Louisiana State Employees Retirement System Makes New $10.28 Million Investment in Shopify Inc. $SHOP

Louisiana State Employees Retirement System purchased a new stake in shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 89,100 shares of the software maker’s stock, valued at approximately $10,278,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Family Legacy Financial Solutions LLC purchased a new position in Shopify in the 2nd quarter worth about $25,000. Coastline Trust Co bought a new stake in shares of Shopify in the second quarter worth approximately $29,000. Global Wealth Strategies & Associates boosted its holdings in Shopify by 182.8% in the second quarter. Global Wealth Strategies & Associates now owns 263 shares of the software maker’s stock worth $30,000 after purchasing an additional 170 shares during the last quarter. Smithfield Trust Co boosted its holdings in Shopify by 149.2% in the first quarter. Smithfield Trust Co now owns 314 shares of the software maker’s stock worth $30,000 after purchasing an additional 188 shares during the last quarter. Finally, Dagco Inc. purchased a new stake in Shopify in the first quarter worth approximately $30,000. 69.27% of the stock is owned by institutional investors.

Shopify Trading Down 2.0%

Shopify stock opened at $161.28 on Wednesday. The firm has a 50 day moving average of $144.26 and a 200 day moving average of $118.06. The firm has a market capitalization of $209.61 billion, a price-to-earnings ratio of 90.10, a P/E/G ratio of 7.70 and a beta of 2.72. Shopify Inc. has a 12-month low of $69.84 and a 12-month high of $169.69.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last posted its quarterly earnings results on Wednesday, August 6th. The software maker reported $0.35 earnings per share for the quarter, topping analysts’ consensus estimates of $0.29 by $0.06. The business had revenue of $2.68 billion during the quarter, compared to analyst estimates of $2.55 billion. Shopify had a net margin of 23.42% and a return on equity of 12.30%. The company’s revenue was up 31.1% on a year-over-year basis. During the same period in the prior year, the business posted $0.26 earnings per share. On average, analysts predict that Shopify Inc. will post 1.12 EPS for the current year.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the company. Phillip Securities cut Shopify from a “moderate buy” rating to a “hold” rating in a report on Tuesday, August 12th. Wedbush upped their price objective on Shopify from $115.00 to $160.00 and gave the company an “outperform” rating in a research report on Thursday, August 7th. Citigroup boosted their price target on Shopify from $155.00 to $195.00 and gave the company a “buy” rating in a research note on Friday, August 8th. Oppenheimer reissued an “outperform” rating and issued a $149.00 price objective on shares of Shopify in a report on Tuesday, September 30th. Finally, Evercore ISI raised their price objective on shares of Shopify from $120.00 to $170.00 and gave the stock an “outperform” rating in a report on Friday, August 8th. Twenty-two analysts have rated the stock with a Buy rating, twenty-three have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Shopify currently has a consensus rating of “Hold” and an average target price of $151.95.

Shopify Company Profile

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.