New York State Common Retirement Fund Sells 80,830 Shares of Shopify Inc. (NYSE:SHOP)

New York State Common Retirement Fund cut its position in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 20.2% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 320,022 shares of the software maker’s stock after selling 80,830 shares during the period. New York State Common Retirement Fund’s holdings in Shopify were worth $34,028,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of SHOP. Allspring Global Investments Holdings LLC increased its stake in shares of Shopify by 14.8% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 189,827 shares of the software maker’s stock worth $15,213,000 after purchasing an additional 24,472 shares during the last quarter. Whittier Trust Co. increased its stake in shares of Shopify by 16.2% during the 3rd quarter. Whittier Trust Co. now owns 5,060 shares of the software maker’s stock worth $405,000 after purchasing an additional 704 shares during the last quarter. Whittier Trust Co. of Nevada Inc. increased its stake in shares of Shopify by 37.9% during the 3rd quarter. Whittier Trust Co. of Nevada Inc. now owns 2,317 shares of the software maker’s stock worth $186,000 after purchasing an additional 637 shares during the last quarter. Sequoia Financial Advisors LLC increased its stake in shares of Shopify by 10.3% during the 3rd quarter. Sequoia Financial Advisors LLC now owns 18,207 shares of the software maker’s stock worth $1,459,000 after purchasing an additional 1,699 shares during the last quarter. Finally, Eastern Bank acquired a new position in shares of Shopify during the 3rd quarter worth about $143,000. 69.27% of the stock is currently owned by institutional investors and hedge funds.

Shopify Stock Down 3.5 %

NYSE SHOP opened at $123.19 on Friday. The company has a fifty day moving average of $112.84 and a two-hundred day moving average of $94.66. The firm has a market capitalization of $159.18 billion, a price-to-earnings ratio of 79.48, a PEG ratio of 5.12 and a beta of 2.47. Shopify Inc. has a 52 week low of $48.56 and a 52 week high of $129.38.

Shopify (NYSE:SHOP) (TSE:SHOP) last posted 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 return on equity of 12.00% and a net margin of 22.74%. Equities research analysts anticipate that Shopify Inc. will post 1.1 EPS for the current year.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on SHOP. Canaccord Genuity Group boosted their price objective on shares of Shopify from $125.00 to $140.00 and gave the stock a “buy” rating 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. TD Securities upped their price target on shares of Shopify from $100.00 to $130.00 and gave the company a “hold” rating in a research note on Wednesday, February 12th. Morgan Stanley upped their price target on shares of Shopify from $126.00 to $144.00 and gave the company an “overweight” rating in a research note on Wednesday, February 12th. Finally, Moffett Nathanson upped their price target on shares of Shopify from $86.00 to $99.00 and gave the company a “neutral” rating in a research note on Tuesday, November 26th. One analyst has rated the stock with a sell rating, fifteen have assigned a hold rating, twenty-four have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $126.31.

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.