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

Maryland State Retirement & Pension System raised its holdings in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 105.6% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 125,135 shares of the software maker’s stock after purchasing an additional 64,269 shares during the quarter. Maryland State Retirement & Pension System’s holdings in Shopify were worth $8,271,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in SHOP. Private Wealth Management Group LLC bought a new stake in shares of Shopify in the fourth quarter valued at approximately $26,000. DSM Capital Partners LLC bought a new stake in Shopify during the 4th quarter valued at $28,000. Jones Financial Companies Lllp bought a new stake in Shopify during the 4th quarter valued at $28,000. Your Advocates Ltd. LLP lifted its position 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 worth $31,000 after acquiring an additional 391 shares in the last quarter. Finally, Cultivar Capital Inc. bought a new position in shares of Shopify in the second quarter worth $33,000. 69.27% of the stock is owned by hedge funds and other institutional investors.

Shopify Trading Up 1.1 %

Shares of NYSE SHOP traded up $0.80 during trading hours on Friday, hitting $74.07. The company’s stock had a trading volume of 3,019,334 shares, compared to its average volume of 10,078,813. Shopify Inc. has a 12 month low of $45.50 and a 12 month high of $91.57. The stock has a market cap of $95.45 billion, a price-to-earnings ratio of -435.71, a P/E/G ratio of 2.50 and a beta of 2.30. 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 business has a 50-day simple moving average of $66.29 and a 200-day simple moving average of $69.10.

Shopify (NYSE:SHOP) (TSE:SHOP) last issued its quarterly earnings data 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 firm had revenue of $2.05 billion for the quarter, compared to analyst estimates of $2.01 billion. Shopify had a return on equity of 10.88% and a net margin of 16.40%. The business’s quarterly revenue was up 20.7% compared to the same quarter last year. During the same period last year, the company earned ($0.08) EPS. On average, analysts anticipate that Shopify Inc. will post 0.76 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

SHOP has been the topic of a number of analyst reports. Morgan Stanley boosted their price objective on Shopify from $80.00 to $85.00 and gave the company an “overweight” rating in a research note on Thursday, August 8th. Argus upgraded Shopify to a “strong-buy” rating in a research report on Thursday, August 8th. Benchmark restated a “hold” rating on shares of Shopify in a research report on Tuesday, August 6th. Scotiabank decreased their target price on shares of Shopify from $80.00 to $75.00 and set a “sector perform” rating on the stock in a report on Thursday, May 9th. Finally, Moffett Nathanson cut shares of Shopify from a “buy” rating to a “neutral” rating and lowered their target price for the stock from $74.00 to $65.00 in a research note on Thursday, June 6th. One analyst has rated the stock with a sell rating, fifteen have issued a hold rating, twenty-three have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Shopify currently has a consensus rating of “Moderate Buy” and a consensus price target of $77.30.

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.