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

Maryland State Retirement & Pension System grew its position in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 3.0% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 128,489 shares of the software maker’s stock after buying an additional 3,758 shares during the period. Maryland State Retirement & Pension System’s holdings in Shopify were worth $13,669,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in SHOP. PFG Private Wealth Management LLC increased its position in shares of Shopify by 3,657.1% in the fourth quarter. PFG Private Wealth Management LLC now owns 263 shares of the software maker’s stock worth $28,000 after purchasing an additional 256 shares during the period. New Wave Wealth Advisors LLC bought a new position in shares of Shopify in the fourth quarter worth $39,000. Mather Group LLC. increased its position in shares of Shopify by 84.8% in the fourth quarter. Mather Group LLC. now owns 401 shares of the software maker’s stock worth $43,000 after purchasing an additional 184 shares during the period. Brooklyn Investment Group bought a new position in shares of Shopify in the third quarter worth $33,000. Finally, Sierra Ocean LLC bought a new position in shares of Shopify in the fourth quarter worth $46,000. Institutional investors own 69.27% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts recently commented on SHOP shares. Evercore ISI raised their price target on Shopify from $125.00 to $140.00 and gave the stock an “outperform” rating in a research report on Wednesday, February 12th. Royal Bank of Canada raised their price target on Shopify from $130.00 to $145.00 and gave the stock an “outperform” rating in a research report on Wednesday, February 12th. Deutsche Bank Aktiengesellschaft raised their price objective on Shopify from $125.00 to $150.00 and gave the company a “buy” rating in a research note on Wednesday, February 12th. Scotiabank raised their price objective on Shopify from $115.00 to $120.00 and gave the company a “sector perform” rating in a research note on Wednesday, February 12th. Finally, The Goldman Sachs Group raised their price objective on Shopify from $135.00 to $150.00 and gave the company a “buy” rating in a research note on Wednesday, February 12th. One investment analyst has rated the stock with a sell rating, fifteen have assigned a hold rating, twenty-four have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $126.31.

Shopify Stock Performance

Shares of SHOP stock opened at $93.90 on Wednesday. The company has a market cap of $121.58 billion, a P/E ratio of 60.58, a PEG ratio of 4.82 and a beta of 2.60. The stock has a 50 day simple moving average of $110.27 and a two-hundred day simple moving average of $99.08. Shopify Inc. has a fifty-two week low of $48.56 and a fifty-two week high of $129.38.

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

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.