Maryland State Retirement & Pension System Sells 5,416 Shares of Shopify Inc. $SHOP

Maryland State Retirement & Pension System decreased its position in shares of Shopify Inc. (NASDAQ:SHOP - Free Report) TSE: SHOP by 3.2% during the second quarter, according to its most recent filing 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 quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in SHOP. Nuveen LLC bought a new position in shares of Shopify during the 1st quarter worth $667,392,000. Jennison Associates LLC lifted its stake in shares of Shopify by 324.3% during the 1st quarter. Jennison Associates LLC now owns 5,280,781 shares of the software maker's stock worth $504,209,000 after purchasing an additional 4,036,326 shares during the last quarter. Canada Pension Plan Investment Board lifted its stake in shares of Shopify by 34.4% during the 1st quarter. Canada Pension Plan Investment Board now owns 5,943,409 shares of the software maker's stock worth $565,504,000 after purchasing an additional 1,522,573 shares during the last quarter. Mackenzie Financial Corp lifted its stake in shares of Shopify by 19.7% during the 1st quarter. Mackenzie Financial Corp now owns 8,648,734 shares of the software maker's stock worth $822,745,000 after purchasing an additional 1,426,406 shares during the last quarter. Finally, Alliancebernstein L.P. lifted its stake in shares of Shopify by 24.6% during the 1st quarter. Alliancebernstein L.P. now owns 5,554,420 shares of the software maker's stock worth $530,336,000 after purchasing an additional 1,094,840 shares during the last quarter. Institutional investors own 69.27% of the company's stock.

Analyst Ratings Changes

SHOP has been the subject of a number of analyst reports. TD Cowen restated a "hold" rating and set a $156.00 price objective on shares of Shopify in a research note on Friday, October 3rd. Stifel Nicolaus upped their price objective on Shopify from $110.00 to $150.00 and gave the stock a "hold" rating in a research note on Thursday, August 7th. Citigroup upped their price objective on Shopify from $155.00 to $195.00 and gave the stock a "buy" rating in a research note on Friday, August 8th. Canaccord Genuity Group upped their price objective on Shopify from $115.00 to $165.00 and gave the stock a "buy" rating in a research note on Thursday, August 7th. Finally, TD Securities upped their price objective on Shopify from $130.00 to $156.00 and gave the stock a "hold" rating in a research note on Friday, October 3rd. Twenty-two research analysts have rated the stock with a Buy rating, twenty-three have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average target price of $151.95.

Shopify Stock Up 3.2%

Shares of NASDAQ:SHOP opened at $166.43 on Thursday. Shopify Inc. has a 52-week low of $69.84 and a 52-week high of $169.69. The stock has a market cap of $216.30 billion, a price-to-earnings ratio of 92.98, a PEG ratio of 7.55 and a beta of 2.72. The business has a 50-day moving average price of $145.13 and a 200-day moving average price of $118.40.

Shopify (NASDAQ:SHOP - Get Free Report) TSE: SHOP last announced its quarterly earnings data on Wednesday, August 6th. The software maker reported $0.35 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.29 by $0.06. Shopify had a return on equity of 12.30% and a net margin of 23.42%.The firm had revenue of $2.68 billion during the quarter, compared to analysts' expectations of $2.55 billion. During the same period last year, the business posted $0.26 earnings per share. The company's revenue for the quarter was up 31.1% compared to the same quarter last year. As a group, equities analysts anticipate that Shopify Inc. will post 1.12 EPS for the current fiscal year.

About Shopify

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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