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

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

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

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on SHOP. Wells Fargo & Company reiterated an “overweight” rating and set a $205.00 price target (down from $208.00) on shares of Shopify in a report on Wednesday, November 4th. Rothschild & Co Redburn set a $130.00 price objective on Shopify and gave the stock a “neutral” rating in a research report on Tuesday, July 21st. ATB Cormark Capital Markets lowered Shopify from a “moderate buy” rating to a “hold” rating in a research report on Thursday, October 22nd. Citizens Jmp upped their target price on Shopify from $150.00 to $185.00 and gave the stock a “market outperform” rating in a report on Thursday, August 6th. Finally, Deutsche Bank increased their target price on Shopify from $175.00 to $185.00 and gave the company a “buy” rating in a research report on Thursday, August 6th. One research analyst has rated the stock with a Strong Buy rating, thirty-eight have assigned a Buy rating and ten have issued a Hold rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $178.82.

Shopify Price Performance

NASDAQ:SHOP opened at $149.26 on Thursday. Shopify Inc. has a one year low of $94.00 and a one year high of $180.88. The company has a market cap of $192.04 billion, a PE ratio of 105.47, a P/E/G ratio of 3.49 and a beta of 2.65. The firm’s 50 day simple moving average is $152.67 and its 200 day simple moving average is $130.24.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last released 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. The firm had revenue of $3.74 billion during the quarter. Shopify had a net margin of 15.01% and a return on equity of 14.03%. Shopify’s revenue was up 31.6% on a year-over-year basis. During the same period in the previous year, the business posted $0.34 EPS. Equities research analysts expect that Shopify Inc. will post 1.48 EPS for the current year.

About Shopify

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.