Gibbs Wealth Management Sells 5,531 Shares of Shopify Inc. $SHOP

Gibbs Wealth Management lessened its stake in Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 13.9% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 34,392 shares of the software maker’s stock after selling 5,531 shares during the quarter. Shopify comprises approximately 1.2% of Gibbs Wealth Management’s investment portfolio, making the stock its 18th biggest holding. Gibbs Wealth Management’s holdings in Shopify were worth $5,111,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of SHOP. Facet Wealth Inc. acquired a new stake in shares of Shopify in the third quarter valued at approximately $760,000. iA Global Asset Management Inc. boosted its position in Shopify by 4.8% in the 3rd quarter. iA Global Asset Management Inc. now owns 141,324 shares of the software maker’s stock valued at $21,002,000 after buying an additional 6,414 shares during the last quarter. Strs Ohio increased its stake in shares of Shopify by 29.6% in the 3rd quarter. Strs Ohio now owns 416,224 shares of the software maker’s stock valued at $61,853,000 after buying an additional 95,047 shares during the period. Emerald Mutual Fund Advisers Trust raised its position in shares of Shopify by 83.7% during the third quarter. Emerald Mutual Fund Advisers Trust now owns 4,053 shares of the software maker’s stock worth $602,000 after acquiring an additional 1,847 shares during the last quarter. Finally, Johnson Financial Group LLC acquired a new position in shares of Shopify during the third quarter valued at $238,000. 69.27% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts have weighed in on SHOP shares. Royal Bank Of Canada reissued an “outperform” rating and set a $200.00 price objective on shares of Shopify in a report on Wednesday, January 7th. Citigroup reaffirmed a “market outperform” rating on shares of Shopify in a report on Thursday, December 4th. Cantor Fitzgerald restated a “neutral” rating and issued a $181.00 price target (up from $156.00) on shares of Shopify in a research report on Wednesday, November 5th. Wolfe Research upgraded Shopify from a “hold” rating to an “outperform” rating in a report on Tuesday, January 6th. Finally, Bank of America increased their target price on Shopify from $185.00 to $190.00 and gave the company a “buy” rating in a research note on Wednesday, December 17th. Twenty-four equities research analysts have rated the stock with a Buy rating and twenty have given a Hold rating to the stock. Based on data from MarketBeat, Shopify currently has a consensus rating of “Moderate Buy” and a consensus price target of $171.61.

Shopify Price Performance

Shares of Shopify stock opened at $137.89 on Friday. The company has a market capitalization of $179.51 billion, a P/E ratio of 102.14, a price-to-earnings-growth ratio of 4.07 and a beta of 2.83. The business has a 50-day moving average of $159.00 and a two-hundred day moving average of $150.25. Shopify Inc. has a 1 year low of $69.84 and a 1 year high of $182.19.

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, beating the consensus estimate of $0.24 by $0.03. The business had revenue of $2.84 billion during the quarter, compared to analyst estimates of $2.75 billion. Shopify had a return on equity of 11.72% and a net margin of 16.65%. On average, equities analysts anticipate that Shopify Inc. will post 1.12 EPS for the current fiscal year.

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.