State of Michigan Retirement System Sells 17,400 Shares of Shopify Inc. $SHOP

State of Michigan Retirement System trimmed its holdings in Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 14.8% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 99,800 shares of the software maker’s stock after selling 17,400 shares during the period. State of Michigan Retirement System’s holdings in Shopify were worth $11,838,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also bought and sold shares of the business. Norges Bank purchased a new stake in shares of Shopify during the fourth quarter worth $2,611,797,000. Sands Capital Management LLC grew its position in shares of Shopify by 37.0% in the fourth quarter. Sands Capital Management LLC now owns 9,506,036 shares of the software maker’s stock valued at $1,530,187,000 after purchasing an additional 2,568,765 shares in the last quarter. Invesco Ltd. raised its stake in shares of Shopify by 9.8% during the 4th quarter. Invesco Ltd. now owns 14,026,193 shares of the software maker’s stock valued at $2,257,796,000 after purchasing an additional 1,252,074 shares during the period. Thrivent Financial for Lutherans raised its stake in shares of Shopify by 7,207.2% during the 4th quarter. Thrivent Financial for Lutherans now owns 1,148,259 shares of the software maker’s stock valued at $184,883,000 after purchasing an additional 1,132,545 shares during the period. Finally, Select Equity Group L.P. lifted its holdings in Shopify by 92.5% during the 2nd quarter. Select Equity Group L.P. now owns 2,246,473 shares of the software maker’s stock worth $259,124,000 after purchasing an additional 1,079,494 shares in the last quarter. 69.27% of the stock is currently owned by hedge funds and other institutional investors.

Shopify Stock Down 1.7%

Shopify stock opened at $123.55 on Thursday. The stock has a market cap of $160.33 billion, a price-to-earnings ratio of 122.33, a PEG ratio of 2.73 and a beta of 2.58. The business has a 50-day simple moving average of $111.93 and a 200 day simple moving average of $123.98. Shopify Inc. has a 52 week low of $94.00 and a 52 week high of $182.19.

Trending Headlines about Shopify

Here are the key news stories impacting Shopify this week:

• Positive Sentiment: Several brokerages turned more constructive on Shopify, including Jefferies, Stifel and Bank of America, with upgrades and higher price targets pointing to renewed confidence in earnings potential and longer-term growth. Why Wall Street Is Suddenly Rushing Back Into Beaten-Down Shopify (SHOP) Stock
• Positive Sentiment: Shopify also received a Zacks Rank #1 (Strong Buy), reinforcing the bullish view that earnings expectations may improve. Shopify (SHOP) Upgraded to Strong Buy: What Does It Mean for the Stock?
• Positive Sentiment: DoorDash announced a native Shopify integration that lets independent merchants add on-demand delivery more quickly, which could make Shopify’s platform more attractive to small retailers and support merchant engagement. DoorDash teams with Shopify on delivery for small retailers
• Neutral Sentiment: Fintech and e-commerce commentary continued to spotlight Shopify’s payments infrastructure and platform ecosystem, but these pieces were mostly broad business coverage rather than a direct catalyst. Shopify: Redefining Payments Infrastructure for Merchants
• Negative Sentiment: The latest trading session showed Shopify falling even as the broader market rose, reflecting ongoing investor caution after a sizable year-to-date decline and concerns about slower growth and AI-related costs. Shopify (SHOP) Stock Falls Amid Market Uptick: What Investors Need to Know
• Negative Sentiment: A separate article about fake Shopify stores being used in an alleged scam could add negative headlines around the brand, though it appears unrelated to Shopify’s core business. NFL Players Targeted in E-Commerce Scheme Using Fake Shopify Stores

Analysts Set New Price Targets

Several brokerages have commented on SHOP. Needham & Company LLC restated a “buy” rating and issued a $180.00 target price on shares of Shopify in a research note on Tuesday, May 5th. DA Davidson lowered their price target on shares of Shopify from $195.00 to $140.00 and set a “buy” rating on the stock in a report on Wednesday, May 6th. BMO Capital Markets assumed coverage on shares of Shopify in a research report on Friday, July 10th. They issued a “market perform” rating for the company. Bank of America began coverage on shares of Shopify in a research note on Tuesday, July 7th. They set a “buy” rating and a $150.00 price objective for the company. Finally, National Bank Financial decreased their target price on shares of Shopify from $200.00 to $155.00 and set an “outperform” rating on the stock in a report on Wednesday, May 27th. Three analysts have rated the stock with a Strong Buy rating, thirty-two have given a Buy rating and ten have given a Hold rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $157.58.

About Shopify

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.