Jessup Wealth Management Inc Lowers Stake in Shopify Inc. $SHOP

Jessup Wealth Management Inc decreased its holdings in shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 9.2% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The firm owned 57,253 shares of the software maker’s stock after selling 5,778 shares during the period. Shopify makes up approximately 3.2% of Jessup Wealth Management Inc’s holdings, making the stock its 11th largest position. Jessup Wealth Management Inc’s holdings in Shopify were worth $8,508,000 as of its most recent filing with the SEC.

Several other institutional investors have also recently added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its position in Shopify by 2.8% during the 2nd quarter. Vanguard Group Inc. now owns 49,316,695 shares of the software maker’s stock worth $5,688,053,000 after acquiring an additional 1,354,415 shares during the period. Norges Bank purchased a new stake in shares of Shopify during the second quarter worth approximately $1,794,952,000. Loomis Sayles & Co. L P raised its stake in shares of Shopify by 1.3% during the second quarter. Loomis Sayles & Co. L P now owns 14,622,787 shares of the software maker’s stock worth $1,686,738,000 after purchasing an additional 191,824 shares during the last quarter. Jennison Associates LLC lifted its holdings in shares of Shopify by 118.1% during the second quarter. Jennison Associates LLC now owns 11,519,610 shares of the software maker’s stock worth $1,328,787,000 after purchasing an additional 6,238,829 shares during the period. Finally, Geode Capital Management LLC grew its position in Shopify by 19.9% in the 2nd quarter. Geode Capital Management LLC now owns 10,731,795 shares of the software maker’s stock valued at $1,247,007,000 after buying an additional 1,781,530 shares during the last quarter. Institutional investors and hedge funds own 69.27% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on the stock. Truist Financial set a $155.00 price objective on shares of Shopify and gave the company a “hold” rating in a research note on Tuesday, November 4th. National Bankshares boosted their price target on shares of Shopify from $180.00 to $200.00 and gave the stock an “outperform” rating in a research note on Thursday, October 23rd. BNP Paribas assumed coverage on shares of Shopify in a research report on Monday, November 24th. They issued a “neutral” rating for the company. CIBC reaffirmed an “outperform” rating on shares of Shopify in a report on Wednesday, November 5th. Finally, DA Davidson increased their target price on Shopify from $185.00 to $195.00 and gave the stock a “buy” rating in a research note on Wednesday, November 5th. Twenty-four analysts have rated the stock with a Buy rating and twenty-one have issued a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $171.61.

Shopify Trading Down 2.3%

Shares of Shopify stock opened at $164.48 on Friday. The company has a 50-day moving average of $160.02 and a two-hundred day moving average of $147.67. Shopify Inc. has a 12-month low of $69.84 and a 12-month high of $182.19. The stock has a market cap of $214.13 billion, a PE ratio of 121.84, a price-to-earnings-growth ratio of 5.00 and a beta of 2.83.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last released its quarterly earnings results on Tuesday, November 4th. The software maker reported $0.27 earnings per share for the quarter, topping analysts’ consensus estimates of $0.24 by $0.03. Shopify had a return on equity of 11.72% and a net margin of 16.65%.The business had revenue of $2.84 billion for the quarter, compared to analysts’ expectations of $2.75 billion. On average, sell-side analysts forecast 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.