Shopify Inc. $SHOP Shares Sold by Public Employees Retirement System of Ohio

Key Points

• Public Employees Retirement System of Ohio cut its Shopify stake by 51.4% in the first quarter, selling 110,816 shares and retaining 104,766 shares valued at approximately $12.4 million.
• Other institutional investors increased their positions, and hedge funds and institutions collectively own 69.27% of Shopify’s shares.
• Shopify opened at $113.75, while analysts maintained a generally positive outlook with a “Moderate Buy” consensus rating and an average price target of $157.69.

Public Employees Retirement System of Ohio trimmed its holdings in Shopify Inc. (NASDAQ:SHOP - Free Report) TSE: SHOP by 51.4% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 104,766 shares of the software maker's stock after selling 110,816 shares during the period. Public Employees Retirement System of Ohio's holdings in Shopify were worth $12,388,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of the business. M&T Bank Corp grew its holdings in Shopify by 37.1% in the 4th quarter. M&T Bank Corp now owns 81,082 shares of the software maker's stock valued at $13,051,000 after buying an additional 21,945 shares in the last quarter. Triasima Portfolio Management inc. raised its holdings in shares of Shopify by 11.0% during the 4th quarter. Triasima Portfolio Management inc. now owns 182,338 shares of the software maker's stock worth $29,398,000 after acquiring an additional 18,028 shares during the period. Assetmark Inc. raised its holdings in shares of Shopify by 6.7% during the 4th quarter. Assetmark Inc. now owns 213,583 shares of the software maker's stock worth $34,380,000 after acquiring an additional 13,415 shares during the period. Mirae Asset Global Investments Co. Ltd. boosted its position in shares of Shopify by 12.8% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 526,114 shares of the software maker's stock valued at $84,689,000 after acquiring an additional 59,745 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA boosted its position in shares of Shopify by 6.4% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 5,892,833 shares of the software maker's stock valued at $948,569,000 after acquiring an additional 356,008 shares during the last quarter. 69.27% of the stock is owned by hedge funds and other institutional investors.

Shopify Price Performance

NASDAQ SHOP opened at $113.75 on Monday. The stock has a market capitalization of $147.61 billion, a P/E ratio of 112.62, a PEG ratio of 2.45 and a beta of 2.58. The firm's 50-day moving average is $114.39 and its two-hundred day moving average is $121.82. Shopify Inc. has a 12 month low of $94.00 and a 12 month high of $182.19.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on SHOP shares. BTIG Research started coverage on shares of Shopify in a research report on Friday, July 10th. They set a "buy" rating for the company. Bank of America started coverage on shares of Shopify in a research note on Tuesday, July 7th. They issued a "buy" rating and a $150.00 price target for the company. Citizens Jmp cut their price target on shares of Shopify from $160.00 to $150.00 and set a "market outperform" rating for the company in a report on Wednesday, May 6th. Morgan Stanley lowered shares of Shopify from an "overweight" rating to a "buy" rating in a research report on Monday, July 13th. Finally, Jefferies Financial Group upgraded Shopify from a "hold" rating to a "buy" rating and upped their price objective for the company from $140.00 to $160.00 in a report on Sunday, July 12th. Three analysts have rated the stock with a Strong Buy rating, thirty-three have given a Buy rating and nine have issued a Hold rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $157.69.

Shopify News Roundup

Here are the key news stories impacting Shopify this week:

• Positive Sentiment: Citigroup lowered its price target on Shopify to $150 from $156 but kept a Buy rating, implying meaningful upside from current levels. Benzinga
• Positive Sentiment: Several analyst-focused articles highlighted Shopify as a buy and pointed to roughly 28% upside based on consensus price targets, which can support sentiment around the stock. Wall Street Analysts See Shopify (SHOP) as a Buy: Should You Invest?
• Positive Sentiment: Growth-oriented coverage continued to argue that Shopify’s strong fundamentals and growth profile could make it attractive for long-term investors. 3 Reasons Why Growth Investors Shouldn't Overlook Shopify (SHOP)
• Neutral Sentiment: Reports about Shopify merchants processing record GMV and the broader merchant ecosystem underscore platform momentum, but they were more of an industry/operating backdrop than a direct stock-moving announcement. DSCP Smart Fulfillment Addresses Critical Gap as Shopify Merchants Process Record $378 Billion in Annual Sales
• Negative Sentiment: Rothschild & Co Redburn cut Shopify to Hold, a downgrade that likely pressured the shares and signaled more caution on the stock’s near-term upside. Shopify NASDAQ: SHOP Cut to "Hold" at Rothschild & Co Redburn

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.

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