Public Employees Retirement System of Ohio Takes $12.04 Million Position in Shopify Inc. $SHOP

Public Employees Retirement System of Ohio acquired a new stake in Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 105,290 shares of the software maker’s stock, valued at approximately $12,041,000.

Several other hedge funds also recently bought and sold shares of the company. Kingdom Financial Group LLC. bought a new stake in Shopify during the 4th quarter worth approximately $26,000. Curio Wealth LLC bought a new position in Shopify in the 4th quarter valued at $27,000. Evolution Wealth Management Inc. grew its position in shares of Shopify by 203.9% during the 1st quarter. Evolution Wealth Management Inc. now owns 231 shares of the software maker’s stock valued at $27,000 after purchasing an additional 155 shares in the last quarter. Graney & King LLC purchased a new position in shares of Shopify during the 1st quarter valued at $27,000. Finally, Lloyd Advisory Services LLC. bought a new position in shares of Shopify in the fourth quarter worth $31,000. Hedge funds and other institutional investors own 69.27% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have weighed in on SHOP. The Goldman Sachs Group raised their price target on Shopify from $170.00 to $194.00 and gave the company a “buy” rating in a report on Thursday, August 6th. Truist Financial set a $180.00 price objective on shares of Shopify and gave the stock a “buy” rating in a research report on Wednesday, August 5th. Robert W. Baird set a $150.00 target price on shares of Shopify in a research note on Wednesday, May 6th. Wedbush lifted their target price on shares of Shopify from $155.00 to $176.00 and gave the company an “outperform” rating in a research report on Thursday, August 6th. Finally, DA Davidson set a $200.00 price target on shares of Shopify and gave the stock a “buy” rating in a research note on Thursday, August 6th. One analyst has rated the stock with a Strong Buy rating, thirty-five have issued a Buy rating and ten have issued a Hold rating to the company’s stock. Based on data from MarketBeat, Shopify presently has a consensus rating of “Moderate Buy” and an average price target of $170.84.

Shopify Stock Performance

Shares of SHOP stock opened at $152.90 on Monday. The business has a 50-day moving average of $130.97 and a 200 day moving average of $121.79. The company has a debt-to-equity ratio of 0.01, a current ratio of 5.35 and a quick ratio of 5.35. Shopify Inc. has a 1-year low of $94.00 and a 1-year high of $182.19. The stock has a market capitalization of $196.73 billion, a PE ratio of 103.31, a P/E/G ratio of 3.12 and a beta of 2.58.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last announced its quarterly earnings data on Wednesday, August 5th. The software maker reported $0.42 earnings per share for the quarter, beating the consensus estimate of $0.40 by $0.02. The firm had revenue of $3.58 billion during the quarter. Shopify had a return on equity of 12.58% and a net margin of 14.53%.The business’s revenue for the quarter was up 33.7% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.69 EPS. As a group, sell-side analysts anticipate that Shopify Inc. will post 1.45 earnings per share for the current year.

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.