Maryland State Retirement & Pension System Increases Position in Shopify Inc. (NYSE:SHOP)

by · The Markets Daily

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Maryland State Retirement & Pension System raised its position in shares of Shopify Inc. (NYSE:SHOP – Free Report) (TSE:SHOP) by 1.3% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 39,452 shares of the software maker’s stock after buying an additional 504 shares during the period. Maryland State Retirement & Pension System’s holdings in Shopify were worth $2,154,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also modified their holdings of the company. Vident Investment Advisory LLC grew its position in Shopify by 5.3% in the 1st quarter. Vident Investment Advisory LLC now owns 661 shares of the software maker’s stock valued at $447,000 after acquiring an additional 33 shares in the last quarter. Interchange Capital Partners LLC grew its holdings in shares of Shopify by 7.1% in the first quarter. Interchange Capital Partners LLC now owns 511 shares of the software maker’s stock valued at $345,000 after purchasing an additional 34 shares in the last quarter. Ancora Advisors LLC increased its stake in Shopify by 6.2% during the 1st quarter. Ancora Advisors LLC now owns 1,177 shares of the software maker’s stock worth $1,302,000 after buying an additional 69 shares during the period. SVB Wealth LLC lifted its holdings in Shopify by 14.0% during the 1st quarter. SVB Wealth LLC now owns 659 shares of the software maker’s stock worth $445,000 after buying an additional 81 shares in the last quarter. Finally, Industrial Alliance Investment Management Inc. boosted its position in Shopify by 292.9% in the 1st quarter. Industrial Alliance Investment Management Inc. now owns 110 shares of the software maker’s stock valued at $74,000 after buying an additional 82 shares during the period. 60.28% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

SHOP has been the topic of several analyst reports. Canaccord Genuity Group increased their price objective on Shopify from $70.00 to $86.00 and gave the company a “buy” rating in a research note on Wednesday, December 6th. UBS Group reiterated a “neutral” rating and issued a $55.00 price objective on shares of Shopify in a research note on Friday, October 20th. DZ Bank restated a “sell” rating and set a $65.00 target price on shares of Shopify in a research note on Tuesday, December 12th. TD Securities lifted their price target on shares of Shopify from $65.00 to $80.00 and gave the stock a “hold” rating in a research note on Wednesday, December 6th. Finally, Deutsche Bank Aktiengesellschaft increased their price objective on shares of Shopify from $75.00 to $85.00 and gave the company a “buy” rating in a research report on Wednesday, December 6th. Two research analysts have rated the stock with a sell rating, twenty-two have assigned a hold rating and seventeen have assigned a buy rating to the company’s stock. According to MarketBeat.com, Shopify has an average rating of “Hold” and a consensus price target of $69.11.

Get Our Latest Analysis on Shopify

Shopify Trading Down 5.2 %

NYSE:SHOP opened at $73.82 on Wednesday. Shopify Inc. has a 1 year low of $34.65 and a 1 year high of $79.99. The stock has a fifty day moving average price of $68.50 and a two-hundred day moving average price of $62.76. The company has a current ratio of 7.23, a quick ratio of 7.23 and a debt-to-equity ratio of 0.13.

Shopify (NYSE:SHOP – Get Free Report) (TSE:SHOP) last announced its quarterly earnings data on Thursday, November 2nd. The software maker reported $0.17 EPS for the quarter, beating the consensus estimate of $0.06 by $0.11. Shopify had a negative net margin of 17.27% and a negative return on equity of 0.30%. The firm had revenue of $1.71 billion during the quarter, compared to analysts’ expectations of $1.67 billion. As a group, equities research analysts forecast that Shopify Inc. will post 0.21 earnings per share for the current fiscal year.

Shopify Profile

(Free Report)

Shopify Inc, a commerce company, provides a commerce platform and services in Canada, the United States, Europe, the Middle East, Africa, the Asia Pacific, 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.

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