Mufg Securities Canada LTD. Sells 157,572 Shares of Shopify Inc. $SHOP

Mufg Securities Canada LTD. decreased its holdings in shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 7.8% during the 4th quarter, HoldingsChannel.com reports. The firm owned 1,862,000 shares of the software maker’s stock after selling 157,572 shares during the period. Shopify makes up approximately 8.3% of Mufg Securities Canada LTD.’s investment portfolio, making the stock its 2nd largest holding. Mufg Securities Canada LTD.’s holdings in Shopify were worth $299,875,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Kingdom Financial Group LLC. acquired a new position in Shopify during the 4th quarter worth approximately $26,000. Curio Wealth LLC acquired a new position in Shopify during the 4th quarter worth approximately $27,000. Mowery & Schoenfeld Wealth Management LLC acquired a new position in Shopify during the 4th quarter worth approximately $29,000. Lloyd Advisory Services LLC. acquired a new position in Shopify during the 4th quarter worth approximately $31,000. Finally, Lodestone Wealth Management LLC acquired a new position in Shopify during the 4th quarter worth approximately $31,000. Institutional investors and hedge funds own 69.27% of the company’s stock.

Analyst Upgrades and Downgrades

SHOP has been the topic of several recent analyst reports. Piper Sandler reiterated an “overweight” rating and set a $150.00 target price (down from $165.00) on shares of Shopify in a research report on Tuesday, May 5th. Truist Financial set a $150.00 target price on Shopify and gave the stock a “buy” rating in a research report on Tuesday, February 17th. DZ Bank upgraded Shopify from a “hold” rating to a “strong-buy” rating in a research report on Monday, February 16th. Royal Bank Of Canada reiterated an “outperform” rating and set a $170.00 target price on shares of Shopify in a research report on Wednesday, May 6th. Finally, Citigroup dropped their target price on Shopify from $163.00 to $156.00 and set a “buy” rating on the stock in a research report on Wednesday, May 6th. Two analysts have rated the stock with a Strong Buy rating, thirty-one have issued a Buy rating and ten have issued a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $157.17.

Shopify Price Performance

Shares of NASDAQ:SHOP opened at $108.24 on Monday. The business’s 50 day simple moving average is $113.99 and its 200-day simple moving average is $131.44. The firm has a market capitalization of $140.46 billion, a price-to-earnings ratio of 107.17, a price-to-earnings-growth ratio of 3.03 and a beta of 2.60. Shopify Inc. has a 12 month low of $94.00 and a 12 month high of $182.19.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last announced its quarterly earnings results on Tuesday, May 5th. The software maker reported $999.00 EPS for the quarter, topping the consensus estimate of $0.22 by $998.78. The business had revenue of $3.17 billion for the quarter, compared to analyst estimates of $3.08 billion. Shopify had a return on equity of 12.07% and a net margin of 10.77%. On average, equities analysts anticipate that Shopify Inc. will post 1.36 earnings per share for the current year.

Shopify Profile

Shopify is a Canadian commerce technology company that provides a cloud-based platform for businesses to create, manage and scale online and physical retail stores. Its core offering is a software-as-a-service e-commerce platform that enables merchants to build customizable storefronts, manage product catalogs, process orders, and handle inventory. Shopify also supports omnichannel selling through integrated point-of-sale (POS) systems for in-person transactions.

Beyond storefront software, Shopify offers a range of merchant services and tools designed to simplify commerce operations.