New York State Common Retirement Fund Has $44.50 Million Holdings in Shopify Inc. $SHOP

New York State Common Retirement Fund grew its holdings in Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 10.2% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 299,469 shares of the software maker’s stock after purchasing an additional 27,800 shares during the period. New York State Common Retirement Fund’s holdings in Shopify were worth $44,504,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in the stock. Norges Bank purchased a new stake in Shopify in the 2nd quarter worth approximately $1,794,952,000. Jennison Associates LLC increased its stake in shares of Shopify by 64.3% in the third quarter. Jennison Associates LLC now owns 18,923,431 shares of the software maker’s stock worth $2,812,211,000 after acquiring an additional 7,403,821 shares during the last quarter. Brown Advisory Inc. raised its holdings in shares of Shopify by 5,193.6% during the second quarter. Brown Advisory Inc. now owns 2,066,884 shares of the software maker’s stock worth $238,419,000 after acquiring an additional 2,027,839 shares in the last quarter. Geode Capital Management LLC boosted its position in Shopify by 19.9% during the second quarter. Geode Capital Management LLC now owns 10,731,795 shares of the software maker’s stock valued at $1,247,007,000 after purchasing an additional 1,781,530 shares during the last quarter. Finally, Picton Mahoney Asset Management boosted its position in Shopify by 246,359.0% during the second quarter. Picton Mahoney Asset Management now owns 1,759,717 shares of the software maker’s stock valued at $202,146,000 after purchasing an additional 1,759,003 shares during the last quarter. 69.27% of the stock is owned by hedge funds and other institutional investors.

Shopify Price Performance

Shares of SHOP opened at $131.23 on Friday. The company has a market capitalization of $170.84 billion, a PE ratio of 97.21, a price-to-earnings-growth ratio of 4.23 and a beta of 2.83. Shopify Inc. has a one year low of $69.84 and a one year high of $182.19. The company’s fifty day moving average price is $158.37 and its 200 day moving average price is $151.06.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last issued its quarterly earnings results on Tuesday, November 4th. The software maker reported $0.27 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.24 by $0.03. The company had revenue of $2.84 billion for the quarter, compared to the consensus estimate of $2.75 billion. Shopify had a return on equity of 11.72% and a net margin of 16.65%. Analysts anticipate that Shopify Inc. will post 1.12 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the company. Wolfe Research raised Shopify from a “hold” rating to an “outperform” rating in a research note on Tuesday, January 6th. DA Davidson increased their price objective on Shopify from $185.00 to $195.00 and gave the stock a “buy” rating in a report on Wednesday, November 5th. Robert W. Baird lifted their target price on shares of Shopify from $160.00 to $170.00 and gave the company an “outperform” rating in a research note on Tuesday, October 7th. Oppenheimer reissued an “outperform” rating on shares of Shopify in a research report on Monday, December 1st. Finally, Bank of America raised their price target on shares of Shopify from $185.00 to $190.00 and gave the company a “buy” rating in a report on Wednesday, December 17th. Twenty-four analysts have rated the stock with a Buy rating and twenty have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $171.61.

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.