JGP Wealth Management LLC Increases Holdings in Shopify Inc. (NYSE:SHOP)

by · The Markets Daily

JGP Wealth Management LLC lifted its position in Shopify Inc. (NYSE:SHOP – Free Report) (TSE:SHOP) by 4.6% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 5,006 shares of the software maker’s stock after purchasing an additional 219 shares during the quarter. JGP Wealth Management LLC’s holdings in Shopify were worth $401,000 as of its most recent SEC filing.

Several other institutional investors have also recently modified their holdings of the company. Oliver Lagore Vanvalin Investment Group raised its position in Shopify by 100.0% during the second quarter. Oliver Lagore Vanvalin Investment Group now owns 400 shares of the software maker’s stock valued at $26,000 after acquiring an additional 200 shares in the last quarter. Cultivar Capital Inc. purchased a new position in Shopify during the second quarter valued at approximately $33,000. Hazlett Burt & Watson Inc. purchased a new position in Shopify during the second quarter valued at approximately $33,000. Thurston Springer Miller Herd & Titak Inc. purchased a new position in Shopify during the second quarter valued at approximately $39,000. Finally, Private Wealth Management Group LLC raised its position in Shopify by 53.3% during the first quarter. Private Wealth Management Group LLC now owns 518 shares of the software maker’s stock valued at $40,000 after acquiring an additional 180 shares in the last quarter. 69.27% of the stock is currently owned by hedge funds and other institutional investors.

Shopify Stock Performance

Shopify stock opened at $83.24 on Friday. The company has a debt-to-equity ratio of 0.10, a quick ratio of 7.32 and a current ratio of 7.32. The stock has a fifty day moving average of $74.19 and a two-hundred day moving average of $68.78. The company has a market capitalization of $107.27 billion, a price-to-earnings ratio of 84.94, a PEG ratio of 2.79 and a beta of 2.36. Shopify Inc. has a fifty-two week low of $45.50 and a fifty-two week high of $91.57.

Shopify (NYSE:SHOP – Get Free Report) (TSE:SHOP) last announced its quarterly earnings data on Wednesday, August 7th. The software maker reported $0.26 EPS for the quarter, beating analysts’ consensus estimates of $0.20 by $0.06. The business had revenue of $2.05 billion during the quarter, compared to the consensus estimate of $2.01 billion. Shopify had a return on equity of 10.88% and a net margin of 16.40%. The business’s revenue for the quarter was up 20.7% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.08) earnings per share. On average, analysts anticipate that Shopify Inc. will post 0.76 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several brokerages have commented on SHOP. Bank of America raised Shopify from a “neutral” rating to a “buy” rating and raised their price objective for the company from $78.00 to $82.00 in a report on Tuesday, July 16th. Cantor Fitzgerald reissued a “neutral” rating and issued a $70.00 price objective on shares of Shopify in a report on Monday, October 7th. Roth Mkm raised their price objective on Shopify from $77.00 to $79.00 and gave the company a “buy” rating in a report on Thursday, August 8th. Piper Sandler reissued a “neutral” rating and issued a $67.00 price objective on shares of Shopify in a report on Thursday, August 29th. Finally, Truist Financial dropped their price objective on Shopify from $65.00 to $55.00 and set a “hold” rating on the stock in a report on Tuesday, August 6th. One equities research analyst has rated the stock with a sell rating, sixteen have assigned a hold rating, twenty-four have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Shopify has a consensus rating of “Moderate Buy” and an average price target of $78.97.

Check Out Our Latest Stock Analysis on Shopify

About Shopify

(Free Report)

Shopify Inc, a commerce company, provides a commerce platform and services in Canada, the United States, Europe, the Middle East, Africa, the Asia Pacific, Australia, China, and Latin America. The company's platform enables merchants to displays, manages, markets, and sells its products through various sales channels, including web and mobile storefronts, physical retail locations, pop-up shops, social media storefronts, native mobile apps, buy buttons, and marketplaces; and enables to manage products and inventory, process orders and payments, fulfill and ship orders, new buyers and build customer relationships, source products, leverage analytics and reporting, manage cash, payments and transactions, and access financing.

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