Shopify Inc. $SHOP is Mufg Securities Canada LTD.’s 2nd Largest Position

Mufg Securities Canada LTD. trimmed its holdings in shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 7.8% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,862,000 shares of the software maker’s stock after selling 157,572 shares during the period. Shopify accounts for about 8.3% of Mufg Securities Canada LTD.’s holdings, making the stock its 2nd largest holding. Mufg Securities Canada LTD. owned about 0.14% of Shopify worth $299,875,000 as of its most recent SEC filing.

A number of other institutional investors also recently bought and sold shares of the business. Vanguard Group Inc. lifted its holdings in Shopify by 1.5% during the 4th quarter. Vanguard Group Inc. now owns 50,670,627 shares of the software maker’s stock worth $8,158,643,000 after buying an additional 743,803 shares during the last quarter. Norges Bank acquired a new stake in shares of Shopify during the fourth quarter worth about $2,611,797,000. Geode Capital Management LLC increased its position in shares of Shopify by 6.2% during the fourth quarter. Geode Capital Management LLC now owns 12,601,476 shares of the software maker’s stock worth $2,043,365,000 after purchasing an additional 737,892 shares in the last quarter. TD Asset Management Inc increased its position in shares of Shopify by 2.2% during the fourth quarter. TD Asset Management Inc now owns 8,713,762 shares of the software maker’s stock worth $1,404,790,000 after purchasing an additional 185,252 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. increased its position in shares of Shopify by 3.3% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 6,588,934 shares of the software maker’s stock worth $978,679,000 after purchasing an additional 213,315 shares in the last quarter. 69.27% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

SHOP has been the topic of a number of research analyst reports. DA Davidson cut their target price on Shopify from $195.00 to $140.00 and set a “buy” rating on the stock in a research report on Wednesday, May 6th. BMO Capital Markets cut their target price on Shopify from $160.00 to $145.00 and set an “outperform” rating on the stock in a research report on Wednesday, May 6th. Citigroup cut their target price on Shopify from $163.00 to $156.00 and set a “buy” rating on the stock in a research report on Wednesday, May 6th. Wells Fargo & Company cut their target price on Shopify from $166.00 to $144.00 and set an “overweight” rating on the stock in a research report on Wednesday, May 6th. Finally, Jefferies Financial Group reiterated a “hold” rating and set a $140.00 target price (down from $150.00) on shares of Shopify in a research report on Tuesday, May 5th. Two equities research analysts have rated the stock with a Strong Buy rating, thirty-one have assigned a Buy rating and ten have given a Hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $157.17.

Shopify Price Performance

Shares of SHOP stock opened at $108.24 on Monday. The stock has a market capitalization of $140.46 billion, a PE ratio of 107.17, a price-to-earnings-growth ratio of 3.03 and a beta of 2.60. Shopify Inc. has a 52-week low of $94.00 and a 52-week high of $182.19. The stock’s 50-day moving average price is $113.99 and its 200 day moving average price is $131.44.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last issued its quarterly earnings results on Tuesday, May 5th. The software maker reported $999.00 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.22 by $998.78. The firm had revenue of $3.17 billion for the quarter, compared to analysts’ expectations of $3.08 billion. Shopify had a return on equity of 12.07% and a net margin of 10.77%. Analysts expect that Shopify Inc. will post 1.36 earnings per share for the current fiscal year.

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.