Teachers Retirement System of The State of Kentucky Cuts Position in Shopify Inc. $SHOP

Key Points

• Teachers Retirement System of the State of Kentucky cut its stake in Shopify by 25% during Q4, selling 65,988 shares and leaving it with 197,466 shares valued at about $31.79 million.
• Institutional ownership remains high at 69.27% and several large investors — including Vanguard (≈50.67M shares, ~$8.16B), Jennison, MFS and Select Equity — materially increased their holdings, signaling continued institutional interest.
• Analysts have an average rating of Moderate Buy with an average price target of $162.70 (recent targets $150–$170), while Shopify trades around $125.83, below those targets.

Teachers Retirement System of The State of Kentucky lessened its holdings in Shopify Inc. (NASDAQ:SHOP - Free Report) TSE: SHOP by 25.0% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 197,466 shares of the software maker's stock after selling 65,988 shares during the quarter. Teachers Retirement System of The State of Kentucky's holdings in Shopify were worth $31,786,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of SHOP. Jennison Associates LLC grew its holdings in Shopify by 64.3% in the third quarter. Jennison Associates LLC now owns 18,923,431 shares of the software maker's stock worth $2,812,211,000 after purchasing an additional 7,403,821 shares during the period. Select Equity Group L.P. grew its holdings in Shopify by 92.5% in the second quarter. Select Equity Group L.P. now owns 2,246,473 shares of the software maker's stock worth $259,124,000 after purchasing an additional 1,079,494 shares during the period. Massachusetts Financial Services Co. MA grew its holdings in Shopify by 21.3% in the third quarter. Massachusetts Financial Services Co. MA now owns 5,536,825 shares of the software maker's stock worth $822,828,000 after purchasing an additional 973,132 shares during the period. Steadfast Capital Management LP purchased a new stake in Shopify in the third quarter worth about $140,930,000. Finally, Vanguard Group Inc. grew its holdings in Shopify by 1.5% in the fourth quarter. Vanguard Group Inc. now owns 50,670,627 shares of the software maker's stock worth $8,158,643,000 after purchasing an additional 743,803 shares during the period. Hedge funds and other institutional investors own 69.27% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on SHOP. Mizuho upgraded shares of Shopify from a "neutral" rating to an "outperform" rating and set a $150.00 price target on the stock in a report on Thursday, February 12th. BMO Capital Markets set a $160.00 price target on shares of Shopify in a report on Thursday, February 12th. Moffett Nathanson upgraded shares of Shopify from a "neutral" rating to a "buy" rating and set a $150.00 price target on the stock in a report on Monday, February 9th. Jefferies Financial Group increased their price target on shares of Shopify from $125.00 to $150.00 and gave the company a "hold" rating in a report on Monday, March 9th. Finally, Royal Bank Of Canada set a $170.00 price target on shares of Shopify and gave the company an "outperform" rating in a report on Thursday, February 12th. Three analysts have rated the stock with a Strong Buy rating, thirty-one have issued a Buy rating and ten have issued a Hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $162.70.

Shopify Stock Up 1.3%

Shares of Shopify stock opened at $125.83 on Friday. The company has a market cap of $164.10 billion, a price-to-earnings ratio of 135.30, a price-to-earnings-growth ratio of 4.42 and a beta of 2.82. The company's 50 day moving average is $122.15 and its 200 day moving average is $143.09. Shopify Inc. has a twelve month low of $88.14 and a twelve month high of $182.19.

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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