Shopify Inc. $SHOP Stock Holdings Increased by Mirae Asset Global Investments Co. Ltd.

Mirae Asset Global Investments Co. Ltd. raised its holdings in shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 171.3% during the 2nd quarter, Holdings Channel reports. The fund owned 423,295 shares of the software maker’s stock after purchasing an additional 267,271 shares during the period. Mirae Asset Global Investments Co. Ltd.’s holdings in Shopify were worth $48,827,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently added to or reduced their stakes in the business. Nuveen LLC acquired a new position in shares of Shopify during the 1st quarter valued at $667,392,000. Jennison Associates LLC increased its position in shares of Shopify by 324.3% during the 1st quarter. Jennison Associates LLC now owns 5,280,781 shares of the software maker’s stock valued at $504,209,000 after purchasing an additional 4,036,326 shares during the period. Canada Pension Plan Investment Board increased its position in shares of Shopify by 34.4% during the 1st quarter. Canada Pension Plan Investment Board now owns 5,943,409 shares of the software maker’s stock valued at $565,504,000 after purchasing an additional 1,522,573 shares during the period. Mackenzie Financial Corp increased its position in shares of Shopify by 19.7% during the 1st quarter. Mackenzie Financial Corp now owns 8,648,734 shares of the software maker’s stock valued at $822,745,000 after purchasing an additional 1,426,406 shares during the period. Finally, Alliancebernstein L.P. increased its position in shares of Shopify by 24.6% during the 1st quarter. Alliancebernstein L.P. now owns 5,554,420 shares of the software maker’s stock valued at $530,336,000 after purchasing an additional 1,094,840 shares during the period. Institutional investors own 69.27% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on SHOP shares. Arete Research upgraded Shopify to a “hold” rating in a research report on Wednesday, July 23rd. Wedbush lifted their price target on Shopify from $115.00 to $160.00 and gave the company an “outperform” rating in a research report on Thursday, August 7th. Canaccord Genuity Group boosted their target price on Shopify from $115.00 to $165.00 and gave the stock a “buy” rating in a research report on Thursday, August 7th. UBS Group boosted their target price on Shopify from $110.00 to $145.00 and gave the stock a “neutral” rating in a research report on Thursday, August 7th. Finally, TD Securities boosted their target price on Shopify from $145.00 to $170.00 and gave the stock an “outperform” rating in a research report on Thursday, August 7th. Twenty-three investment analysts have rated the stock with a Buy rating, twenty have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, Shopify currently has a consensus rating of “Moderate Buy” and a consensus price target of $150.83.

Shopify Trading Up 1.2%

Shares of SHOP stock opened at $151.30 on Friday. Shopify Inc. has a 1-year low of $69.84 and a 1-year high of $159.01. The company has a market capitalization of $196.64 billion, a price-to-earnings ratio of 84.53, a P/E/G ratio of 7.09 and a beta of 2.72. The stock’s fifty day simple moving average is $142.04 and its 200-day simple moving average is $116.66.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last issued its quarterly earnings results on Wednesday, August 6th. The software maker reported $0.35 earnings per share for the quarter, beating analysts’ consensus estimates of $0.29 by $0.06. Shopify had a return on equity of 12.30% and a net margin of 23.42%.The business had revenue of $2.68 billion for the quarter, compared to the consensus estimate of $2.55 billion. During the same quarter in the previous year, the company posted $0.26 earnings per share. Shopify’s revenue for the quarter was up 31.1% compared to the same quarter last year. On average, sell-side analysts predict that Shopify Inc. will post 1.12 EPS for the current year.

About Shopify

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.