Shopify Inc. $SHOP Shares Acquired by Mirae Asset Global Investments Co. Ltd.

Key Points

• Mirae Asset Global Investments increased its stake in Shopify Inc. by 171.3% during the second quarter, now owning 423,295 shares worth approximately $48.8 million.
• Shopify's earnings for the last quarter were reported at $0.35 EPS, exceeding estimates of $0.29, with revenue increasing 31.1% year-over-year to $2.68 billion.
• Wall Street analysts have a consensus rating of "Moderate Buy" for Shopify, with price targets ranging from $140.00 to $195.00.

Mirae Asset Global Investments Co. Ltd. increased its stake in Shopify Inc. (NASDAQ:SHOP - Free Report) TSE: SHOP by 171.3% in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 423,295 shares of the software maker's stock after buying an additional 267,271 shares during the quarter. Mirae Asset Global Investments Co. Ltd.'s holdings in Shopify were worth $48,827,000 as of its most recent filing with the SEC.

A number of other large investors have also modified their holdings of the stock. Vanguard Group Inc. grew its stake in shares of Shopify by 1.9% in the first quarter. Vanguard Group Inc. now owns 47,962,280 shares of the software maker's stock valued at $4,563,106,000 after buying an additional 882,168 shares in the last quarter. Mackenzie Financial Corp grew its stake in shares of Shopify by 19.7% in the first quarter. Mackenzie Financial Corp now owns 8,648,734 shares of the software maker's stock valued at $822,745,000 after buying an additional 1,426,406 shares in the last quarter. Nuveen LLC acquired a new stake in Shopify during the 1st quarter valued at approximately $667,392,000. Canada Pension Plan Investment Board grew its stake in Shopify by 34.4% during the 1st quarter. Canada Pension Plan Investment Board now owns 5,943,409 shares of the software maker's stock valued at $565,504,000 after purchasing an additional 1,522,573 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA grew its stake in Shopify by 21.0% during the 1st quarter. Massachusetts Financial Services Co. MA now owns 5,649,162 shares of the software maker's stock valued at $539,382,000 after purchasing an additional 979,598 shares in the last quarter. Institutional investors and hedge funds own 69.27% of the company's stock.

Shopify Trading Up 1.2%

Shares of NASDAQ SHOP opened at $151.30 on Friday. The company has a market cap of $196.64 billion, a price-to-earnings ratio of 84.53, a price-to-earnings-growth ratio of 7.09 and a beta of 2.72. Shopify Inc. has a 12-month low of $69.84 and a 12-month high of $159.01. The stock's 50 day simple moving average is $142.04 and its 200 day simple moving average is $116.66.

Shopify (NASDAQ:SHOP - Get Free Report) TSE: SHOP last announced its earnings results on Wednesday, August 6th. The software maker reported $0.35 earnings per share for the quarter, beating the consensus estimate of $0.29 by $0.06. The firm had revenue of $2.68 billion for the quarter, compared to the consensus estimate of $2.55 billion. Shopify had a return on equity of 12.30% and a net margin of 23.42%.The firm's revenue for the quarter was up 31.1% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.26 EPS. As a group, equities analysts forecast that Shopify Inc. will post 1.12 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the company. JPMorgan Chase & Co. raised their price objective on Shopify from $115.00 to $179.00 and gave the company an "overweight" rating in a research note on Thursday, August 7th. Bank of America raised their price objective on Shopify from $110.00 to $185.00 and gave the company a "buy" rating in a research note on Thursday, August 7th. ATB Capital lowered Shopify to a "sector perform" rating in a research note on Thursday, August 7th. Citigroup raised their price objective on Shopify from $155.00 to $195.00 and gave the company a "buy" rating in a research note on Friday, August 8th. Finally, Benchmark reiterated a "buy" rating and issued a $140.00 target price (up previously from $125.00) on shares of Shopify in a research report on Tuesday, August 5th. Twenty-three equities research analysts have rated the stock with a Buy rating, twenty have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, Shopify currently has an average rating of "Moderate Buy" and a consensus price target of $150.83.

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.

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