Maryland State Retirement & Pension System Acquires 3,758 Shares of Shopify Inc. (NYSE:SHOP)

Maryland State Retirement & Pension System grew its position in shares of Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 3.0% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 128,489 shares of the software maker's stock after acquiring an additional 3,758 shares during the quarter. Maryland State Retirement & Pension System's holdings in Shopify were worth $13,669,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently bought and sold shares of the company. PFG Private Wealth Management LLC increased its position in shares of Shopify by 3,657.1% during the fourth quarter. PFG Private Wealth Management LLC now owns 263 shares of the software maker's stock valued at $28,000 after buying an additional 256 shares during the period. Brooklyn Investment Group purchased a new stake in shares of Shopify during the third quarter valued at approximately $33,000. New Wave Wealth Advisors LLC purchased a new stake in shares of Shopify during the fourth quarter valued at approximately $39,000. Mather Group LLC. boosted its stake in shares of Shopify by 84.8% during the fourth quarter. Mather Group LLC. now owns 401 shares of the software maker's stock valued at $43,000 after purchasing an additional 184 shares during the period. Finally, Truvestments Capital LLC purchased a new stake in Shopify in the third quarter worth $45,000. 69.27% of the stock is owned by hedge funds and other institutional investors.

Shopify Trading Up 2.4 %

Shares of SHOP traded up $2.44 during mid-day trading on Friday, hitting $104.29. 8,690,629 shares of the company traded hands, compared to its average volume of 8,586,306. The business has a 50-day moving average of $110.04 and a 200 day moving average of $99.33. Shopify Inc. has a one year low of $48.56 and a one year high of $129.38. The stock has a market capitalization of $135.04 billion, a price-to-earnings ratio of 67.29, a PEG ratio of 4.82 and a beta of 2.60.

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Shopify (NYSE:SHOP - Get Free Report) TSE: SHOP last issued its quarterly earnings data on Tuesday, February 11th. The software maker reported $0.34 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%. As a group, analysts anticipate that Shopify Inc. will post 1.12 earnings per share for the current year.

Analyst Ratings Changes

A number of equities analysts have issued reports on the company. New Street Research assumed coverage on Shopify in a report on Friday, January 10th. They issued a "neutral" rating and a $115.00 price objective for the company. The Goldman Sachs Group increased their price objective on Shopify from $135.00 to $150.00 and gave the company a "buy" rating in a research report on Wednesday, February 12th. Phillip Securities cut Shopify from a "strong-buy" rating to a "moderate buy" rating in a research report on Monday, February 17th. DA Davidson raised their target price on Shopify from $130.00 to $150.00 and gave the stock a "buy" rating in a research report on Wednesday, February 12th. Finally, Deutsche Bank Aktiengesellschaft lifted their price objective on Shopify from $125.00 to $150.00 and gave the company a "buy" rating in a research report on Wednesday, February 12th. One investment analyst has rated the stock with a sell rating, fifteen have issued a hold rating, twenty-four have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Shopify has an average rating of "Moderate Buy" and a consensus price target of $126.31.

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.