Shopify Inc. (NYSE:SHOP) Shares Sold by Teachers Retirement System of The State of Kentucky

Teachers Retirement System of The State of Kentucky lowered its holdings in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 26.8% in the second quarter, HoldingsChannel.com reports. The fund owned 264,530 shares of the software maker’s stock after selling 97,000 shares during the quarter. Teachers Retirement System of The State of Kentucky’s holdings in Shopify were worth $17,473,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently modified their holdings of the company. Oliver Lagore Vanvalin Investment Group raised its stake in Shopify by 100.0% in the 2nd quarter. Oliver Lagore Vanvalin Investment Group now owns 400 shares of the software maker’s stock valued at $26,000 after purchasing an additional 200 shares during the last quarter. Jones Financial Companies Lllp acquired a new position in shares of Shopify in the fourth quarter valued at approximately $28,000. Cultivar Capital Inc. purchased a new position in shares of Shopify during the second quarter valued at approximately $33,000. Hazlett Burt & Watson Inc. purchased a new position in shares of Shopify during the second quarter valued at approximately $33,000. Finally, OLD Point Trust & Financial Services N A purchased a new stake in Shopify in the 4th quarter worth approximately $39,000. Hedge funds and other institutional investors own 69.27% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on SHOP shares. KeyCorp began coverage on Shopify in a research report on Thursday, July 25th. They issued an “overweight” rating and a $80.00 price objective for the company. Argus raised shares of Shopify to a “strong-buy” rating in a research note on Thursday, August 8th. JPMorgan Chase & Co. boosted their target price on shares of Shopify from $74.00 to $76.00 and gave the company an “overweight” rating in a report on Tuesday, August 20th. Barclays increased their price target on shares of Shopify from $65.00 to $70.00 and gave the stock an “equal weight” rating in a research note on Tuesday. Finally, Truist Financial lowered their price objective on shares of Shopify from $65.00 to $55.00 and set a “hold” rating for the company in a research note on Tuesday, August 6th. One analyst has rated the stock with a sell rating, sixteen have assigned a hold rating, twenty-four have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $78.38.

Shopify Stock Performance

Shares of SHOP stock opened at $78.47 on Wednesday. The stock has a market capitalization of $101.12 billion, a price-to-earnings ratio of -461.59, a PEG ratio of 2.65 and a beta of 2.35. Shopify Inc. has a one year low of $45.50 and a one year high of $91.57. The company’s 50-day simple moving average is $70.57 and its 200-day simple moving average is $68.49. The company has a debt-to-equity ratio of 0.10, a quick ratio of 7.32 and a current ratio of 7.32.

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