Shopify Inc. (NYSE:SHOP) Shares Sold by Employees Retirement System of Texas

Employees Retirement System of Texas lowered its stake in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 55.8% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 99,272 shares of the software maker’s stock after selling 125,371 shares during the period. Employees Retirement System of Texas’ holdings in Shopify were worth $6,557,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Norden Group LLC acquired a new stake in Shopify during the 1st quarter worth about $3,618,000. Silvercrest Asset Management Group LLC boosted its position in Shopify by 735.0% in the first quarter. Silvercrest Asset Management Group LLC now owns 52,928 shares of the software maker’s stock valued at $4,084,000 after buying an additional 46,589 shares during the last quarter. DekaBank Deutsche Girozentrale increased its holdings in Shopify by 5.8% in the 1st quarter. DekaBank Deutsche Girozentrale now owns 523,257 shares of the software maker’s stock worth $40,838,000 after buying an additional 28,639 shares during the period. FIL Ltd raised its position in Shopify by 1.8% during the 4th quarter. FIL Ltd now owns 13,303,001 shares of the software maker’s stock worth $1,035,688,000 after buying an additional 238,596 shares during the last quarter. Finally, Vanguard Group Inc. lifted its stake in Shopify by 1.7% during the 1st quarter. Vanguard Group Inc. now owns 42,881,355 shares of the software maker’s stock valued at $3,309,154,000 after acquiring an additional 713,064 shares during the period. 69.27% of the stock is currently owned by institutional investors and hedge funds.

Shopify Trading Down 1.3 %

Shares of Shopify stock opened at $79.27 on Thursday. The stock has a 50 day moving average of $68.94 and a 200 day moving average of $68.40. The company has a debt-to-equity ratio of 0.10, a quick ratio of 7.32 and a current ratio of 7.32. The firm has a market capitalization of $102.15 billion, a price-to-earnings ratio of -466.29, a PEG ratio of 2.68 and a beta of 2.35. Shopify Inc. has a fifty-two week low of $45.50 and a fifty-two week high of $91.57.

Shopify (NYSE:SHOP) (TSE:SHOP) last released its quarterly earnings results on Wednesday, August 7th. The software maker reported $0.26 earnings per share for the quarter, topping analysts’ consensus estimates of $0.20 by $0.06. The business had revenue of $2.05 billion during the quarter, compared to analysts’ expectations of $2.01 billion. Shopify had a return on equity of 10.88% and a net margin of 16.40%. The company’s revenue was up 20.7% compared to the same quarter last year. During the same period in the prior year, the business posted ($0.08) EPS. As a group, research analysts predict that Shopify Inc. will post 0.76 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on SHOP shares. Barclays raised their target price on shares of Shopify from $63.00 to $65.00 and gave the stock an “equal weight” rating in a report on Thursday, August 8th. Morgan Stanley boosted their price objective on Shopify from $80.00 to $85.00 and gave the company an “overweight” rating in a report on Thursday, August 8th. DZ Bank lowered Shopify from a “hold” rating to a “sell” rating in a report on Friday, August 9th. Evercore lifted their price target on Shopify from $75.00 to $80.00 in a research report on Thursday, August 8th. Finally, UBS Group raised their price objective on shares of Shopify from $71.00 to $75.00 and gave the stock a “neutral” rating in a research note on Thursday, August 8th. One analyst has rated the stock with a sell rating, sixteen have given a hold rating, twenty-four have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $77.92.

About Shopify

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.