Shopify Inc. (NYSE:SHOP) Shares Purchased by Mirae Asset Global Investments Co. Ltd.

Mirae Asset Global Investments Co. Ltd. increased its holdings in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 3.8% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 190,371 shares of the software maker’s stock after purchasing an additional 7,009 shares during the quarter. Mirae Asset Global Investments Co. Ltd.’s holdings in Shopify were worth $15,079,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of SHOP. GQG Partners LLC boosted its holdings in Shopify by 197.9% during the 1st quarter. GQG Partners LLC now owns 20,901,980 shares of the software maker’s stock valued at $1,613,006,000 after acquiring an additional 13,885,473 shares during the period. Capital World Investors boosted its holdings in Shopify by 26.2% during the 1st quarter. Capital World Investors now owns 49,764,809 shares of the software maker’s stock valued at $3,840,332,000 after acquiring an additional 10,340,040 shares during the period. Price T Rowe Associates Inc. MD boosted its holdings in Shopify by 21.2% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 34,239,525 shares of the software maker’s stock valued at $2,642,265,000 after acquiring an additional 5,982,434 shares during the period. Mackenzie Financial Corp boosted its holdings in Shopify by 49.9% during the 2nd quarter. Mackenzie Financial Corp now owns 6,315,028 shares of the software maker’s stock valued at $417,386,000 after acquiring an additional 2,102,939 shares during the period. Finally, Toronto Dominion Bank boosted its holdings in Shopify by 214.5% during the 1st quarter. Toronto Dominion Bank now owns 2,909,052 shares of the software maker’s stock valued at $224,492,000 after acquiring an additional 1,983,996 shares during the period. 69.27% of the stock is owned by institutional investors and hedge funds.

Shopify Stock Down 1.0 %

Shopify stock opened at $79.05 on Friday. The company has a debt-to-equity ratio of 0.10, a current ratio of 7.32 and a quick ratio of 7.32. Shopify Inc. has a 1-year low of $45.50 and a 1-year high of $91.57. The company has a market cap of $101.87 billion, a PE ratio of -465.00, a price-to-earnings-growth ratio of 2.73 and a beta of 2.36. The stock’s 50 day moving average price is $77.13 and its 200 day moving average price is $69.06.

Shopify (NYSE:SHOP) (TSE:SHOP) last posted its earnings results on Wednesday, August 7th. The software maker reported $0.26 EPS for the quarter, topping analysts’ consensus estimates of $0.20 by $0.06. The company had revenue of $2.05 billion for the quarter, compared to the consensus estimate of $2.01 billion. Shopify had a return on equity of 10.88% and a net margin of 16.40%. Shopify’s quarterly revenue was up 20.7% compared to the same quarter last year. During the same period in the previous year, the business earned ($0.08) earnings per share. On average, sell-side analysts predict that Shopify Inc. will post 0.76 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on SHOP shares. Wedbush restated a “neutral” rating and set a $72.00 target price (up from $68.00) on shares of Shopify in a report on Wednesday, August 7th. Piper Sandler reiterated a “neutral” rating and issued a $67.00 price objective on shares of Shopify in a research note on Thursday, August 29th. Wolfe Research began coverage on Shopify in a research note on Tuesday, July 16th. They issued an “outperform” rating and a $80.00 price objective for the company. Truist Financial decreased their price objective on Shopify from $65.00 to $55.00 and set a “hold” rating for the company in a research note on Tuesday, August 6th. Finally, Scotiabank lifted their price objective on Shopify from $75.00 to $80.00 and gave the company a “sector perform” rating in a research note on Thursday. One analyst has rated the stock with a sell rating, sixteen have assigned a hold rating, twenty-three have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $80.21.

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.