MGO One Seven LLC Increases Stake in Shopify Inc. (NYSE:SHOP)

Key Points

• MGO One Seven LLC raised its stake in Shopify Inc. by 29.9%, acquiring an additional 5,376 shares for a total of 23,384 shares valued at approximately $2.24 million.
• Several institutional investors have modified their holdings in Shopify, with Eastern Bank increasing its stake by 152.7% during the first quarter.
• As of the most recent analysis, Shopify holds a consensus rating of "Moderate Buy" with a price target averaging $120.34 among various analysts.

MGO One Seven LLC increased its position in shares of Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 29.9% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 23,384 shares of the software maker's stock after acquiring an additional 5,376 shares during the period. MGO One Seven LLC's holdings in Shopify were worth $2,244,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also made changes to their positions in SHOP. Fourth Dimension Wealth LLC acquired a new stake in Shopify in the fourth quarter valued at approximately $30,000. Strategic Investment Solutions Inc. IL acquired a new stake in Shopify in the fourth quarter valued at approximately $46,000. N.E.W. Advisory Services LLC acquired a new stake in Shopify in the first quarter valued at approximately $49,000. FWL Investment Management LLC acquired a new position in shares of Shopify during the fourth quarter worth $56,000. Finally, Clean Yield Group lifted its holdings in shares of Shopify by 59.9% during the first quarter. Clean Yield Group now owns 582 shares of the software maker's stock worth $56,000 after purchasing an additional 218 shares during the period. Institutional investors and hedge funds own 69.27% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the stock. Royal Bank Of Canada lifted their price target on shares of Shopify from $125.00 to $145.00 and gave the stock an "outperform" rating in a report on Friday, July 18th. National Bankshares lifted their target price on shares of Shopify from $120.00 to $140.00 and gave the stock an "outperform" rating in a research note on Monday, July 21st. Scotiabank lifted their target price on shares of Shopify from $90.00 to $115.00 and gave the stock a "sector perform" rating in a research note on Monday, July 28th. Barclays lowered their target price on shares of Shopify from $100.00 to $94.00 and set an "equal weight" rating for the company in a research note on Friday, May 9th. Finally, Stifel Nicolaus lifted their target price on shares of Shopify from $100.00 to $110.00 and gave the stock a "hold" rating in a research note on Tuesday, July 15th. One equities research analyst has rated the stock with a sell rating, eighteen have given a hold rating, twenty-two have assigned a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, Shopify presently has an average rating of "Moderate Buy" and an average target price of $120.34.

Shopify Trading Up 5.6%

Shares of NYSE:SHOP traded up $6.61 during trading on Monday, reaching $125.21. The company had a trading volume of 6,873,442 shares, compared to its average volume of 10,339,145. The company has a fifty day moving average of $113.90 and a two-hundred day moving average of $106.60. The stock has a market capitalization of $162.45 billion, a P/E ratio of 80.78, a price-to-earnings-growth ratio of 4.82 and a beta of 2.63. Shopify Inc. has a 12 month low of $48.56 and a 12 month high of $129.38.

Shopify Company 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.