Mountain Capital Investment Advisors Inc. Acquires 270 Shares of Shopify Inc. $SHOP

Mountain Capital Investment Advisors Inc. boosted its holdings in shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 11.9% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 2,533 shares of the software maker’s stock after acquiring an additional 270 shares during the quarter. Mountain Capital Investment Advisors Inc.’s holdings in Shopify were worth $285,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in SHOP. Nuveen LLC acquired a new position in Shopify during the first quarter valued at approximately $667,392,000. Jennison Associates LLC grew its holdings in Shopify by 324.3% during the first 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 last quarter. Canada Pension Plan Investment Board grew its holdings in Shopify by 34.4% during the first 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 last quarter. Mackenzie Financial Corp grew its holdings in Shopify by 19.7% during the first 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 last quarter. Finally, Alliancebernstein L.P. grew its holdings in Shopify by 24.6% during the first 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 last quarter. Institutional investors own 69.27% of the company’s stock.

Wall Street Analysts Forecast Growth

SHOP has been the topic of several analyst reports. DA Davidson increased their price target on Shopify from $125.00 to $185.00 and gave the company a “buy” rating in a report on Thursday, August 7th. Bank of America raised their price objective on shares of Shopify from $110.00 to $185.00 and gave the stock a “buy” rating in a research note on Thursday, August 7th. Benchmark restated a “buy” rating and issued a $140.00 price objective (up previously from $125.00) on shares of Shopify in a research note on Tuesday, August 5th. TD Securities raised their price objective on shares of Shopify from $130.00 to $156.00 and gave the stock a “hold” rating in a research note on Friday, October 3rd. Finally, JMP Securities raised their price objective on shares of Shopify from $135.00 to $185.00 and gave the stock a “market outperform” rating in a research note on Thursday, August 7th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating, twenty-two have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, Shopify presently has an average rating of “Moderate Buy” and a consensus price target of $152.76.

Shopify Stock Performance

Shares of NASDAQ SHOP opened at $157.76 on Monday. The stock has a market cap of $205.03 billion, a PE ratio of 88.13, a PEG ratio of 7.39 and a beta of 2.72. The business has a fifty day moving average of $148.00 and a two-hundred day moving average of $121.40. Shopify Inc. has a 52-week low of $69.84 and a 52-week high of $169.69.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last released its quarterly earnings results on Wednesday, August 6th. The software maker reported $0.35 earnings per share (EPS) 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 during the quarter, compared to analysts’ expectations of $2.55 billion. During the same period in the previous year, the business posted $0.26 earnings per share. The firm’s revenue for the quarter was up 31.1% compared to the same quarter last year. Analysts predict that Shopify Inc. will post 1.12 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.