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

Maryland State Retirement & Pension System increased its holdings in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 53.0% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 60,866 shares of the software maker’s stock after acquiring an additional 21,080 shares during the quarter. Maryland State Retirement & Pension System’s holdings in Shopify were worth $4,697,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Private Wealth Management Group LLC purchased a new stake in shares of Shopify during the fourth quarter valued at about $26,000. SJS Investment Consulting Inc. increased its holdings in shares of Shopify by 59.1% during the fourth quarter. SJS Investment Consulting Inc. now owns 350 shares of the software maker’s stock valued at $27,000 after acquiring an additional 130 shares in the last quarter. DSM Capital Partners LLC acquired a new position in shares of Shopify during the fourth quarter valued at about $28,000. Jones Financial Companies Lllp acquired a new position in shares of Shopify during the fourth quarter valued at about $28,000. Finally, Your Advocates Ltd. LLP increased its holdings in shares of Shopify by 4,344.4% during the fourth quarter. Your Advocates Ltd. LLP now owns 400 shares of the software maker’s stock valued at $31,000 after acquiring an additional 391 shares in the last quarter. 69.27% of the stock is owned by hedge funds and other institutional investors.

Shopify Trading Up 0.3 %

Shares of SHOP traded up $0.18 during midday trading on Friday, reaching $66.91. The company had a trading volume of 1,082,924 shares, compared to its average volume of 10,155,695. Shopify Inc. has a 1-year low of $45.50 and a 1-year high of $91.57. The stock has a market cap of $86.23 billion, a PE ratio of -392.53, a price-to-earnings-growth ratio of 3.35 and a beta of 2.30. The firm has a 50 day simple moving average of $63.73 and a 200-day simple moving average of $72.75. The company has a quick ratio of 7.14, a current ratio of 7.14 and a debt-to-equity ratio of 0.10.

Shopify (NYSE:SHOP) (TSE:SHOP) last issued its earnings results on Wednesday, May 8th. The software maker reported $0.12 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.08 by $0.04. Shopify had a positive return on equity of 7.36% and a negative net margin of 2.82%. The business had revenue of $1.86 billion during the quarter, compared to the consensus estimate of $1.84 billion. Research analysts forecast that Shopify Inc. will post 0.61 EPS for the current fiscal year.

Analysts Set New Price Targets

SHOP has been the topic of several recent analyst reports. JMP Securities upgraded shares of Shopify from a “market perform” rating to an “outperform” rating and set a $80.00 price objective on the stock in a report on Thursday, May 9th. Royal Bank of Canada cut their price objective on shares of Shopify from $100.00 to $85.00 and set an “outperform” rating on the stock in a report on Thursday, May 9th. Canaccord Genuity Group cut their price objective on shares of Shopify from $90.00 to $80.00 and set a “buy” rating on the stock in a report on Thursday, May 9th. Loop Capital cut their price objective on shares of Shopify from $90.00 to $80.00 and set a “hold” rating on the stock in a report on Monday, April 15th. Finally, DA Davidson cut their price target on shares of Shopify from $90.00 to $84.00 and set a “buy” rating on the stock in a report on Thursday, May 9th. One investment analyst has rated the stock with a sell rating, sixteen have assigned a hold rating and twenty-one have given a buy rating to the stock. Based on data from MarketBeat.com, Shopify presently has an average rating of “Moderate Buy” and a consensus target price of $76.42.

Shopify 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.