Shopify Inc. $SHOP Holdings Lifted by Strs Ohio

Strs Ohio boosted its holdings in shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 29.6% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 416,224 shares of the software maker’s stock after buying an additional 95,047 shares during the period. Strs Ohio’s holdings in Shopify were worth $61,853,000 as of its most recent filing with the Securities and Exchange Commission.

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

Analyst Upgrades and Downgrades

SHOP has been the topic of a number of research reports. Truist Financial set a $155.00 price target on shares of Shopify and gave the stock a “hold” rating in a research note on Tuesday, November 4th. Stifel Nicolaus set a $175.00 target price on Shopify in a research note on Tuesday, November 4th. Morgan Stanley reaffirmed an “overweight” rating and set a $192.00 price target (up from $165.00) on shares of Shopify in a research note on Wednesday, November 5th. BMO Capital Markets lifted their price target on Shopify from $180.00 to $190.00 and gave the company an “outperform” rating in a report on Wednesday, November 5th. Finally, Barclays set a $140.00 price objective on Shopify and gave the stock an “equal weight” rating in a report on Wednesday, November 5th. Twenty-four analysts have rated the stock with a Buy rating and twenty have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $171.61.

Shopify Stock Performance

Shares of SHOP stock opened at $137.64 on Friday. The stock’s 50 day simple moving average is $159.16 and its 200 day simple moving average is $150.10. Shopify Inc. has a twelve month low of $69.84 and a twelve month high of $182.19. The company has a market capitalization of $179.19 billion, a price-to-earnings ratio of 101.96, a PEG ratio of 4.09 and a beta of 2.83.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last announced its earnings results on Tuesday, November 4th. The software maker reported $0.27 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.24 by $0.03. Shopify had a return on equity of 11.72% and a net margin of 16.65%.The firm had revenue of $2.84 billion during the quarter, compared to analysts’ expectations of $2.75 billion. On average, analysts forecast that Shopify Inc. will post 1.12 EPS for the current fiscal year.

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.