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

Mackenzie Financial Corp trimmed its position in shares of Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 2.5% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 7,222,328 shares of the software maker's stock after selling 183,522 shares during the quarter. Shopify accounts for approximately 1.0% of Mackenzie Financial Corp's investment portfolio, making the stock its 21st biggest position. Mackenzie Financial Corp owned 0.56% of Shopify worth $767,855,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently bought and sold shares of SHOP. Allianz SE acquired a new stake in Shopify in the 4th quarter valued at about $27,000. PFG Private Wealth Management LLC raised its position in Shopify by 3,657.1% in the 4th quarter. PFG Private Wealth Management LLC now owns 263 shares of the software maker's stock valued at $28,000 after purchasing an additional 256 shares in the last quarter. Fourth Dimension Wealth LLC acquired a new stake in Shopify in the 4th quarter valued at about $30,000. Mark Sheptoff Financial Planning LLC increased its holdings in shares of Shopify by 50.0% in the 4th quarter. Mark Sheptoff Financial Planning LLC now owns 300 shares of the software maker's stock valued at $32,000 after acquiring an additional 100 shares during the last quarter. Finally, New Wave Wealth Advisors LLC purchased a new position in shares of Shopify in the 4th quarter valued at about $39,000. 69.27% of the stock is currently owned by hedge funds and other institutional investors.

Shopify Stock Performance

Shopify stock traded up $0.37 during mid-day trading on Wednesday, reaching $107.11. 6,772,081 shares of the company were exchanged, compared to its average volume of 9,457,932. Shopify Inc. has a twelve month low of $48.56 and a twelve month high of $129.38. The firm's 50-day simple moving average is $95.39 and its two-hundred day simple moving average is $105.02. The firm has a market cap of $138.69 billion, a PE ratio of 69.10, a price-to-earnings-growth ratio of 4.82 and a beta of 2.66.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the company. BMO Capital Markets assumed coverage on Shopify in a report on Tuesday, May 6th. They issued an "outperform" rating and a $120.00 price objective on the stock. Mizuho dropped their price objective on Shopify from $110.00 to $85.00 and set a "neutral" rating on the stock in a report on Monday, April 14th. Cantor Fitzgerald dropped their price objective on Shopify from $120.00 to $80.00 and set a "neutral" rating on the stock in a report on Wednesday, April 16th. Barclays dropped their price objective on Shopify from $100.00 to $94.00 and set an "equal weight" rating on the stock in a report on Friday, May 9th. Finally, DA Davidson dropped their price objective on Shopify from $150.00 to $115.00 and set a "buy" rating on the stock in a report on Monday, April 14th. One analyst has rated the stock with a sell rating, fourteen have given a hold rating, twenty-six have issued a buy rating and two have assigned a strong buy rating to the company's stock. According to MarketBeat, the company 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.