New York State Common Retirement Fund Buys 27,800 Shares of Shopify Inc. $SHOP

New York State Common Retirement Fund raised its stake in Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 10.2% in the third quarter, Holdings Channel.com reports. The firm owned 299,469 shares of the software maker’s stock after acquiring an additional 27,800 shares during the period. New York State Common Retirement Fund’s holdings in Shopify were worth $44,504,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently made changes to their positions in the stock. Financial Gravity Companies Inc. acquired a new stake in Shopify during the second quarter worth about $27,000. Rothschild Investment LLC lifted its position in shares of Shopify by 47.5% in the 2nd quarter. Rothschild Investment LLC now owns 233 shares of the software maker’s stock worth $27,000 after acquiring an additional 75 shares during the period. Heartwood Wealth Advisors LLC acquired a new stake in shares of Shopify during the 3rd quarter worth approximately $27,000. Tradewinds Capital Management LLC increased its position in shares of Shopify by 71.4% during the second quarter. Tradewinds Capital Management LLC now owns 240 shares of the software maker’s stock valued at $28,000 after purchasing an additional 100 shares during the period. Finally, Estabrook Capital Management acquired a new position in shares of Shopify in the second quarter valued at $29,000. Institutional investors own 69.27% of the company’s stock.

Shopify Price Performance

Shares of SHOP opened at $131.23 on Friday. The company has a market capitalization of $170.84 billion, a P/E ratio of 97.21, a PEG ratio of 4.23 and a beta of 2.83. Shopify Inc. has a one year low of $69.84 and a one year high of $182.19. The business’s 50 day simple moving average is $158.37 and its 200-day simple moving average is $151.06.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last issued its quarterly earnings data on Tuesday, November 4th. The software maker reported $0.27 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.24 by $0.03. The firm had revenue of $2.84 billion during the quarter, compared to the consensus estimate of $2.75 billion. Shopify had a return on equity of 11.72% and a net margin of 16.65%. On average, sell-side analysts anticipate that Shopify Inc. will post 1.12 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the stock. Royal Bank Of Canada set a $200.00 price target on shares of Shopify and gave the stock an “outperform” rating in a research note on Monday, January 26th. JPMorgan Chase & Co. upped their target price on shares of Shopify from $179.00 to $180.00 and gave the company an “overweight” rating in a research note on Wednesday, November 5th. CIBC reissued an “outperform” rating on shares of Shopify in a research report on Wednesday, November 5th. BNP Paribas Exane assumed coverage on shares of Shopify in a research note on Monday, November 24th. They set a “neutral” rating for the company. Finally, National Bankshares upped their price objective on Shopify from $180.00 to $200.00 and gave the company an “outperform” rating in a research note on Thursday, October 23rd. Twenty-four investment analysts have rated the stock with a Buy rating and twenty have given a Hold rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $171.61.

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.