Maryland State Retirement & Pension System Purchases 42,272 Shares of Shopify Inc. (NYSE:SHOP)

Key Points

• The Maryland State Retirement & Pension System increased its position in Shopify Inc. by 32.9%, acquiring an additional 42,272 shares, bringing its total holdings to 170,761 shares worth approximately $16.3 million.
• Shopify's stock has recently increased by 22%, trading at $154.90, with a 52-week range between $63.55 and $156.39.
• The stock has received a consensus rating of "Moderate Buy" with an average target price of $120.74, influenced by various analyst reports adjusting price objectives.

Maryland State Retirement & Pension System increased its position in shares of Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 32.9% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 170,761 shares of the software maker's stock after buying an additional 42,272 shares during the period. Maryland State Retirement & Pension System's holdings in Shopify were worth $16,286,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of the company. Fourth Dimension Wealth LLC acquired a new position in Shopify during the fourth quarter worth $30,000. Smithfield Trust Co raised its holdings in Shopify by 149.2% during the first quarter. Smithfield Trust Co now owns 314 shares of the software maker's stock worth $30,000 after buying an additional 188 shares during the last quarter. Cary Street Partners Investment Advisory LLC raised its holdings in Shopify by 86.8% during the first quarter. Cary Street Partners Investment Advisory LLC now owns 355 shares of the software maker's stock worth $34,000 after buying an additional 165 shares during the last quarter. Strategic Investment Solutions Inc. IL acquired a new position in Shopify during the fourth quarter worth $46,000. Finally, Accent Capital Management LLC acquired a new position in Shopify during the first quarter worth $46,000. Institutional investors own 69.27% of the company's stock.

Shopify Stock Up 22.0%

Shares of NYSE SHOP opened at $154.90 on Thursday. Shopify Inc. has a 52 week low of $63.55 and a 52 week high of $156.39. The firm's fifty day moving average is $115.74 and its 200 day moving average is $107.22. The company has a market cap of $200.96 billion, a price-to-earnings ratio of 99.94, a PEG ratio of 4.82 and a beta of 2.63.

Wall Street Analyst Weigh In

SHOP has been the subject of a number of research analyst reports. CIBC raised their price objective on shares of Shopify from $125.00 to $145.00 and gave the stock an "outperformer" rating in a report on Friday, July 18th. Wells Fargo & Company raised their price objective on shares of Shopify from $107.00 to $125.00 and gave the stock an "overweight" rating in a report on Friday, June 6th. Barclays decreased their price objective on shares of Shopify from $100.00 to $94.00 and set an "equal weight" rating for the company in a report on Friday, May 9th. Stifel Nicolaus raised their price objective on shares of Shopify from $100.00 to $110.00 and gave the stock a "hold" rating in a report on Tuesday, July 15th. Finally, Mizuho cut their target price on shares of Shopify from $110.00 to $85.00 and set a "neutral" rating for the company in a research report on Monday, April 14th. One analyst has rated the stock with a sell rating, eighteen have assigned a hold rating, twenty-two have assigned a buy rating and two have given a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $120.74.

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.

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