Shopify Inc. $SHOP Shares Sold by MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd.

Key Points

• MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. reduced its stake in Shopify by 1.8%, selling 12,632 shares and holding 670,780 shares valued at approximately $64 million after the sale.
• Multiple institutional investors have increased their investments in Shopify, with Mather Group LLC boosting its position by 127.4% during the first quarter.
• Shopify's stock has received positive analyst ratings, with target price increases from several brokerages, reaching a consensus price target of $150.27 reflecting strong market interest.

MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. trimmed its holdings in Shopify Inc. (NASDAQ:SHOP - Free Report) TSE: SHOP by 1.8% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 670,780 shares of the software maker's stock after selling 12,632 shares during the quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. owned approximately 0.05% of Shopify worth $64,054,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Fourth Dimension Wealth LLC purchased a new stake in Shopify in the fourth quarter worth $30,000. Smithfield Trust Co increased its position in shares of Shopify by 149.2% during the first quarter. Smithfield Trust Co now owns 314 shares of the software maker's stock worth $30,000 after purchasing an additional 188 shares in the last quarter. Dagco Inc. acquired a new stake in Shopify in the first quarter worth about $30,000. Cary Street Partners Investment Advisory LLC increased its stake in Shopify by 86.8% during the 1st quarter. Cary Street Partners Investment Advisory LLC now owns 355 shares of the software maker's stock valued at $34,000 after purchasing an additional 165 shares in the last quarter. Finally, Accent Capital Management LLC acquired a new position in Shopify during the 1st quarter valued at approximately $46,000. 69.27% of the stock is currently owned by institutional investors.

Shopify Price Performance

SHOP traded down $2.78 during trading on Tuesday, reaching $143.44. 5,744,878 shares of the stock were exchanged, compared to its average volume of 5,644,091. The business's 50 day moving average price is $131.54 and its two-hundred day moving average price is $111.18. The company has a market capitalization of $186.42 billion, a price-to-earnings ratio of 140.60, a P/E/G ratio of 6.93 and a beta of 2.69. Shopify Inc. has a 1 year low of $66.95 and a 1 year high of $156.85.

Shopify (NASDAQ:SHOP - Get Free Report) TSE: SHOP last posted its quarterly earnings data on Wednesday, August 6th. The software maker reported $0.35 EPS for the quarter, beating analysts' consensus estimates of $0.29 by $0.06. Shopify had a net margin of 23.42% and a return on equity of 12.30%. The company had revenue of $2.68 billion during the quarter, compared to the consensus estimate of $2.55 billion. During the same quarter in the prior year, the company posted $0.26 EPS. The company's quarterly revenue was up 31.1% compared to the same quarter last year. On average, analysts anticipate that Shopify Inc. will post 1.12 EPS for the current year.

Analyst Ratings Changes

A number of equities research analysts recently commented on SHOP shares. Royal Bank Of Canada lifted their target price on Shopify from $145.00 to $170.00 and gave the stock an "outperform" rating in a report on Thursday, August 7th. Scotiabank reiterated a "sector perform" rating and set a $150.00 price target (up from $115.00) on shares of Shopify in a research report on Thursday, August 7th. JPMorgan Chase & Co. upped their target price on Shopify from $115.00 to $179.00 and gave the company an "overweight" rating in a report on Thursday, August 7th. National Bankshares lifted their target price on Shopify from $140.00 to $180.00 and gave the company an "outperform" rating in a research report on Thursday, August 7th. Finally, TD Securities lifted their target price on shares of Shopify from $145.00 to $170.00 and gave the company an "outperform" rating in a report on Thursday, August 7th. Twenty-four investment analysts have rated the stock with a Buy rating, twenty have issued a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, Shopify has an average rating of "Moderate Buy" and an average price target of $150.27.

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.