Teachers Retirement System of The State of Kentucky Has $27.41 Million Stock Holdings in Shopify Inc. (NYSE:SHOP)

Teachers Retirement System of The State of Kentucky raised its stake in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 29.3% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 342,030 shares of the software maker’s stock after buying an additional 77,500 shares during the period. Teachers Retirement System of The State of Kentucky’s holdings in Shopify were worth $27,409,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Oliver Lagore Vanvalin Investment Group boosted its position in Shopify by 100.0% in the second quarter. Oliver Lagore Vanvalin Investment Group now owns 400 shares of the software maker’s stock valued at $26,000 after buying an additional 200 shares in the last quarter. Cultivar Capital Inc. acquired a new stake in Shopify in the second quarter worth $33,000. Hazlett Burt & Watson Inc. bought a new position in Shopify during the second quarter worth about $33,000. Brooklyn Investment Group acquired a new position in shares of Shopify in the third quarter valued at approximately $33,000. Finally, Rosenberg Matthew Hamilton raised its stake in shares of Shopify by 41.3% in the 3rd quarter. Rosenberg Matthew Hamilton now owns 455 shares of the software maker’s stock valued at $36,000 after purchasing an additional 133 shares during the period. 69.27% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on SHOP shares. Citigroup boosted their target price on shares of Shopify from $90.00 to $103.00 and gave the stock a “buy” rating in a report on Monday, September 30th. Wells Fargo & Company upped their price target on shares of Shopify from $90.00 to $120.00 and gave the stock an “overweight” rating in a report on Wednesday, November 13th. Oppenheimer raised their target price on shares of Shopify from $90.00 to $130.00 and gave the company an “outperform” rating in a research report on Wednesday, November 13th. DZ Bank downgraded shares of Shopify from a “hold” rating to a “sell” rating in a research note on Thursday, November 21st. Finally, Redburn Atlantic upgraded Shopify from a “neutral” rating to a “buy” rating and set a $99.00 price target on the stock in a report on Tuesday, September 17th. One analyst has rated the stock with a sell rating, sixteen have issued a hold rating, twenty-three have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Shopify currently has a consensus rating of “Moderate Buy” and a consensus price target of $98.08.

Shopify Trading Down 1.6 %

Shopify stock opened at $113.50 on Wednesday. The company has a debt-to-equity ratio of 0.09, a quick ratio of 7.10 and a current ratio of 7.10. Shopify Inc. has a fifty-two week low of $48.56 and a fifty-two week high of $120.72. The stock has a market cap of $146.65 billion, a P/E ratio of 106.08, a PEG ratio of 3.08 and a beta of 2.46. The firm’s fifty day moving average price is $93.29 and its 200-day moving average price is $76.44.

About Shopify

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.