State of Michigan Retirement System 13F: Cuts SHOP Stake by $10M
Key Points
- The State of Michigan Retirement System reduced its position in Shopify by 67,900 shares, a decrease of 36.2%, bringing its total to 119,634 shares.
- Shopify closed at $165.81 on the filing date, with the stock recently trading around $165.85, about equal to its closing price.
- The fund's reported value for its Shopify position is approximately $17.7 million, representing 0.16% of its total portfolio.
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On October 27, 2026, the State of Michigan Retirement System cut its stake in Shopify Inc. (SHOP) by 67,900 shares, leaving it with 119,634 shares valued at about $17.7 million. This information comes from the fund's latest Form 13F filing with the SEC.
SHOP
Shopify Inc.
What Changed in State of Michigan Retirement System's Shopify Position
The State of Michigan Retirement System reduced its position in Shopify by 67,900 shares, a 36.2% decrease from its previous total of 187,534 shares. This reduction represents a change valued at approximately $10.1 million.
Where Shopify Fits in State of Michigan Retirement System's Portfolio
Shopify now accounts for 0.16% of the fund's total reported value of about $11.02 billion, ranking 38th among its 966 positions.
Other Institutional Activity in Shopify
Several other funds also adjusted their positions in Shopify. Royal Fund Management cut its holdings by 28,550 shares, leaving it with 9,676 shares worth about $1.4 million. Bell Bank maintained its position with 4,496 shares, while Y-Intercept opened a new position with 215,080 shares valued at about $31.9 million.
Shopify Inc. Stock Down 1.7%
Shopify's stock closed at $165.81 on October 27, 2026, with a recent trading price of about $165.85. The stock is currently above its 50-day moving average by 9.6% and its 200-day moving average by 27.7%, but it remains about 9% below its 52-week high of $182.19.
Recent Earnings
Shopify reported trailing twelve-month revenue of approximately $13.3 billion, with a year-over-year revenue growth rate of 33.7%. The next earnings report is expected on November 3, 2026.
Analysts Set New Price Targets
On October 6, 2026, JP Morgan maintained an Overweight rating for Shopify with a price target of $200. Other firms, including Cantor Fitzgerald, Baird, RBC Capital, and Oppenheimer, also maintained their ratings with price targets ranging from $158 to $205.
About Shopify Inc.
Shopify Inc. is a technology company that provides tools for businesses to start, scale, market, and manage their operations. This cut in the State of Michigan Retirement System's position reflects a strategic adjustment as the company prepares to report its next earnings.
Bottom Line
Investors will be watching Shopify closely as it approaches its next earnings date on November 3, 2026. The State of Michigan Retirement System's reduction in Shopify shares highlights a shift in its investment strategy, which may signal changing views on the company's growth prospects.
Related Filing Alerts
Source: State of Michigan Retirement System's 13F filing on $SHOP (Oct 27, 2026). 13F filings show holdings as of the end of the reporting quarter and may not reflect the fund's current position. Written by software, not financial advice. How we make alerts