Mmbg Investment Advisors CO. Cuts Position in Shopify Inc. (NYSE:SHOP)

Mmbg Investment Advisors CO. lowered its position in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 6.0% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 84,725 shares of the software maker’s stock after selling 5,425 shares during the quarter. Shopify accounts for approximately 0.8% of Mmbg Investment Advisors CO.’s holdings, making the stock its 28th biggest holding. Mmbg Investment Advisors CO.’s holdings in Shopify were worth $6,600,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in the company. Norges Bank purchased a new stake in Shopify during the 4th quarter worth about $1,049,089,000. Capital World Investors increased its position in Shopify by 28.7% during 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. Artisan Partners Limited Partnership increased its position in Shopify by 33.4% during the 4th quarter. Artisan Partners Limited Partnership now owns 6,416,115 shares of the software maker’s stock worth $499,815,000 after purchasing an additional 1,606,482 shares in the last quarter. Baillie Gifford & Co. increased its position in Shopify by 2.3% during the 4th quarter. Baillie Gifford & Co. now owns 64,164,758 shares of the software maker’s stock worth $4,998,476,000 after purchasing an additional 1,419,749 shares in the last quarter. Finally, Capital International Investors boosted its stake in Shopify by 9.7% in the 4th quarter. Capital International Investors now owns 15,849,638 shares of the software maker’s stock worth $1,235,534,000 after buying an additional 1,399,562 shares during the last quarter. Hedge funds and other institutional investors own 69.27% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on SHOP. Mizuho decreased their price target on Shopify from $75.00 to $65.00 and set a “neutral” rating on the stock in a research note on Thursday, May 9th. Citigroup decreased their price target on Shopify from $105.00 to $95.00 and set a “buy” rating on the stock in a research note on Thursday, May 9th. Morgan Stanley raised Shopify from an “equal weight” rating to an “overweight” rating and raised their price target for the stock from $74.00 to $85.00 in a research note on Friday, April 19th. Royal Bank of Canada reduced their price objective on Shopify from $100.00 to $85.00 and set an “outperform” rating on the stock in a research note on Thursday, May 9th. Finally, Benchmark reaffirmed a “hold” rating on shares of Shopify in a research note on Tuesday, May 7th. One equities research analyst has rated the stock with a sell rating, seventeen have assigned a hold rating and eighteen have given a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $76.74.

Shopify Stock Performance

Shares of NYSE SHOP traded up $1.51 during trading on Monday, reaching $63.10. The stock had a trading volume of 10,621,582 shares, compared to its average volume of 10,357,379. Shopify Inc. has a one year low of $45.50 and a one year high of $91.57. The company has a debt-to-equity ratio of 0.10, a quick ratio of 7.14 and a current ratio of 7.14. The stock has a market cap of $81.32 billion, a PE ratio of -371.18, a P/E/G ratio of 2.82 and a beta of 2.27. The firm’s 50 day moving average price is $66.19 and its two-hundred day moving average price is $73.75.

Shopify (NYSE:SHOP) (TSE:SHOP) last released its quarterly earnings data on Wednesday, May 8th. The software maker reported $0.12 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.08 by $0.04. Shopify had a positive return on equity of 7.36% and a negative net margin of 2.82%. The business had revenue of $1.86 billion during the quarter, compared to analyst estimates of $1.84 billion. On average, research analysts forecast that Shopify Inc. will post 0.59 earnings per share for the current fiscal 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.