Teachers Retirement System of The State of Kentucky Sells 20,100 Shares of Shopify Inc. $SHOP

Key Points

• Teachers Retirement System of The State of Kentucky reduced its Shopify stake by 10.2% in the first quarter, selling 20,100 shares and ending with 177,366 shares worth about $21.0 million.
• Shopify remains heavily owned by institutions, with 69.27% of shares held by hedge funds and other institutional investors, including large positions from Norges Bank, Invesco, and Sands Capital.
• Analyst sentiment is still generally positive: Shopify has a Moderate Buy consensus rating and an average price target of $157.58, even though some firms recently cut targets or downgraded the stock.

Teachers Retirement System of The State of Kentucky cut its holdings in Shopify Inc. (NASDAQ:SHOP - Free Report) TSE: SHOP by 10.2% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 177,366 shares of the software maker's stock after selling 20,100 shares during the quarter. Teachers Retirement System of The State of Kentucky's holdings in Shopify were worth $21,039,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Norges Bank bought a new position in shares of Shopify during the fourth quarter valued at $2,611,797,000. Sands Capital Management LLC boosted its position in shares of Shopify by 37.0% during the fourth quarter. Sands Capital Management LLC now owns 9,506,036 shares of the software maker's stock valued at $1,530,187,000 after buying an additional 2,568,765 shares during the last quarter. Invesco Ltd. lifted its stake in Shopify by 9.8% during the 4th quarter. Invesco Ltd. now owns 14,026,193 shares of the software maker's stock valued at $2,257,796,000 after acquiring an additional 1,252,074 shares during the period. Thrivent Financial for Lutherans boosted its holdings in shares of Shopify by 7,207.2% during the 4th quarter. Thrivent Financial for Lutherans now owns 1,148,259 shares of the software maker's stock valued at $184,883,000 after acquiring an additional 1,132,545 shares during the last quarter. Finally, Select Equity Group L.P. boosted its holdings in shares of Shopify by 92.5% during the 2nd quarter. Select Equity Group L.P. now owns 2,246,473 shares of the software maker's stock valued at $259,124,000 after acquiring an additional 1,079,494 shares during the last quarter. 69.27% of the stock is currently owned by hedge funds and other institutional investors.

Shopify Stock Performance

NASDAQ SHOP opened at $122.54 on Monday. The company has a market capitalization of $159.02 billion, a PE ratio of 121.33, a price-to-earnings-growth ratio of 2.66 and a beta of 2.58. The business's fifty day moving average is $111.12 and its 200 day moving average is $124.93. Shopify Inc. has a fifty-two week low of $94.00 and a fifty-two week high of $182.19.

Analysts Set New Price Targets

Several analysts recently commented on SHOP shares. Canaccord Genuity Group cut their price objective on Shopify from $165.00 to $145.00 and set a "buy" rating for the company in a report on Wednesday, May 6th. Citigroup cut Shopify from a "market outperform" rating to a "neutral" rating in a research report on Friday. Needham & Company LLC restated a "buy" rating and set a $180.00 price target on shares of Shopify in a research note on Tuesday, May 5th. Zacks Research raised shares of Shopify from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, July 7th. Finally, BMO Capital Markets initiated coverage on shares of Shopify in a research note on Friday. They issued a "market perform" rating on the stock. Three analysts have rated the stock with a Strong Buy rating, thirty-two have given a Buy rating and ten have given a Hold rating to the stock. According to MarketBeat, Shopify presently has a consensus rating of "Moderate Buy" and an average target price of $157.58.

Shopify News Summary

Here are the key news stories impacting Shopify this week:

• Positive Sentiment: Bank of America said Shopify is a major AI winner, reinforcing the view that the company could benefit as merchants adopt AI tools to improve sales, marketing, and checkout performance. Bank of America argues Shopify is a major AI winner
• Positive Sentiment: Zacks upgraded Shopify from hold to strong-buy, and other research notes highlighted earnings growth and price strength, adding to bullish sentiment around the stock. Earnings Growth & Price Strength Make Shopify (SHOP) a Stock to Watch
• Neutral Sentiment: Shopify is also showing up on trending-stock lists and analyst-call roundups, suggesting elevated investor attention, but these items are more about visibility than a direct business catalyst. Shopify Inc. (SHOP) Is a Trending Stock
• Neutral Sentiment: Investors are also watching for Shopify’s Q2 2026 results on August 5, which could become a bigger driver once earnings are closer. This Week In E-Commerce - Shopify's Q2 2026 Financial Results Announcement Insights
• Negative Sentiment: Shopify remains a richly valued stock, with several recent articles questioning whether the current price is hard to justify, which may limit upside and keep volatility high. Shopify: Great Company, Impossible Valuation
• Negative Sentiment: There was also recent weakness in the broader tech market, and Shopify had already declined in a prior session, showing that macro pressure and high valuation can still weigh on the shares. HubSpot, Q2 Holdings, and Shopify Shares Plummet, What You Need To Know

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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