Shopify Inc. $SHOP Shares Purchased by Strs Ohio

Strs Ohio boosted its holdings in shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 12.6% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 600,518 shares of the software maker’s stock after purchasing an additional 67,219 shares during the quarter. Strs Ohio’s holdings in Shopify were worth $71,190,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in the business. Kingdom Financial Group LLC. acquired a new stake in shares of Shopify during the fourth quarter worth approximately $26,000. Curio Wealth LLC bought a new stake in shares of Shopify in the fourth quarter worth $27,000. Mowery & Schoenfeld Wealth Management LLC acquired a new stake in Shopify in the fourth quarter valued at $29,000. Lloyd Advisory Services LLC. bought a new position in Shopify during the 4th quarter valued at $31,000. Finally, Lodestone Wealth Management LLC bought a new position in Shopify during the 4th quarter valued at $31,000. 69.27% of the stock is owned by institutional investors and hedge funds.

Shopify Stock Down 1.8%

SHOP opened at $119.46 on Friday. The firm has a market cap of $155.02 billion, a price-to-earnings ratio of 118.28, a price-to-earnings-growth ratio of 3.34 and a beta of 2.58. Shopify Inc. has a fifty-two week low of $94.00 and a fifty-two week high of $182.19. The company’s 50-day moving average price is $111.58 and its 200 day moving average price is $126.79.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the stock. Weiss Ratings lowered shares of Shopify from a “hold (c)” rating to a “hold (c-)” rating in a report on Wednesday, May 6th. Canaccord Genuity Group cut their target price on shares of Shopify from $165.00 to $145.00 and set a “buy” rating on the stock in a research note on Wednesday, May 6th. Piper Sandler reaffirmed 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. Wells Fargo & Company decreased their price target on Shopify from $166.00 to $144.00 and set an “overweight” rating for the company in a research note on Wednesday, May 6th. Finally, BMO Capital Markets lowered their price objective on Shopify from $160.00 to $145.00 and set an “outperform” rating for the company in a report on Wednesday, May 6th. Two investment analysts have rated the stock with a Strong Buy rating, thirty-one have assigned a Buy rating and ten have given a Hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $157.17.

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.