State of Michigan Retirement System Lowers Position in Shopify Inc. $SHOP

Key Points

• State of Michigan Retirement System reduced its Shopify stake by 14.8% in the first quarter, selling 17,400 shares and ending with 99,800 shares valued at about $11.8 million.
• Despite the trim, Shopify remains widely held by institutions, with hedge funds and other investors owning about 69.27% of the company’s stock.
• Analyst sentiment is still broadly positive: Shopify has an average “Moderate Buy” rating and an average price target of $157.58, with several firms recently reiterating or setting bullish targets.

State of Michigan Retirement System lessened its stake in Shopify Inc. (NASDAQ:SHOP - Free Report) TSE: SHOP by 14.8% during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 99,800 shares of the software maker's stock after selling 17,400 shares during the quarter. State of Michigan Retirement System's holdings in Shopify were worth $11,838,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of the stock. First Affirmative Financial Network grew its stake in shares of Shopify by 3.4% in the 3rd quarter. First Affirmative Financial Network now owns 2,275 shares of the software maker's stock worth $338,000 after acquiring an additional 75 shares in the last quarter. TBH Global Asset Management LLC lifted its position in shares of Shopify by 1.2% during the fourth quarter. TBH Global Asset Management LLC now owns 6,438 shares of the software maker's stock valued at $1,036,000 after purchasing an additional 75 shares in the last quarter. Smartleaf Asset Management LLC lifted its position in shares of Shopify by 13.9% during the second quarter. Smartleaf Asset Management LLC now owns 631 shares of the software maker's stock valued at $72,000 after purchasing an additional 77 shares in the last quarter. Dynamic Advisor Solutions LLC boosted its holdings in Shopify by 2.6% during the fourth quarter. Dynamic Advisor Solutions LLC now owns 3,164 shares of the software maker's stock worth $509,000 after purchasing an additional 80 shares during the last quarter. Finally, Pacific Sage Partners LLC grew its position in Shopify by 3.9% in the 4th quarter. Pacific Sage Partners LLC now owns 2,133 shares of the software maker's stock worth $343,000 after purchasing an additional 80 shares in the last quarter. Hedge funds and other institutional investors own 69.27% of the company's stock.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on the company. Stifel Nicolaus set a $150.00 target price on Shopify and gave the stock a "buy" rating in a research note on Thursday, July 9th. Barclays set a $126.00 price objective on Shopify and gave the company an "equal weight" rating in a research note on Wednesday, May 6th. Oppenheimer reiterated an "outperform" rating and set a $175.00 target price on shares of Shopify in a research note on Wednesday, May 6th. Needham & Company LLC reiterated a "buy" rating and set a $180.00 target price on shares of Shopify in a research note on Tuesday, May 5th. Finally, BMO Capital Markets assumed coverage on shares of Shopify in a research report on Friday, July 10th. They set a "market perform" rating for the company. Three analysts have rated the stock with a Strong Buy rating, thirty-two have assigned a Buy rating and ten have given a Hold rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $157.58.

Shopify Price Performance

Shares of NASDAQ SHOP opened at $123.55 on Thursday. Shopify Inc. has a one year low of $94.00 and a one year high of $182.19. The business's fifty day moving average price is $111.93 and its 200-day moving average price is $123.98. The stock has a market capitalization of $160.33 billion, a PE ratio of 122.33, a P/E/G ratio of 2.73 and a beta of 2.58.

Key Stories Impacting Shopify

Here are the key news stories impacting Shopify this week:

• Positive Sentiment: Several brokerages turned more constructive on Shopify, including Jefferies, Stifel and Bank of America, with upgrades and higher price targets pointing to renewed confidence in earnings potential and longer-term growth. Why Wall Street Is Suddenly Rushing Back Into Beaten-Down Shopify (SHOP) Stock
• Positive Sentiment: Shopify also received a Zacks Rank #1 (Strong Buy), reinforcing the bullish view that earnings expectations may improve. Shopify (SHOP) Upgraded to Strong Buy: What Does It Mean for the Stock?
• Positive Sentiment: DoorDash announced a native Shopify integration that lets independent merchants add on-demand delivery more quickly, which could make Shopify’s platform more attractive to small retailers and support merchant engagement. DoorDash teams with Shopify on delivery for small retailers
• Neutral Sentiment: Fintech and e-commerce commentary continued to spotlight Shopify’s payments infrastructure and platform ecosystem, but these pieces were mostly broad business coverage rather than a direct catalyst. Shopify: Redefining Payments Infrastructure for Merchants
• Negative Sentiment: The latest trading session showed Shopify falling even as the broader market rose, reflecting ongoing investor caution after a sizable year-to-date decline and concerns about slower growth and AI-related costs. Shopify (SHOP) Stock Falls Amid Market Uptick: What Investors Need to Know
• Negative Sentiment: A separate article about fake Shopify stores being used in an alleged scam could add negative headlines around the brand, though it appears unrelated to Shopify’s core business. NFL Players Targeted in E-Commerce Scheme Using Fake Shopify Stores

Shopify Company Profile

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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