Maryland State Retirement & Pension System Acquires 12,229 Shares of Shopify Inc. $SHOP

Maryland State Retirement & Pension System boosted its stake in shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 7.4% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 177,574 shares of the software maker’s stock after acquiring an additional 12,229 shares during the quarter. Maryland State Retirement & Pension System’s holdings in Shopify were worth $26,374,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Norges Bank acquired a new stake in shares of Shopify in the 2nd quarter valued at approximately $1,794,952,000. Jennison Associates LLC raised its stake in Shopify by 118.1% during the 2nd quarter. Jennison Associates LLC now owns 11,519,610 shares of the software maker’s stock worth $1,328,787,000 after buying an additional 6,238,829 shares during the period. Brown Advisory Inc. grew its stake in Shopify by 5,193.6% in the second quarter. Brown Advisory Inc. now owns 2,066,884 shares of the software maker’s stock valued at $238,419,000 after acquiring an additional 2,027,839 shares during the period. Geode Capital Management LLC increased its holdings in shares of Shopify by 19.9% in the second quarter. Geode Capital Management LLC now owns 10,731,795 shares of the software maker’s stock worth $1,247,007,000 after acquiring an additional 1,781,530 shares in the last quarter. Finally, Picton Mahoney Asset Management raised its position in shares of Shopify by 246,359.0% during the second quarter. Picton Mahoney Asset Management now owns 1,759,717 shares of the software maker’s stock worth $202,146,000 after purchasing an additional 1,759,003 shares during the period. 69.27% of the stock is owned by institutional investors.

Shopify Trading Down 1.4%

Shares of NASDAQ SHOP opened at $155.81 on Friday. Shopify Inc. has a 12 month low of $69.84 and a 12 month high of $182.19. The stock has a 50 day moving average of $160.05 and a 200-day moving average of $149.56. The company has a market capitalization of $202.84 billion, a P/E ratio of 115.41, a P/E/G ratio of 4.60 and a beta of 2.83.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last released its quarterly earnings data on Tuesday, November 4th. The software maker reported $0.27 EPS for the quarter, beating the consensus estimate of $0.24 by $0.03. The firm had revenue of $2.84 billion for the quarter, compared to the consensus estimate of $2.75 billion. Shopify had a net margin of 16.65% and a return on equity of 11.72%. Analysts predict that Shopify Inc. will post 1.12 EPS for the current fiscal year.

Analyst Ratings Changes

A number of brokerages recently weighed in on SHOP. Canaccord Genuity Group upped their target price on shares of Shopify from $165.00 to $185.00 and gave the stock a “buy” rating in a research note on Tuesday, November 4th. BMO Capital Markets upped their price target on Shopify from $180.00 to $190.00 and gave the stock an “outperform” rating in a research report on Wednesday, November 5th. CIBC restated an “outperform” rating on shares of Shopify in a report on Wednesday, November 5th. TD Securities upgraded shares of Shopify to a “hold” rating in a research note on Thursday, December 4th. Finally, Barclays set a $140.00 price objective on Shopify and gave the company an “equal weight” rating in a report on Wednesday, November 5th. Twenty-four analysts have rated the stock with a Buy rating and twenty-one have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $171.61.

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.