Mediolanum International Funds Ltd Has $12.87 Million Stock Holdings in Shopify Inc. (NYSE:SHOP)

Key Points

• Mediolanum International Funds Ltd increased its holdings in Shopify Inc. by 104.0% during the first quarter, now owning 132,909 shares worth approximately $12.87 million.
• Shopify's price target estimates have been varied, with KeyCorp raising its target from $115.00 to $145.00, whereas Truist Financial lowered theirs from $120.00 to $100.00.
• As of the latest reporting period, approximately 69.27% of Shopify's stock is owned by institutional investors, indicating strong support from large investment entities.

Mediolanum International Funds Ltd boosted its stake in shares of Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 104.0% in the first quarter, according to its most recent disclosure with the SEC. The firm owned 132,909 shares of the software maker's stock after acquiring an additional 67,745 shares during the period. Mediolanum International Funds Ltd's holdings in Shopify were worth $12,865,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. Mather Group LLC. boosted its position in shares of Shopify by 127.4% during the 1st quarter. Mather Group LLC. now owns 912 shares of the software maker's stock valued at $87,000 after acquiring an additional 511 shares during the last quarter. Dynamic Advisor Solutions LLC acquired a new position in shares of Shopify during the 1st quarter valued at about $382,000. GAMMA Investing LLC boosted its position in shares of Shopify by 80.0% during the 1st quarter. GAMMA Investing LLC now owns 963 shares of the software maker's stock valued at $92,000 after acquiring an additional 428 shares during the last quarter. Bessemer Group Inc. lifted its position in Shopify by 3.8% in the first quarter. Bessemer Group Inc. now owns 1,059,585 shares of the software maker's stock valued at $101,163,000 after buying an additional 38,616 shares during the last quarter. Finally, Assenagon Asset Management S.A. lifted its position in Shopify by 1.1% in the first quarter. Assenagon Asset Management S.A. now owns 38,732 shares of the software maker's stock valued at $3,694,000 after buying an additional 432 shares during the last quarter. 69.27% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

SHOP has been the topic of a number of recent analyst reports. BNP Paribas cut shares of Shopify from a "strong-buy" rating to a "hold" rating in a research report on Monday, May 5th. BMO Capital Markets began coverage on shares of Shopify in a research note on Tuesday, May 6th. They set an "outperform" rating and a $120.00 target price on the stock. Loop Capital lowered shares of Shopify from a "buy" rating to a "hold" rating and set a $120.00 target price on the stock. in a research note on Tuesday, July 22nd. Royal Bank Of Canada upped their target price on shares of Shopify from $125.00 to $145.00 and gave the stock an "outperform" rating in a research note on Friday, July 18th. Finally, Arete Research upgraded shares of Shopify to a "hold" rating in a research note on Wednesday, July 23rd. One investment analyst has rated the stock with a sell rating, eighteen have assigned a hold rating, twenty-two have given a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, Shopify has a consensus rating of "Moderate Buy" and a consensus target price of $120.34.

Shopify Stock Performance

Shares of NYSE:SHOP traded down $0.01 during trading on Wednesday, hitting $124.84. 1,725,950 shares of the stock were exchanged, compared to its average volume of 10,343,316. Shopify Inc. has a 1-year low of $48.56 and a 1-year high of $129.38. The company has a market capitalization of $161.96 billion, a price-to-earnings ratio of 80.55, a price-to-earnings-growth ratio of 4.82 and a beta of 2.61. The company's fifty day simple moving average is $112.77 and its 200-day simple moving average is $106.18.

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.