Public Employees Retirement System of Ohio Purchases 246,277 Shares of Shopify Inc. (NYSE:SHOP)

Public Employees Retirement System of Ohio increased its position in Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 58.6% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 666,431 shares of the software maker's stock after purchasing an additional 246,277 shares during the quarter. Public Employees Retirement System of Ohio owned approximately 0.05% of Shopify worth $70,867,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of SHOP. Norges Bank bought a new position in shares of Shopify during the fourth quarter valued at $1,542,262,000. Arrowstreet Capital Limited Partnership lifted its holdings in shares of Shopify by 79.8% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 16,487,579 shares of the software maker's stock valued at $1,752,834,000 after acquiring an additional 7,316,862 shares during the period. Alliancebernstein L.P. lifted its holdings in shares of Shopify by 631.3% during the fourth quarter. Alliancebernstein L.P. now owns 4,459,580 shares of the software maker's stock valued at $474,187,000 after acquiring an additional 3,849,796 shares during the period. Marshall Wace LLP lifted its holdings in shares of Shopify by 623.8% during the fourth quarter. Marshall Wace LLP now owns 1,870,891 shares of the software maker's stock valued at $198,932,000 after acquiring an additional 2,228,091 shares during the period. Finally, Durable Capital Partners LP lifted its holdings in shares of Shopify by 86.9% during the fourth quarter. Durable Capital Partners LP now owns 3,950,348 shares of the software maker's stock valued at $420,041,000 after acquiring an additional 1,836,294 shares during the period. 69.27% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on SHOP. Mizuho cut their price objective on Shopify from $110.00 to $85.00 and set a "neutral" rating for the company in a report on Monday, April 14th. Piper Sandler lifted their price objective on Shopify from $94.00 to $104.00 and gave the company a "neutral" rating in a report on Wednesday, February 12th. BMO Capital Markets initiated coverage on Shopify in a research note on Tuesday, May 6th. They issued an "outperform" rating and a $120.00 target price for the company. Truist Financial lowered their target price on Shopify from $120.00 to $100.00 and set a "hold" rating for the company in a research note on Tuesday, May 6th. Finally, Barclays lowered their target price on Shopify from $100.00 to $94.00 and set an "equal weight" rating for the company in a research note on Friday, May 9th. One research analyst has rated the stock with a sell rating, fourteen have given a hold rating, twenty-six have assigned a buy rating and two have assigned a strong buy rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $115.37.

Shopify Trading Up 0.9%

Shopify stock opened at $103.29 on Friday. The firm has a market capitalization of $133.74 billion, a P/E ratio of 66.64, a PEG ratio of 4.82 and a beta of 2.66. Shopify Inc. has a 1 year low of $48.56 and a 1 year high of $129.38. The business has a 50-day moving average of $95.14 and a 200-day moving average of $104.46.

Shopify 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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