Mackenzie Financial Corp Has $767.86 Million Stake in Shopify Inc. (NYSE:SHOP)

Mackenzie Financial Corp reduced its stake in shares of Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 2.5% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 7,222,328 shares of the software maker's stock after selling 183,522 shares during the period. Shopify comprises approximately 1.0% of Mackenzie Financial Corp's holdings, making the stock its 21st biggest position. Mackenzie Financial Corp owned 0.56% of Shopify worth $767,855,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently added to or reduced their stakes in SHOP. Tallon Kerry Patrick acquired a new position in shares of Shopify in the 4th quarter valued at about $230,000. Koshinski Asset Management Inc. acquired a new position in shares of Shopify in the 4th quarter valued at about $212,000. Magnus Financial Group LLC acquired a new position in shares of Shopify in the 4th quarter valued at about $243,000. SG Americas Securities LLC boosted its holdings in shares of Shopify by 14.3% in the 4th quarter. SG Americas Securities LLC now owns 58,100 shares of the software maker's stock valued at $6,178,000 after buying an additional 7,248 shares during the period. Finally, Bartlett & CO. Wealth Management LLC boosted its stake in Shopify by 52.9% during the 4th quarter. Bartlett & CO. Wealth Management LLC now owns 2,600 shares of the software maker's stock valued at $276,000 after purchasing an additional 900 shares during the period. 69.27% of the stock is owned by institutional investors and hedge funds.

Shopify Price Performance

SHOP stock traded up $0.73 during trading hours on Thursday, reaching $107.84. The stock had a trading volume of 4,326,476 shares, compared to its average volume of 11,419,622. The stock has a market capitalization of $139.63 billion, a PE ratio of 69.57, a price-to-earnings-growth ratio of 4.82 and a beta of 2.66. The stock has a 50-day simple moving average of $95.45 and a 200 day simple moving average of $105.03. Shopify Inc. has a fifty-two week low of $48.56 and a fifty-two week high of $129.38.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on SHOP shares. KeyCorp reduced their target price on shares of Shopify from $140.00 to $105.00 and set an "overweight" rating for the company in a research note on Wednesday, April 23rd. BMO Capital Markets started coverage on shares of Shopify in a research note on Tuesday, May 6th. They set an "outperform" rating and a $120.00 target price for the company. National Bankshares reduced their target price on shares of Shopify from $140.00 to $120.00 and set an "outperform" rating for the company in a research note on Friday, April 25th. Scotiabank reduced their target price on shares of Shopify from $120.00 to $90.00 and set a "sector perform" rating for the company in a research note on Monday, April 28th. Finally, JPMorgan Chase & Co. reduced their target price on shares of Shopify from $124.00 to $115.00 and set an "overweight" rating for the company in a research note on Friday, May 9th. One analyst has rated the stock with a sell rating, fourteen have assigned a hold rating, twenty-six have given a buy rating and two have issued a strong buy rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $115.37.

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.