Public Employees Retirement System of Ohio Invests $33.68 Million in Shopify Inc. (NYSE:SHOP)

Public Employees Retirement System of Ohio bought a new stake in Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP during the third quarter, according to the company in its most recent disclosure with the SEC. The firm bought 420,154 shares of the software maker's stock, valued at approximately $33,676,000.

Other hedge funds and other institutional investors also recently modified their holdings of the company. EWA LLC bought a new position in Shopify in the 3rd quarter valued at approximately $214,000. MML Investors Services LLC lifted its stake in shares of Shopify by 3.1% in the 3rd quarter. MML Investors Services LLC now owns 168,277 shares of the software maker's stock valued at $13,486,000 after acquiring an additional 5,105 shares during the last quarter. MCIA Inc acquired a new stake in shares of Shopify during the 3rd quarter valued at $165,000. Orion Portfolio Solutions LLC grew its position in Shopify by 18.2% during the 3rd quarter. Orion Portfolio Solutions LLC now owns 101,691 shares of the software maker's stock worth $8,149,000 after acquiring an additional 15,623 shares during the last quarter. Finally, Zacks Investment Management acquired a new position in Shopify in the 3rd quarter worth about $241,000. Institutional investors own 69.27% of the company's stock.

Shopify Stock Performance

NYSE SHOP traded down $1.79 during trading hours on Tuesday, reaching $113.50. 5,137,142 shares of the company were exchanged, compared to its average volume of 9,248,919. The company has a quick ratio of 7.10, a current ratio of 7.10 and a debt-to-equity ratio of 0.09. The stock has a market capitalization of $146.65 billion, a P/E ratio of 106.03, a P/E/G ratio of 3.08 and a beta of 2.46. The business's 50 day simple moving average is $93.29 and its 200-day simple moving average is $76.44. Shopify Inc. has a 1 year low of $48.56 and a 1 year high of $120.72.

Wall Street Analyst Weigh In

A number of analysts have recently commented on the company. JPMorgan Chase & Co. lifted their price target on Shopify from $74.00 to $76.00 and gave the company an "overweight" rating in a research note on Tuesday, August 20th. Scotiabank lifted their target price on shares of Shopify from $75.00 to $80.00 and gave the stock a "sector perform" rating in a research report on Thursday, October 24th. Loop Capital upgraded shares of Shopify from a "hold" rating to a "buy" rating and upped their price target for the company from $110.00 to $140.00 in a research report on Friday. Atb Cap Markets cut Shopify from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, November 12th. Finally, JMP Securities restated a "market outperform" rating and set a $120.00 price target on shares of Shopify in a report on Friday. One investment analyst has rated the stock with a sell rating, sixteen have assigned a hold rating, twenty-three have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Shopify currently has a consensus rating of "Moderate Buy" and an average price target of $98.08.

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.