Mediolanum International Funds Ltd Invests $1.07 Million in Shopify Inc. (NYSE:SHOP)

Mediolanum International Funds Ltd acquired a new stake in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) in the first quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 13,910 shares of the software maker’s stock, valued at approximately $1,073,000.

A number of other large investors have also added to or reduced their stakes in SHOP. Norges Bank bought a new position in shares of Shopify during the fourth quarter valued at $1,049,089,000. Capital World Investors lifted its holdings in Shopify by 28.7% in the 4th quarter. Capital World Investors now owns 39,424,769 shares of the software maker’s stock worth $3,071,197,000 after purchasing an additional 8,789,411 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund lifted its holdings in Shopify by 118.9% in the 4th quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 3,382,000 shares of the software maker’s stock worth $263,452,000 after purchasing an additional 1,837,000 shares in the last quarter. Artisan Partners Limited Partnership increased its stake in Shopify by 33.4% in the 4th quarter. Artisan Partners Limited Partnership now owns 6,416,115 shares of the software maker’s stock worth $499,815,000 after acquiring an additional 1,606,482 shares during the last quarter. Finally, Baillie Gifford & Co. increased its stake in Shopify by 2.3% in the 4th quarter. Baillie Gifford & Co. now owns 64,164,758 shares of the software maker’s stock worth $4,998,476,000 after acquiring an additional 1,419,749 shares during the last quarter. Hedge funds and other institutional investors own 69.27% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on SHOP. JMP Securities raised Shopify from a “market perform” rating to an “outperform” rating and set a $80.00 price objective on the stock in a research note on Thursday, May 9th. StockNews.com raised Shopify from a “sell” rating to a “hold” rating in a research report on Wednesday, April 24th. Morgan Stanley upgraded Shopify from an “equal weight” rating to an “overweight” rating and upped their target price for the stock from $74.00 to $85.00 in a report on Friday, April 19th. Benchmark reiterated a “hold” rating on shares of Shopify in a report on Tuesday, May 7th. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Shopify in a report on Thursday, May 9th. One analyst has rated the stock with a sell rating, sixteen have assigned a hold rating and twenty-one have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $76.42.

Shopify Stock Performance

Shopify stock traded down $0.51 during midday trading on Wednesday, hitting $65.62. 7,116,561 shares of the company were exchanged, compared to its average volume of 10,103,333. The firm has a market capitalization of $84.56 billion, a PE ratio of -383.24, a price-to-earnings-growth ratio of 3.38 and a beta of 2.30. Shopify Inc. has a fifty-two week low of $45.50 and a fifty-two week high of $91.57. The business has a fifty day simple moving average of $63.47 and a two-hundred day simple moving average of $72.49. The company has a debt-to-equity ratio of 0.10, a quick ratio of 7.14 and a current ratio of 7.14.

Shopify (NYSE:SHOP) (TSE:SHOP) last posted its earnings results on Wednesday, May 8th. The software maker reported $0.12 EPS for the quarter, topping the consensus estimate of $0.08 by $0.04. The firm had revenue of $1.86 billion for the quarter, compared to analyst estimates of $1.84 billion. Shopify had a positive return on equity of 7.36% and a negative net margin of 2.82%. On average, sell-side analysts forecast that Shopify Inc. will post 0.61 earnings per share 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.