Mackenzie Financial Corp Acquires 1,426,406 Shares of Shopify Inc. (NYSE:SHOP)

Mackenzie Financial Corp grew its holdings in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 19.7% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 8,648,734 shares of the software maker’s stock after acquiring an additional 1,426,406 shares during the period. Shopify accounts for 1.2% of Mackenzie Financial Corp’s portfolio, making the stock its 16th largest holding. Mackenzie Financial Corp owned 0.67% of Shopify worth $822,745,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Capital World Investors increased its stake in shares of Shopify by 0.9% in the fourth quarter. Capital World Investors now owns 53,102,707 shares of the software maker’s stock worth $5,646,455,000 after purchasing an additional 496,982 shares in the last quarter. FMR LLC increased its stake in shares of Shopify by 3.4% in the fourth quarter. FMR LLC now owns 43,732,077 shares of the software maker’s stock worth $4,653,054,000 after purchasing an additional 1,426,000 shares in the last quarter. Capital International Investors increased its stake in shares of Shopify by 2.7% in the fourth quarter. Capital International Investors now owns 36,516,305 shares of the software maker’s stock worth $3,883,039,000 after purchasing an additional 968,026 shares in the last quarter. Arrowstreet Capital Limited Partnership increased its stake in shares of Shopify by 79.8% in 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 purchasing an additional 7,316,862 shares in the last quarter. Finally, FIL Ltd increased its stake in shares of Shopify by 11.9% in the fourth quarter. FIL Ltd now owns 15,774,148 shares of the software maker’s stock worth $1,678,865,000 after purchasing an additional 1,682,326 shares in the last quarter. 69.27% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on SHOP shares. Robert W. Baird raised their target price on shares of Shopify from $110.00 to $120.00 and gave the company an “outperform” rating in a research note on Monday, July 14th. Loop Capital cut shares of Shopify from a “buy” rating to a “hold” rating and set a $120.00 target price for the company. in a research note on Tuesday, July 22nd. The Goldman Sachs Group cut their target price on shares of Shopify from $150.00 to $130.00 and set a “buy” rating for the company in a research note on Tuesday, April 22nd. Barclays cut their target price on shares of Shopify from $100.00 to $94.00 and set an “equal weight” rating for the company in a research note on Friday, May 9th. Finally, Royal Bank Of Canada raised their target price on shares of Shopify from $125.00 to $145.00 and gave the company an “outperform” rating in a research note on Friday, July 18th. One research analyst has rated the stock with a sell rating, eighteen have issued a hold rating, twenty-two have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $119.16.

Shopify Price Performance

Shares of SHOP opened at $124.43 on Monday. Shopify Inc. has a 1-year low of $48.56 and a 1-year high of $129.38. The company has a 50-day moving average of $112.05 and a 200 day moving average of $105.89. The firm has a market capitalization of $161.43 billion, a price-to-earnings ratio of 80.28, a PEG ratio of 4.82 and a beta of 2.61.

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.