MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. Acquires 17,591 Shares of Shopify Inc. (NYSE:SHOP)

MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 2.6% during the 4th quarter, HoldingsChannel reports. The firm owned 683,412 shares of the software maker’s stock after purchasing an additional 17,591 shares during the quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd.’s holdings in Shopify were worth $72,669,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of SHOP. Norges Bank acquired a new stake in Shopify in the fourth quarter valued at about $1,542,262,000. Arrowstreet Capital Limited Partnership raised its stake in Shopify by 79.8% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 16,487,579 shares of the software maker’s stock worth $1,752,834,000 after acquiring an additional 7,316,862 shares in the last quarter. Alliancebernstein L.P. boosted its stake in shares of Shopify by 631.3% in the 4th quarter. Alliancebernstein L.P. now owns 4,459,580 shares of the software maker’s stock valued at $474,187,000 after purchasing an additional 3,849,796 shares in the last quarter. Marshall Wace LLP boosted its stake in shares of Shopify by 623.8% in the 4th quarter. Marshall Wace LLP now owns 1,870,891 shares of the software maker’s stock valued at $198,932,000 after purchasing an additional 2,228,091 shares in the last quarter. Finally, Durable Capital Partners LP boosted its stake in shares of Shopify by 86.9% in the 4th quarter. Durable Capital Partners LP now owns 3,950,348 shares of the software maker’s stock valued at $420,041,000 after purchasing an additional 1,836,294 shares in the last quarter. Institutional investors own 69.27% of the company’s stock.

Shopify Trading Up 13.7%

Shares of Shopify stock opened at $104.34 on Tuesday. The stock has a fifty day simple moving average of $93.25 and a 200 day simple moving average of $103.23. Shopify Inc. has a 12-month low of $48.56 and a 12-month high of $129.38. The company has a market capitalization of $135.10 billion, a P/E ratio of 67.32, a price-to-earnings-growth ratio of 4.82 and a beta of 2.66.

Shopify (NYSE:SHOP) (TSE:SHOP) last released its quarterly earnings results on Tuesday, February 11th. The software maker reported $0.34 earnings per share for the quarter, missing analysts’ consensus estimates of $0.44 by ($0.10). Shopify had a net margin of 22.74% and a return on equity of 12.00%. On average, analysts predict that Shopify Inc. will post 1.12 EPS for the current year.

Analyst Ratings Changes

A number of equities analysts recently issued reports on the stock. Capital One Financial upgraded shares of Shopify from an “equal weight” rating to an “overweight” rating in a research report on Thursday, May 8th. Oppenheimer decreased their target price on shares of Shopify from $150.00 to $125.00 and set an “outperform” rating on the stock in a research note on Wednesday, April 30th. DA Davidson lowered their price target on shares of Shopify from $150.00 to $115.00 and set a “buy” rating for the company in a report on Monday, April 14th. Mizuho decreased their price target on shares of Shopify from $110.00 to $85.00 and set a “neutral” rating for the company in a research report on Monday, April 14th. Finally, BMO Capital Markets began coverage on Shopify in a research note on Tuesday, May 6th. They issued an “outperform” rating and a $120.00 price objective on the stock. One research analyst has rated the stock with a sell rating, fourteen have assigned a hold rating, twenty-six have given a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, Shopify presently has an average rating of “Moderate Buy” and an average price target of $115.37.

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.