MIG Capital LLC Raises Stock Position in Shopify Inc. $SHOP

Key Points

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MIG Capital LLC lifted its holdings in shares of Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 150.4% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 7,838 shares of the software maker's stock after buying an additional 4,708 shares during the period. MIG Capital LLC's holdings in Shopify were worth $748,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Nuveen LLC bought a new position in shares of Shopify in the first quarter valued at $667,392,000. Jennison Associates LLC increased its stake in shares of Shopify by 324.3% in the first quarter. Jennison Associates LLC now owns 5,280,781 shares of the software maker's stock worth $504,209,000 after acquiring an additional 4,036,326 shares during the last quarter. Durable Capital Partners LP boosted its stake in shares of Shopify by 86.9% during the 4th quarter. Durable Capital Partners LP now owns 3,950,348 shares of the software maker's stock worth $420,041,000 after acquiring an additional 1,836,294 shares in the last quarter. Mackenzie Financial Corp lifted 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 worth $822,745,000 after buying an additional 1,426,406 shares during the last quarter. Finally, Voloridge Investment Management LLC acquired a new position in Shopify during the 4th quarter worth $125,334,000. 69.27% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the stock. Royal Bank Of Canada upped their price objective on shares of Shopify from $145.00 to $170.00 and gave the company an "outperform" rating in a research report on Thursday, August 7th. JMP Securities increased their price target on shares of Shopify from $135.00 to $185.00 and gave the company a "market outperform" rating in a research note on Thursday, August 7th. Scotiabank reaffirmed a "sector perform" rating and issued a $150.00 price objective (up from $115.00) on shares of Shopify in a research note on Thursday, August 7th. Loop Capital lowered shares of Shopify from a "buy" rating to a "hold" rating and set a $120.00 price objective on the stock. in a report on Tuesday, July 22nd. Finally, ATB Capital lowered shares of Shopify to a "sector perform" rating in a research note on Thursday, August 7th. Twenty-four research analysts have rated the stock with a Buy rating, twenty have given a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $148.51.

Shopify Stock Up 4.0%

Shares of SHOP stock traded up $5.43 during mid-day trading on Friday, reaching $142.11. 7,645,265 shares of the stock traded hands, compared to its average volume of 10,334,922. Shopify Inc. has a 1-year low of $65.86 and a 1-year high of $156.85. The stock's fifty day simple moving average is $123.82 and its two-hundred day simple moving average is $109.76. The company has a market cap of $184.69 billion, a price-to-earnings ratio of 91.68, a price-to-earnings-growth ratio of 4.82 and a beta of 2.63.

Shopify (NYSE:SHOP - Get Free Report) TSE: SHOP last posted its quarterly earnings data on Wednesday, August 6th. The software maker reported $0.35 earnings per share for the quarter, topping the consensus estimate of $0.29 by $0.06. The company had revenue of $2.68 billion during the quarter, compared to analysts' expectations of $2.55 billion. Shopify had a net margin of 22.74% and a return on equity of 12.00%. Shopify's revenue for the quarter was up 31.1% compared to the same quarter last year. During the same period in the prior year, the company posted $0.26 earnings per share. On average, equities research analysts anticipate that Shopify Inc. will post 1.12 EPS for the current fiscal year.

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.