Mackenzie Financial Corp Has $822.75 Million Position in Shopify Inc. (NYSE:SHOP)

Key Points

• Mackenzie Financial Corp increased its holdings in Shopify by 19.7%, acquiring an additional 1,426,406 shares in the first quarter, bringing its total ownership to 8,648,734 shares.
• Several institutional investors, including Arrowstreet Capital Limited Partnership which increased its stake by 79.8%, have also made substantial investments in Shopify, indicating strong interest from the investment community.
• Wall Street analysts have mixed views on Shopify, with target prices varying from $94.00 to $145.00 and an average target price of $119.16, reflecting a consensus of a "Moderate Buy" rating.

Mackenzie Financial Corp boosted its position in shares of Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 19.7% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 8,648,734 shares of the software maker's stock after acquiring an additional 1,426,406 shares during the period. Shopify accounts for 1.2% of Mackenzie Financial Corp's investment portfolio, making the stock its 16th biggest holding. Mackenzie Financial Corp owned approximately 0.67% of Shopify worth $822,745,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in SHOP. Allianz SE acquired a new position in Shopify during the fourth quarter worth $27,000. Fourth Dimension Wealth LLC bought a new position in shares of Shopify in the 4th quarter valued at about $30,000. Strategic Investment Solutions Inc. IL bought a new stake in shares of Shopify during the 4th quarter valued at $46,000. FWL Investment Management LLC bought a new stake in Shopify in the fourth quarter valued at about $56,000. Finally, Clean Yield Group lifted its stake in Shopify by 59.9% in the first quarter. Clean Yield Group now owns 582 shares of the software maker's stock valued at $56,000 after buying an additional 218 shares during the period. Institutional investors and hedge funds own 69.27% of the company's stock.

Shopify Trading Up 0.5%

SHOP traded up $0.62 on Thursday, reaching $123.63. The stock had a trading volume of 3,658,791 shares, compared to its average volume of 10,330,381. The company has a market capitalization of $160.40 billion, a price-to-earnings ratio of 79.76, a price-to-earnings-growth ratio of 4.82 and a beta of 2.61. Shopify Inc. has a fifty-two week low of $48.56 and a fifty-two week high of $129.38. The firm has a 50-day moving average of $113.18 and a 200-day moving average of $106.30.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on SHOP. Arete Research upgraded shares of Shopify to a "hold" rating in a report on Wednesday, July 23rd. KeyCorp increased their price target on Shopify from $115.00 to $145.00 and gave the stock an "overweight" rating in a report on Tuesday, July 22nd. Capital One Financial upgraded Shopify from an "equal weight" rating to an "overweight" rating in a report on Thursday, May 8th. Morgan Stanley lifted their price target on shares of Shopify from $106.00 to $112.00 and gave the company an "overweight" rating in a research note on Friday, May 9th. Finally, CIBC increased their price objective on shares of Shopify from $125.00 to $145.00 and gave the stock an "outperformer" rating in a research report on Friday, July 18th. One research analyst has rated the stock with a sell rating, eighteen have issued a hold rating, twenty-two have given a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $120.34.

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.