Teachers Retirement System of The State of Kentucky Trims Holdings in Shopify Inc. $SHOP

by · The Markets Daily

Teachers Retirement System of The State of Kentucky reduced its stake in shares of Shopify Inc. (NASDAQ:SHOP – Free Report) (TSE:SHOP) by 2.0% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 263,454 shares of the software maker’s stock after selling 5,300 shares during the quarter. Teachers Retirement System of The State of Kentucky’s holdings in Shopify were worth $39,152,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Brighton Jones LLC grew its stake in Shopify by 2.8% in the 4th quarter. Brighton Jones LLC now owns 21,176 shares of the software maker’s stock worth $2,252,000 after acquiring an additional 584 shares in the last quarter. AQR Capital Management LLC raised its stake in shares of Shopify by 107.3% during the first quarter. AQR Capital Management LLC now owns 14,576 shares of the software maker’s stock valued at $1,392,000 after acquiring an additional 7,544 shares in the last quarter. Sivia Capital Partners LLC boosted its holdings in shares of Shopify by 6.6% in the second quarter. Sivia Capital Partners LLC now owns 8,190 shares of the software maker’s stock valued at $945,000 after purchasing an additional 506 shares during the period. IFG Advisory LLC bought a new position in Shopify in the second quarter worth approximately $209,000. Finally, Intellectus Partners LLC increased its holdings in Shopify by 1.0% during the 2nd quarter. Intellectus Partners LLC now owns 25,482 shares of the software maker’s stock worth $2,939,000 after purchasing an additional 245 shares during the period. 69.27% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

SHOP has been the subject of several research reports. UBS Group lowered their target price on Shopify from $165.00 to $145.00 and set a “neutral” rating for the company in a report on Thursday, February 12th. Robert W. Baird set a $160.00 price objective on shares of Shopify in a research note on Thursday, February 12th. TD Cowen upgraded shares of Shopify from a “hold” rating to a “buy” rating and set a $159.00 target price on the stock in a report on Wednesday, February 11th. DZ Bank upgraded shares of Shopify from a “hold” rating to a “strong-buy” rating in a report on Monday, February 16th. Finally, Royal Bank Of Canada set a $170.00 price target on shares of Shopify and gave the stock an “outperform” rating in a research report on Thursday, February 12th. Two analysts have rated the stock with a Strong Buy rating, thirty-one have issued a Buy rating and ten have given a Hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $162.64.

Get Our Latest Report on SHOP

Shopify Stock Down 1.1%

Shares of Shopify stock opened at $119.38 on Tuesday. The company has a market cap of $155.41 billion, a P/E ratio of 128.37, a PEG ratio of 4.40 and a beta of 2.83. The firm’s 50 day moving average price is $140.55 and its 200-day moving average price is $149.46. Shopify Inc. has a 52-week low of $69.84 and a 52-week high of $182.19.

Shopify Company Profile

(Free Report)

Shopify is a Canadian commerce technology company that provides a cloud-based platform for businesses to create, manage and scale online and physical retail stores. Its core offering is a software-as-a-service e-commerce platform that enables merchants to build customizable storefronts, manage product catalogs, process orders, and handle inventory. Shopify also supports omnichannel selling through integrated point-of-sale (POS) systems for in-person transactions.

Beyond storefront software, Shopify offers a range of merchant services and tools designed to simplify commerce operations.

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