diff --git a/src/documentation/content/xdocs/changes.xml b/src/documentation/content/xdocs/changes.xml
index d0f4f0e64..ff7a39729 100644
--- a/src/documentation/content/xdocs/changes.xml
+++ b/src/documentation/content/xdocs/changes.xml
@@ -36,6 +36,7 @@
 
 		<!-- Don't forget to update status.xml too! -->
         <release version="3.0.2-FINAL" date="2008-??-??">
+            <action dev="POI-DEVELOPERS" type="add">34023 - When shifting rows, update formulas on that sheet to point to the new location of those rows</action>
             <action dev="POI-DEVELOPERS" type="add">Support getting all the cells referenced by an AreaReference, not just the corner ones</action>
             <action dev="POI-DEVELOPERS" type="add">43510 - Add support for named ranges in formulas, including non-contiguous named ranges</action>
             <action dev="POI-DEVELOPERS" type="add">43937 - Add support for hiding and un-hiding sheets, and checking their current hidden status</action>
diff --git a/src/documentation/content/xdocs/status.xml b/src/documentation/content/xdocs/status.xml
index f4d7c1b07..575bb6ba3 100644
--- a/src/documentation/content/xdocs/status.xml
+++ b/src/documentation/content/xdocs/status.xml
@@ -33,6 +33,7 @@
 	<!-- Don't forget to update changes.xml too! -->
     <changes>
         <release version="3.0.2-FINAL" date="2008-??-??">
+            <action dev="POI-DEVELOPERS" type="add">34023 - When shifting rows, update formulas on that sheet to point to the new location of those rows</action>
             <action dev="POI-DEVELOPERS" type="add">Support getting all the cells referenced by an AreaReference, not just the corner ones</action>
             <action dev="POI-DEVELOPERS" type="add">43510 - Add support for named ranges in formulas, including non-contiguous named ranges</action>
             <action dev="POI-DEVELOPERS" type="add">43937 - Add support for hiding and un-hiding sheets, and checking their current hidden status</action>
diff --git a/src/java/org/apache/poi/hssf/usermodel/HSSFSheet.java b/src/java/org/apache/poi/hssf/usermodel/HSSFSheet.java
index b0d822286..5855a4937 100644
--- a/src/java/org/apache/poi/hssf/usermodel/HSSFSheet.java
+++ b/src/java/org/apache/poi/hssf/usermodel/HSSFSheet.java
@@ -28,6 +28,7 @@ import org.apache.poi.hssf.model.Sheet;
 import org.apache.poi.hssf.model.Workbook;
 import org.apache.poi.hssf.record.*;
 import org.apache.poi.hssf.record.formula.Ptg;
+import org.apache.poi.hssf.record.formula.ReferencePtg;
 import org.apache.poi.hssf.util.HSSFCellRangeAddress;
 import org.apache.poi.hssf.util.HSSFDataValidation;
 import org.apache.poi.hssf.util.Region;
@@ -1215,12 +1216,52 @@ public class HSSFSheet
         
         // Update any formulas on this sheet that point to
         //  rows which have been moved
-        
-        // Update any named ranges defined for this workbook
-        //  that point to this sheet and had rows they reference
-        //  moved
-        for(int i=0; i<workbook.getNumberOfNames(); i++) {
-        	HSSFName name = workbook.getNameAt(i);
+        updateFormulasAfterShift(startRow, endRow, n);
+    }
+    
+    /**
+     * Called by shiftRows to update formulas on this sheet
+     *  to point to the new location of moved rows
+     */
+    private void updateFormulasAfterShift(int startRow, int endRow, int n) {
+    	// Need to look at every cell on the sheet
+    	// Not just those that were moved
+        Iterator ri = rowIterator();
+        while(ri.hasNext()) {
+        	HSSFRow r = (HSSFRow)ri.next();
+        	Iterator ci = r.cellIterator();
+        	while(ci.hasNext()) {
+        		HSSFCell c = (HSSFCell)ci.next();
+        		if(c.getCellType() == HSSFCell.CELL_TYPE_FORMULA) {
+        			// Since it's a formula cell, process the
+        			//  formula string, and look to see if
+        			//  it contains any references
+        			FormulaParser fp = new FormulaParser(c.getCellFormula(), workbook.getWorkbook());
+        			fp.parse();
+        			
+        			// Look for references, and update if needed
+        			Ptg[] ptgs = fp.getRPNPtg();
+        			boolean changed = false;
+        			for(int i=0; i<ptgs.length; i++) {
+        				if(ptgs[i] instanceof ReferencePtg) {
+        					ReferencePtg rptg = (ReferencePtg)ptgs[i];
+        					if(startRow <= rptg.getRowAsInt() &&
+        							rptg.getRowAsInt() <= endRow) {
+        						// References a row that moved
+        						rptg.setRow(rptg.getRowAsInt() + n);
+        						changed = true;
+        					}
+        				}
+        			}
+        			// If any references were changed, then
+        			//  re-create the formula string
+        			if(changed) {
+        				c.setCellFormula(
+        						fp.toFormulaString(ptgs)
+        				);
+        			}
+        		}
+        	}
         }
     }
 
