysts have rated the stock with a Buy rating, twenty-three have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average price target of $151.95.

Shopify Price Performance

Shopify stock opened at $152.88 on Wednesday. Shopify Inc. has a 12-month low of $69.84 and a 12-month high of $169.69. The company has a market capitalization of $198.69 billion, a price-to-earnings ratio of 85.41, a price-to-earnings-growth ratio of 7.19 and a beta of 2.72. The firm’s fifty day moving average price is $147.70 and its 200 day moving average price is $119.91.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last released its quarterly earnings results on Wednesday, August 6th. The software maker reported $0.35 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.29 by $0.06. Shopify had a net margin of 23.42% and a return on equity of 12.30%. The firm had revenue of $2.68 billion for the quarter, compared to the consensus estimate of $2.55 billion. During the same quarter in the previous year, the firm posted $0.26 EPS. The firm’s quarterly revenue was up 31.1% on a year-over-year basis. Analysts forecast that Shopify Inc. will post 1.12 earnings per share for the current fiscal year.

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.