Mackenzie Financial Corp Grows Stake in Shopify Inc. (NYSE:SHOP)

Mackenzie Financial Corp lifted its stake in shares of Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 7.7% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 4,334,722 shares of the software maker's stock after purchasing an additional 309,540 shares during the quarter. Mackenzie Financial Corp owned 0.34% of Shopify worth $337,640,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of SHOP. Fairfield Bush & CO. acquired a new position in Shopify during the first quarter valued at approximately $169,000. Raymond James Trust N.A. boosted its stake in Shopify by 26.5% in the first quarter. Raymond James Trust N.A. now owns 754 shares of the software maker's stock valued at $510,000 after buying an additional 158 shares in the last quarter. Dimensional Fund Advisors LP grew its position in Shopify by 2.0% in the first quarter. Dimensional Fund Advisors LP now owns 30,166 shares of the software maker's stock valued at $20,391,000 after acquiring an additional 592 shares during the last quarter. Cetera Investment Advisers raised its stake in Shopify by 13.0% during the first quarter. Cetera Investment Advisers now owns 4,596 shares of the software maker's stock worth $3,107,000 after acquiring an additional 527 shares in the last quarter. Finally, Sequoia Financial Advisors LLC boosted its stake in shares of Shopify by 89.6% in the 1st quarter. Sequoia Financial Advisors LLC now owns 436 shares of the software maker's stock valued at $295,000 after purchasing an additional 206 shares in the last quarter. Institutional investors own 69.27% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the stock. Wells Fargo & Company cut their target price on shares of Shopify from $90.00 to $85.00 and set an "overweight" rating on the stock in a research report on Wednesday, February 14th. Barclays reduced their price objective on Shopify from $70.00 to $68.00 and set an "equal weight" rating on the stock in a research report on Wednesday, February 14th. BNP Paribas lowered Shopify from a "neutral" rating to an "underperform" rating in a research note on Thursday, January 18th. Loop Capital reduced their price target on Shopify from $90.00 to $80.00 and set a "hold" rating on the stock in a report on Monday. Finally, Mizuho raised their price objective on shares of Shopify from $65.00 to $75.00 and gave the company a "neutral" rating in a report on Wednesday, February 14th. Three research analysts have rated the stock with a sell rating, nineteen have given a hold rating and fourteen have given a buy rating to the company. According to MarketBeat, the company presently has an average rating of "Hold" and an average target price of $78.00.

Shopify Price Performance

NYSE SHOP traded down $1.45 during trading hours on Monday, reaching $68.55. 8,728,943 shares of the stock traded hands, compared to its average volume of 9,547,109. The stock has a 50 day simple moving average of $77.71 and a two-hundred day simple moving average of $71.66. Shopify Inc. has a 1 year low of $45.50 and a 1 year high of $91.57. The company has a debt-to-equity ratio of 0.10, a current ratio of 6.99 and a quick ratio of 6.99. The company has a market cap of $88.19 billion, a price-to-earnings ratio of 761.67 and a beta of 2.22.

Shopify (NYSE:SHOP - Get Free Report) TSE: SHOP last issued its quarterly earnings data on Tuesday, February 13th. The software maker reported $0.26 EPS for the quarter, beating the consensus estimate of $0.22 by $0.04. Shopify had a net margin of 1.87% and a return on equity of 4.48%. The firm had revenue of $2.14 billion during the quarter, compared to the consensus estimate of $2.07 billion. On average, analysts predict that Shopify Inc. will post 0.57 EPS for the current fiscal year.

Shopify 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.