Mackenzie Financial Corp Lowers Stock Holdings in Shopify Inc. (NYSE:SHOP)

Mackenzie Financial Corp lessened its stake in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 2.5% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 7,222,328 shares of the software maker’s stock after selling 183,522 shares during the period. Shopify makes up about 1.0% of Mackenzie Financial Corp’s portfolio, making the stock its 21st biggest position. Mackenzie Financial Corp owned approximately 0.56% of Shopify worth $767,855,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also made changes to their positions in the business. Jennison Associates LLC acquired a new stake in shares of Shopify during the fourth quarter valued at about $132,323,000. Western Financial Corp CA acquired a new position in Shopify in the 4th quarter valued at $239,000. Kessler Investment Group LLC acquired a new position in Shopify in the 4th quarter valued at $6,105,000. First National Corp MA ADV purchased a new stake in shares of Shopify during the 4th quarter worth $237,000. Finally, Empowered Funds LLC boosted its position in shares of Shopify by 39.7% in the 4th quarter. Empowered Funds LLC now owns 31,355 shares of the software maker’s stock worth $3,334,000 after buying an additional 8,909 shares in the last quarter. 69.27% of the stock is owned by hedge funds and other institutional investors.

Shopify Stock Down 1.7%

SHOP stock opened at $101.51 on Friday. Shopify Inc. has a 52 week low of $48.56 and a 52 week high of $129.38. The business has a 50-day simple moving average of $95.30 and a 200 day simple moving average of $104.61. The company has a market cap of $131.44 billion, a PE ratio of 65.49, a price-to-earnings-growth ratio of 4.82 and a beta of 2.66.

Analyst Upgrades and Downgrades

SHOP has been the subject of a number of research analyst reports. ATB Capital upped their price objective on shares of Shopify from $145.00 to $170.00 and gave the company a “sector perform” rating in a research note on Wednesday, February 12th. Wells Fargo & Company raised their target price on Shopify from $120.00 to $135.00 and gave the company an “overweight” rating in a research note on Wednesday, February 12th. Mizuho lowered their price target on Shopify from $110.00 to $85.00 and set a “neutral” rating on the stock in a report on Monday, April 14th. Canaccord Genuity Group lifted their price target on Shopify from $125.00 to $140.00 and gave the stock a “buy” rating in a research note on Wednesday, February 12th. Finally, Robert W. Baird raised their price objective on Shopify from $126.00 to $135.00 and gave the stock an “outperform” rating in a research report on Wednesday, February 12th. One 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 issued a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus 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.