diff --git a/src/testcases/org/apache/poi/hssf/data/ForShifting.xls b/src/testcases/org/apache/poi/hssf/data/ForShifting.xls
new file mode 100755
index 000000000..13e5920e5
Binary files /dev/null and b/src/testcases/org/apache/poi/hssf/data/ForShifting.xls differ
diff --git a/src/testcases/org/apache/poi/hssf/usermodel/TestSheetShiftRows.java b/src/testcases/org/apache/poi/hssf/usermodel/TestSheetShiftRows.java
index 91876fff2..05eee992e 100755
--- a/src/testcases/org/apache/poi/hssf/usermodel/TestSheetShiftRows.java
+++ b/src/testcases/org/apache/poi/hssf/usermodel/TestSheetShiftRows.java
@@ -237,5 +237,48 @@ public class TestSheetShiftRows extends TestCase {
         comment4_shifted = sheet.getCellComment(4,0).getString().getString();
         assertEquals(comment4,comment4_shifted);        
     }
+    
+    /**
+     * See bug #34023
+     */
+    public void testShiftWithFormulas() throws Exception {
+        String filename = System.getProperty( "HSSF.testdata.path" );
+        filename = filename + "/ForShifting.xls";
+        FileInputStream fin = new FileInputStream( filename );
+        HSSFWorkbook wb = new HSSFWorkbook( fin );
+        fin.close();
+
+        HSSFSheet sheet = wb.getSheet("Sheet1");
+        assertEquals(19, sheet.getLastRowNum());
+        
+        assertEquals("cell B1 (ref)", sheet.getRow(0).getCell((short)3).getRichStringCellValue().toString());
+        assertEquals("CONCATENATE(B1,\" (ref)\")", sheet.getRow(0).getCell((short)3).getCellFormula());
+        assertEquals("cell B2 (ref)", sheet.getRow(1).getCell((short)3).getRichStringCellValue().toString());
+        assertEquals("CONCATENATE(B2,\" (ref)\")", sheet.getRow(1).getCell((short)3).getCellFormula());
+        assertEquals("cell B3 (ref)", sheet.getRow(2).getCell((short)3).getRichStringCellValue().toString());
+        assertEquals("CONCATENATE(B3,\" (ref)\")", sheet.getRow(2).getCell((short)3).getCellFormula());
+        assertEquals("cell B2 (ref)", sheet.getRow(6).getCell((short)1).getRichStringCellValue().toString());
+        assertEquals("CONCATENATE(B2,\" (ref)\")", sheet.getRow(6).getCell((short)1).getCellFormula());
+        
+        sheet.shiftRows(1, 1, 10);
+        
+        // Row 1 => Row 11
+        // So strings on row 11 unchanged, but reference in formula is
+        assertEquals("cell B1 (ref)", sheet.getRow(0).getCell((short)3).getRichStringCellValue().toString());
+        assertEquals("CONCATENATE(B1,\" (ref)\")", sheet.getRow(0).getCell((short)3).getCellFormula());
+        assertEquals(0, sheet.getRow(1).getPhysicalNumberOfCells());
+        
+        // still save b2
+        assertEquals("cell B2 (ref)", sheet.getRow(11).getCell((short)3).getRichStringCellValue().toString());
+        // but points to b12
+        assertEquals("CONCATENATE(B12,\" (ref)\")", sheet.getRow(11).getCell((short)3).getCellFormula());
+
+        assertEquals("cell B3 (ref)", sheet.getRow(2).getCell((short)3).getRichStringCellValue().toString());
+        assertEquals("CONCATENATE(B3,\" (ref)\")", sheet.getRow(2).getCell((short)3).getCellFormula());
+        
+        // one on a non-shifted row also updated
+        assertEquals("cell B2 (ref)", sheet.getRow(6).getCell((short)1).getRichStringCellValue().toString());
+        assertEquals("CONCATENATE(B12,\" (ref)\")", sheet.getRow(6).getCell((short)1).getCellFormula());
+    }
 }