Commonwealth of Pennsylvania Public School Empls Retrmt SYS Cuts Holdings in Shopify Inc. (NYSE:SHOP)

Commonwealth of Pennsylvania Public School Empls Retrmt SYS reduced its position in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 20.1% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 87,475 shares of the software maker’s stock after selling 22,010 shares during the quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS’s holdings in Shopify were worth $9,301,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also made changes to their positions in SHOP. FMR LLC raised its position in Shopify by 16.1% in the third quarter. FMR LLC now owns 42,306,077 shares of the software maker’s stock valued at $3,389,637,000 after purchasing an additional 5,869,795 shares during the period. The Manufacturers Life Insurance Company raised its position in Shopify by 6.3% in the third quarter. The Manufacturers Life Insurance Company now owns 8,211,511 shares of the software maker’s stock valued at $658,248,000 after purchasing an additional 484,561 shares during the period. National Bank of Canada FI raised its position in Shopify by 28.0% in the third quarter. National Bank of Canada FI now owns 7,408,880 shares of the software maker’s stock valued at $593,588,000 after purchasing an additional 1,621,981 shares during the period. Connor Clark & Lunn Investment Management Ltd. raised its position in Shopify by 30.2% in the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 7,095,382 shares of the software maker’s stock valued at $754,201,000 after purchasing an additional 1,647,374 shares during the period. Finally, Geode Capital Management LLC raised its position in Shopify by 9.6% in the third quarter. Geode Capital Management LLC now owns 5,387,806 shares of the software maker’s stock valued at $432,573,000 after purchasing an additional 471,280 shares during the period. 69.27% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on SHOP. Moffett Nathanson lifted their target price on Shopify from $86.00 to $99.00 and gave the stock a “neutral” rating in a research report on Tuesday, November 26th. Oppenheimer boosted their price target on Shopify from $130.00 to $150.00 and gave the stock an “outperform” rating in a research note on Wednesday, February 12th. Cantor Fitzgerald reiterated a “neutral” rating and issued a $120.00 price target on shares of Shopify in a research note on Wednesday, February 12th. JMP Securities reiterated a “market outperform” rating and issued a $120.00 price target on shares of Shopify in a research note on Thursday, December 12th. Finally, Phillip Securities cut Shopify from a “strong-buy” rating to a “moderate buy” rating in a research note on Monday, February 17th. One investment analyst has rated the stock with a sell rating, fifteen have given a hold rating, twenty-four have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $126.31.

Shopify Price Performance

Shares of SHOP stock opened at $104.29 on Friday. Shopify Inc. has a 12-month low of $48.56 and a 12-month high of $129.38. The firm has a market capitalization of $135.04 billion, a price-to-earnings ratio of 67.29, a price-to-earnings-growth ratio of 4.82 and a beta of 2.60. The business has a 50 day simple moving average of $110.04 and a 200 day simple moving average of $99.33.

Shopify (NYSE:SHOP) (TSE:SHOP) last issued its quarterly earnings data on Tuesday, February 11th. The software maker reported $0.34 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.44 by ($0.10). Shopify had a return on equity of 12.00% and a net margin of 22.74%. On average, equities analysts anticipate that Shopify Inc. will post 1.12 EPS 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.