Employees Retirement System of Texas Cuts Position in Shopify Inc. $SHOP

Employees Retirement System of Texas lessened its holdings in Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 27.0% in the 4th quarter, Holdings Channel.com reports. The firm owned 54,624 shares of the software maker’s stock after selling 20,191 shares during the quarter. Employees Retirement System of Texas’ holdings in Shopify were worth $8,793,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the business. Moloney Securities Asset Management LLC boosted its position in shares of Shopify by 1.8% during the third quarter. Moloney Securities Asset Management LLC now owns 3,951 shares of the software maker’s stock worth $587,000 after buying an additional 70 shares during the period. Seros Financial LLC boosted its position in shares of Shopify by 2.7% during the third quarter. Seros Financial LLC now owns 2,856 shares of the software maker’s stock worth $424,000 after buying an additional 75 shares during the period. First Affirmative Financial Network boosted its position in shares of Shopify by 3.4% during the third quarter. First Affirmative Financial Network now owns 2,275 shares of the software maker’s stock worth $338,000 after buying an additional 75 shares during the period. TBH Global Asset Management LLC boosted its position in shares of Shopify by 1.2% during the fourth quarter. TBH Global Asset Management LLC now owns 6,438 shares of the software maker’s stock worth $1,036,000 after buying an additional 75 shares during the period. Finally, Strategic Advisors LLC boosted its position in shares of Shopify by 0.3% during the third quarter. Strategic Advisors LLC now owns 28,785 shares of the software maker’s stock worth $4,278,000 after buying an additional 76 shares during the period. Hedge funds and other institutional investors own 69.27% of the company’s stock.

Shopify Trading Up 1.8%

Shares of NASDAQ SHOP opened at $104.90 on Wednesday. The stock has a market cap of $136.12 billion, a P/E ratio of 103.86, a PEG ratio of 2.89 and a beta of 2.64. Shopify Inc. has a 12-month low of $94.00 and a 12-month high of $182.19. The business’s fifty day simple moving average is $115.47 and its 200-day simple moving average is $134.78.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last announced its quarterly earnings data on Tuesday, May 5th. The software maker reported $999.00 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.22 by $998.78. The business had revenue of $3.17 billion for the quarter, compared to analysts’ expectations of $3.08 billion. Shopify had a return on equity of 12.07% and a net margin of 10.77%. On average, equities analysts forecast that Shopify Inc. will post 1.36 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several research analysts have recently commented on SHOP shares. Piper Sandler restated an “overweight” rating and set a $150.00 price target (down from $165.00) on shares of Shopify in a research report on Tuesday, May 5th. Arete Research set a $175.00 price target on Shopify in a research report on Monday, February 2nd. Jefferies Financial Group reiterated a “hold” rating and issued a $140.00 price objective (down from $150.00) on shares of Shopify in a research note on Tuesday, May 5th. Royal Bank Of Canada reiterated an “outperform” rating and issued a $170.00 price objective on shares of Shopify in a research note on Wednesday, May 6th. Finally, Barclays set a $126.00 price objective on Shopify and gave the company an “equal weight” rating in a research note on Wednesday, May 6th. Two investment analysts have rated the stock with a Strong Buy rating, thirty-one have issued a Buy rating and ten have issued a Hold rating to the company. According to MarketBeat.com, Shopify currently has an average rating of “Moderate Buy” and an average price target of $158.42.

About Shopify

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.