89,100 Shares in Shopify Inc. $SHOP Acquired by Louisiana State Employees Retirement System

Louisiana State Employees Retirement System purchased a new position in shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 89,100 shares of the software maker’s stock, valued at approximately $10,278,000.

Several other institutional investors have also added to or reduced their stakes in SHOP. Nuveen LLC bought a new stake in Shopify in the first quarter valued at approximately $667,392,000. Jennison Associates LLC boosted its stake in shares of Shopify by 324.3% during the first quarter. Jennison Associates LLC now owns 5,280,781 shares of the software maker’s stock valued at $504,209,000 after purchasing an additional 4,036,326 shares during the period. Canada Pension Plan Investment Board raised its holdings in Shopify by 34.4% during the 1st quarter. Canada Pension Plan Investment Board now owns 5,943,409 shares of the software maker’s stock valued at $565,504,000 after buying an additional 1,522,573 shares during the last quarter. Mackenzie Financial Corp raised its holdings in Shopify by 19.7% during the 1st quarter. Mackenzie Financial Corp now owns 8,648,734 shares of the software maker’s stock valued at $822,745,000 after buying an additional 1,426,406 shares during the last quarter. Finally, Alliancebernstein L.P. raised its holdings in Shopify by 24.6% during the 1st quarter. Alliancebernstein L.P. now owns 5,554,420 shares of the software maker’s stock valued at $530,336,000 after buying an additional 1,094,840 shares during the last quarter. 69.27% of the stock is currently owned by hedge funds and other institutional investors.

Shopify Trading Down 2.0%

Shopify stock opened at $161.28 on Wednesday. The business’s fifty day simple moving average is $144.26 and its two-hundred day simple moving average is $118.06. The company has a market capitalization of $209.61 billion, a price-to-earnings ratio of 90.10, a price-to-earnings-growth ratio of 7.70 and a beta of 2.72. Shopify Inc. has a 12 month low of $69.84 and a 12 month high of $169.69.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last posted its quarterly earnings results on Wednesday, August 6th. The software maker reported $0.35 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.29 by $0.06. The firm had revenue of $2.68 billion during the quarter, compared to analyst estimates of $2.55 billion. Shopify had a return on equity of 12.30% and a net margin of 23.42%.Shopify’s quarterly revenue was up 31.1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.26 EPS. On average, equities research analysts predict that Shopify Inc. will post 1.12 EPS for the current year.

Analysts Set New Price Targets

SHOP has been the subject of several research analyst reports. Scotiabank reiterated a “sector perform” rating and issued a $150.00 price objective (up previously from $115.00) on shares of Shopify in a report on Thursday, August 7th. Zacks Research raised Shopify to a “hold” rating in a research report on Tuesday, August 12th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Shopify in a research note on Saturday, September 27th. Mizuho boosted their target price on shares of Shopify from $85.00 to $150.00 and gave the company a “neutral” rating in a report on Thursday, August 7th. Finally, Evercore ISI boosted their target price on shares of Shopify from $120.00 to $170.00 and gave the company an “outperform” rating in a report on Friday, August 8th. Twenty-two research analysts have rated the stock with a Buy rating, twenty-three have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $151.95.

Shopify Profile

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.