Shopify Inc. (NYSE:SHOP) Shares Sold by State of Michigan Retirement System

State of Michigan Retirement System trimmed its holdings in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 13.3% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 138,700 shares of the software maker’s stock after selling 21,300 shares during the period. State of Michigan Retirement System’s holdings in Shopify were worth $14,748,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Jennison Associates LLC bought a new stake in Shopify in the fourth quarter valued at about $132,323,000. Swiss National Bank grew its position in shares of Shopify by 0.9% in the 3rd quarter. Swiss National Bank now owns 3,657,800 shares of the software maker’s stock worth $293,507,000 after acquiring an additional 33,300 shares in the last quarter. Watts Gwilliam & Co. LLC increased its holdings in shares of Shopify by 53.0% in the 4th quarter. Watts Gwilliam & Co. LLC now owns 13,401 shares of the software maker’s stock valued at $1,431,000 after acquiring an additional 4,641 shares during the last quarter. Teachers Retirement System of The State of Kentucky raised its position in shares of Shopify by 29.3% during the 3rd quarter. Teachers Retirement System of The State of Kentucky now owns 342,030 shares of the software maker’s stock valued at $27,409,000 after acquiring an additional 77,500 shares in the last quarter. Finally, Oppenheimer & Co. Inc. lifted its stake in Shopify by 26.4% during the third quarter. Oppenheimer & Co. Inc. now owns 33,609 shares of the software maker’s stock worth $2,693,000 after purchasing an additional 7,027 shares during the last quarter. 69.27% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several analysts have weighed in on SHOP shares. Wedbush reiterated an “outperform” rating and set a $125.00 target price on shares of Shopify in a research note on Tuesday, February 11th. Phillip Securities downgraded shares of Shopify from a “strong-buy” rating to a “moderate buy” rating in a research report on Monday, February 17th. Loop Capital raised shares of Shopify from a “hold” rating to a “buy” rating and raised their target price for the stock from $110.00 to $140.00 in a report on Friday, December 6th. Barclays upped their target price on Shopify from $93.00 to $100.00 and gave the company an “equal weight” rating in a report on Wednesday, February 12th. Finally, The Goldman Sachs Group raised their price target on Shopify from $135.00 to $150.00 and gave the stock a “buy” rating in a report on Wednesday, February 12th. One analyst has rated the stock with a sell rating, fifteen have issued a hold rating, twenty-four have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Shopify currently has an average rating of “Moderate Buy” and an average price target of $126.31.

Shopify Stock Performance

Shares of NYSE:SHOP opened at $101.68 on Wednesday. The stock has a market capitalization of $131.66 billion, a price-to-earnings ratio of 65.60, a PEG ratio of 4.82 and a beta of 2.47. Shopify Inc. has a 1-year low of $48.56 and a 1-year high of $129.38. The company has a 50 day moving average price of $112.65 and a 200 day moving average price of $97.53.

Shopify (NYSE:SHOP) (TSE:SHOP) last announced its quarterly earnings data on Tuesday, February 11th. The software maker reported $0.34 EPS for the quarter, missing analysts’ consensus estimates of $0.44 by ($0.10). Shopify had a net margin of 22.74% and a return on equity of 12.00%. On average, sell-side analysts expect that Shopify Inc. will post 1.12 EPS for the current fiscal year.

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.