9,839 Shopify Inc. $SHOP Shares Sold by Maryland State Retirement & Pension System

Maryland State Retirement & Pension System lessened its holdings in shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 4.4% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 211,971 shares of the software maker’s stock after selling 9,839 shares during the period. Maryland State Retirement & Pension System’s holdings in Shopify were worth $31,410,000 at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in the business. The Manufacturers Life Insurance Company boosted its stake in shares of Shopify by 8.5% in the first quarter. The Manufacturers Life Insurance Company now owns 8,418,903 shares of the software maker’s stock valued at $998,137,000 after buying an additional 660,198 shares during the period. Swiss National Bank grew its position in Shopify by 27.0% during the first quarter. Swiss National Bank now owns 4,115,300 shares of the software maker’s stock worth $487,580,000 after buying an additional 876,100 shares in the last quarter. Bank of New York Mellon Corp increased its stake in Shopify by 4.8% during the 1st quarter. Bank of New York Mellon Corp now owns 3,495,964 shares of the software maker’s stock worth $414,691,000 after acquiring an additional 159,873 shares during the period. Amova Asset Management Americas Inc. increased its stake in Shopify by 5.0% during the 1st quarter. Amova Asset Management Americas Inc. now owns 3,458,265 shares of the software maker’s stock worth $410,219,000 after acquiring an additional 165,080 shares during the period. Finally, Amundi increased its stake in Shopify by 2.7% during the 1st quarter. Amundi now owns 3,200,943 shares of the software maker’s stock worth $379,696,000 after acquiring an additional 84,971 shares during the period. 69.27% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on SHOP shares. Needham & Company LLC reiterated a “buy” rating on shares of Shopify in a research report on Wednesday, November 4th. Jefferies Financial Group restated a “buy” rating on shares of Shopify in a research report on Wednesday, October 14th. Royal Bank Of Canada reaffirmed an “outperform” rating and issued a $200.00 price target on shares of Shopify in a research note on Wednesday, November 4th. UBS Group upped their price objective on shares of Shopify from $145.00 to $160.00 and gave the stock a “neutral” rating in a research report on Wednesday, November 4th. Finally, Sanford C. Bernstein reiterated an “outperform” rating and set a $165.00 price objective (up from $160.00) on shares of Shopify in a research note on Wednesday, November 4th. One equities research analyst has rated the stock with a Strong Buy rating, thirty-eight have given a Buy rating and ten have issued a Hold rating to the company. Based on data from MarketBeat.com, Shopify currently has a consensus rating of “Moderate Buy” and a consensus target price of $178.82.

Shopify Price Performance

NASDAQ SHOP opened at $149.26 on Thursday. The business has a fifty day moving average price of $152.67 and a two-hundred day moving average price of $130.24. The stock has a market capitalization of $192.04 billion, a PE ratio of 105.47, a PEG ratio of 3.49 and a beta of 2.65. Shopify Inc. has a fifty-two week low of $94.00 and a fifty-two week high of $180.88.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last issued its quarterly earnings results on Tuesday, November 3rd. The software maker reported $0.49 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.33 by $0.16. Shopify had a return on equity of 14.03% and a net margin of 15.01%. The company had revenue of $3.74 billion for the quarter. During the same quarter in the previous year, the business posted $0.34 EPS. The company’s revenue for the quarter was up 31.6% on a year-over-year basis. As a group, sell-side analysts expect that Shopify Inc. will post 1.48 earnings per share for the current year.

Shopify Company Profile

Shopify is a commerce technology company that provides tools for businesses to create and operate online stores. Its platform supports activities such as product management, order processing, payments, shipping, marketing and customer engagement. Shopify also offers point-of-sale tools for merchants selling in person, connecting retail operations with online sales. Its services are used by businesses of varying sizes and are available to merchants in countries around the world. Founded in 2006, Shopify is headquartered in Ottawa, Canada.