Shopify Inc. (NYSE:SHOP) Shares Sold by Mackenzie Financial Corp

Mackenzie Financial Corp reduced its stake in Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 2.5% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 7,222,328 shares of the software maker's stock after selling 183,522 shares during the quarter. Shopify makes up approximately 1.0% of Mackenzie Financial Corp's investment portfolio, making the stock its 21st biggest position. Mackenzie Financial Corp owned approximately 0.56% of Shopify worth $767,855,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Norges Bank purchased a new position in shares of Shopify during the 4th quarter valued at $1,542,262,000. Arrowstreet Capital Limited Partnership raised its holdings in Shopify by 79.8% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 16,487,579 shares of the software maker's stock valued at $1,752,834,000 after acquiring an additional 7,316,862 shares during the period. Alliancebernstein L.P. lifted its position in shares of Shopify by 631.3% in the fourth quarter. Alliancebernstein L.P. now owns 4,459,580 shares of the software maker's stock valued at $474,187,000 after acquiring an additional 3,849,796 shares in the last quarter. Marshall Wace LLP boosted its stake in shares of Shopify by 623.8% in the fourth quarter. Marshall Wace LLP now owns 1,870,891 shares of the software maker's stock worth $198,932,000 after acquiring an additional 2,228,091 shares during the period. Finally, Durable Capital Partners LP boosted its stake in shares of Shopify by 86.9% in the fourth quarter. Durable Capital Partners LP now owns 3,950,348 shares of the software maker's stock worth $420,041,000 after acquiring an additional 1,836,294 shares during the period. 69.27% of the stock is currently owned by hedge funds and other institutional investors.

Shopify Stock Up 5.2%

Shares of SHOP traded up $5.23 during mid-day trading on Tuesday, hitting $106.74. 7,550,825 shares of the company traded hands, compared to its average volume of 9,468,673. The company has a market capitalization of $138.21 billion, a PE ratio of 68.86, a price-to-earnings-growth ratio of 4.82 and a beta of 2.66. The business has a 50 day moving average of $95.29 and a 200 day moving average of $105.00. Shopify Inc. has a 1-year low of $48.56 and a 1-year high of $129.38.

Analysts Set New Price Targets

SHOP has been the subject of several research analyst reports. Atb Cap Markets upgraded Shopify from a "hold" rating to a "strong-buy" rating in a report on Thursday, May 8th. The Goldman Sachs Group lowered their price objective on shares of Shopify from $150.00 to $130.00 and set a "buy" rating for the company in a research report on Tuesday, April 22nd. BMO Capital Markets initiated coverage on shares of Shopify in a research note on Tuesday, May 6th. They issued an "outperform" rating and a $120.00 price objective for the company. KeyCorp decreased their target price on shares of Shopify from $140.00 to $105.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 23rd. Finally, Benchmark lowered their price target on shares of Shopify from $150.00 to $125.00 and set a "buy" rating for the company in a report on Tuesday, May 6th. One analyst has rated the stock with a sell rating, fourteen have assigned a hold rating, twenty-six have issued a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $115.37.

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.