Jessup Wealth Management Inc Lowers Stock Holdings in Shopify Inc. $SHOP

Jessup Wealth Management Inc lessened its position in Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 9.2% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 57,253 shares of the software maker’s stock after selling 5,778 shares during the quarter. Shopify makes up 3.2% of Jessup Wealth Management Inc’s investment portfolio, making the stock its 11th largest holding. Jessup Wealth Management Inc’s holdings in Shopify were worth $8,508,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Mirae Asset Global Investments Co. Ltd. raised its stake in shares of Shopify by 171.3% in the second quarter. Mirae Asset Global Investments Co. Ltd. now owns 423,295 shares of the software maker’s stock valued at $48,827,000 after acquiring an additional 267,271 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. grew its stake in Shopify by 4.4% during the 2nd quarter. Sumitomo Mitsui Trust Group Inc. now owns 5,231,257 shares of the software maker’s stock worth $603,425,000 after purchasing an additional 218,829 shares in the last quarter. TriaGen Wealth Management LLC purchased a new stake in Shopify during the 3rd quarter worth about $2,562,000. Oppenheimer Asset Management Inc. raised its position in Shopify by 9.6% in the 2nd quarter. Oppenheimer Asset Management Inc. now owns 400,389 shares of the software maker’s stock valued at $46,185,000 after purchasing an additional 35,113 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its stake in shares of Shopify by 2.6% in the 2nd quarter. Charles Schwab Investment Management Inc. now owns 2,622,495 shares of the software maker’s stock valued at $301,869,000 after buying an additional 67,260 shares during the period. 69.27% of the stock is currently owned by hedge funds and other institutional investors.

Shopify Price Performance

Shares of NASDAQ:SHOP opened at $164.48 on Friday. The company’s fifty day moving average price is $160.02 and its 200 day moving average price is $147.67. Shopify Inc. has a 12 month low of $69.84 and a 12 month high of $182.19. The firm has a market capitalization of $214.13 billion, a P/E ratio of 121.84, a P/E/G ratio of 5.00 and a beta of 2.83.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last issued its quarterly earnings data on Tuesday, November 4th. The software maker reported $0.27 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.24 by $0.03. Shopify had a return on equity of 11.72% and a net margin of 16.65%.The company had revenue of $2.84 billion for the quarter, compared to analyst estimates of $2.75 billion. On average, sell-side analysts anticipate that Shopify Inc. will post 1.12 EPS for the current year.

Analyst Ratings Changes

A number of analysts recently weighed in on the stock. Barclays set a $140.00 target price on shares of Shopify and gave the stock an “equal weight” rating in a research note on Wednesday, November 5th. Scotiabank upgraded shares of Shopify from a “sector perform” rating to an “outperform” rating and raised their price objective for the company from $165.00 to $200.00 in a report on Thursday. Bank of America lifted their price objective on shares of Shopify from $185.00 to $190.00 and gave the stock a “buy” rating in a research report on Wednesday, December 17th. Citigroup reissued a “market outperform” rating on shares of Shopify in a report on Thursday, December 4th. Finally, Robert W. Baird raised their price target on Shopify from $160.00 to $170.00 and gave the company an “outperform” rating in a research note on Tuesday, October 7th. Twenty-four research analysts have rated the stock with a Buy rating and twenty-one have given a Hold rating to the company’s stock. Based on data from MarketBeat, Shopify has a consensus rating of “Moderate Buy” and a consensus price target of $171.61.

Shopify Company Profile

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.