State of Michigan Retirement System Has $11.18 Million Stake in Shopify Inc. (NYSE:SHOP)

State of Michigan Retirement System trimmed its position in Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 15.5% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 117,200 shares of the software maker's stock after selling 21,500 shares during the quarter. State of Michigan Retirement System's holdings in Shopify were worth $11,179,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of the company. LRI Investments LLC raised its stake in Shopify by 9.8% during the fourth quarter. LRI Investments LLC now owns 889 shares of the software maker's stock worth $94,000 after acquiring an additional 79 shares in the last quarter. Tidemark LLC raised its stake in Shopify by 3.6% during the fourth quarter. Tidemark LLC now owns 2,592 shares of the software maker's stock worth $276,000 after acquiring an additional 90 shares in the last quarter. Mark Sheptoff Financial Planning LLC raised its stake in Shopify by 50.0% during the fourth quarter. Mark Sheptoff Financial Planning LLC now owns 300 shares of the software maker's stock worth $32,000 after acquiring an additional 100 shares in the last quarter. Fullcircle Wealth LLC raised its stake in Shopify by 2.7% during the first quarter. Fullcircle Wealth LLC now owns 4,240 shares of the software maker's stock worth $418,000 after acquiring an additional 110 shares in the last quarter. Finally, Seven Mile Advisory raised its stake in Shopify by 2.3% during the fourth quarter. Seven Mile Advisory now owns 5,068 shares of the software maker's stock worth $539,000 after acquiring an additional 114 shares in the last quarter. 69.27% of the stock is currently owned by institutional investors and hedge funds.

Shopify Trading Down 2.6%

Shares of SHOP opened at $112.11 on Friday. Shopify Inc. has a 1 year low of $48.56 and a 1 year high of $129.38. The stock has a market cap of $145.45 billion, a P/E ratio of 72.33, a price-to-earnings-growth ratio of 4.82 and a beta of 2.61. The stock's 50-day moving average price is $107.86 and its two-hundred day moving average price is $104.95.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on SHOP shares. Jefferies Financial Group dropped their price objective on Shopify from $130.00 to $110.00 and set a "hold" rating for the company in a research note on Monday, May 5th. National Bankshares lowered their target price on Shopify from $140.00 to $120.00 and set an "outperform" rating for the company in a research note on Friday, April 25th. DA Davidson raised their target price on Shopify from $115.00 to $125.00 and gave the company a "buy" rating in a research note on Monday, June 16th. Morgan Stanley raised their target price on Shopify from $106.00 to $112.00 and gave the company an "overweight" rating in a research note on Friday, May 9th. Finally, BMO Capital Markets assumed 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. One analyst has rated the stock with a sell rating, fourteen have given a hold rating, twenty-five have given a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $115.66.

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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