Maryland State Retirement & Pension System Trims Stake in Shopify Inc. $SHOP

Maryland State Retirement & Pension System reduced its stake in shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 3.2% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 165,345 shares of the software maker’s stock after selling 5,416 shares during the quarter. Maryland State Retirement & Pension System’s holdings in Shopify were worth $19,085,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the stock. Optas LLC purchased a new position in Shopify during the second quarter valued at approximately $205,000. Clear Creek Financial Management LLC raised its position in Shopify by 6.7% during the second quarter. Clear Creek Financial Management LLC now owns 6,467 shares of the software maker’s stock valued at $746,000 after acquiring an additional 407 shares in the last quarter. Virtus Wealth Solutions LLC purchased a new position in Shopify during the second quarter valued at approximately $203,000. Gagnon Securities LLC raised its position in Shopify by 4.7% during the second quarter. Gagnon Securities LLC now owns 5,708 shares of the software maker’s stock valued at $658,000 after acquiring an additional 255 shares in the last quarter. Finally, Pure Portfolios Holdings LLC raised its position in Shopify by 26.5% during the second quarter. Pure Portfolios Holdings LLC now owns 2,658 shares of the software maker’s stock valued at $307,000 after acquiring an additional 556 shares in the last quarter. 69.27% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have commented on SHOP. BMO Capital Markets raised their price objective on Shopify from $120.00 to $180.00 and gave the company an “outperform” rating in a report on Thursday, August 7th. CIBC raised their price objective on Shopify from $145.00 to $185.00 and gave the company an “outperform” rating in a report on Thursday, August 7th. Truist Financial raised their price objective on Shopify from $95.00 to $150.00 and gave the company a “hold” rating in a report on Thursday, August 7th. The Goldman Sachs Group raised their price objective on Shopify from $120.00 to $176.00 and gave the company a “buy” rating in a report on Thursday, August 7th. Finally, Arete reissued a “neutral” rating on shares of Shopify in a report on Wednesday, July 23rd. Twenty-two investment analysts have rated the stock with a Buy rating, twenty-three have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $151.95.

Shopify Price Performance

NASDAQ SHOP opened at $166.43 on Thursday. The company has a market cap of $216.30 billion, a PE ratio of 92.98, a price-to-earnings-growth ratio of 7.55 and a beta of 2.72. The stock’s 50 day simple moving average is $145.13 and its 200-day simple moving average is $118.40. Shopify Inc. has a 1-year low of $69.84 and a 1-year high of $169.69.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last released its earnings results on Wednesday, August 6th. The software maker reported $0.35 earnings per share for the quarter, beating the consensus estimate of $0.29 by $0.06. The business had revenue of $2.68 billion for the quarter, compared to the consensus estimate of $2.55 billion. Shopify had a return on equity of 12.30% and a net margin of 23.42%.The business’s quarterly revenue was up 31.1% compared to the same quarter last year. During the same quarter last year, the business posted $0.26 earnings per share. On average, equities research analysts anticipate that Shopify Inc. will post 1.12 EPS for the current fiscal year.

Shopify Company Profile

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.