JGP Wealth Management LLC Buys 1,080 Shares of Shopify Inc. $SHOP

JGP Wealth Management LLC lifted its holdings in Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 21.5% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 6,113 shares of the software maker’s stock after acquiring an additional 1,080 shares during the period. JGP Wealth Management LLC’s holdings in Shopify were worth $705,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently made changes to their positions in SHOP. Brighton Jones LLC raised its position in shares of Shopify by 2.8% in the 4th quarter. Brighton Jones LLC now owns 21,176 shares of the software maker’s stock worth $2,252,000 after acquiring an additional 584 shares in the last quarter. GAMMA Investing LLC raised its position in shares of Shopify by 80.0% in the 1st quarter. GAMMA Investing LLC now owns 963 shares of the software maker’s stock worth $92,000 after acquiring an additional 428 shares in the last quarter. CX Institutional bought a new position in shares of Shopify in the 1st quarter worth about $118,000. Elevation Point Wealth Partners LLC raised its position in shares of Shopify by 8.8% in the 1st quarter. Elevation Point Wealth Partners LLC now owns 2,942 shares of the software maker’s stock worth $281,000 after acquiring an additional 239 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC raised its position in shares of Shopify by 0.5% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 154,273 shares of the software maker’s stock worth $14,730,000 after acquiring an additional 799 shares in the last quarter. 69.27% of the stock is owned by institutional investors.

Shopify Stock Performance

Shares of SHOP opened at $152.88 on Wednesday. The stock has a 50 day moving average price of $147.70 and a two-hundred day moving average price of $119.91. The firm has a market capitalization of $198.69 billion, a P/E ratio of 85.41, a P/E/G ratio of 7.19 and a beta of 2.72. Shopify Inc. has a 52 week low of $69.84 and a 52 week high of $169.69.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last issued its quarterly earnings data on Wednesday, August 6th. The software maker reported $0.35 EPS for the quarter, topping analysts’ consensus estimates of $0.29 by $0.06. The firm had revenue of $2.68 billion during the quarter, compared to analyst estimates of $2.55 billion. Shopify had a return on equity of 12.30% and a net margin of 23.42%.The company’s revenue for the quarter was up 31.1% on a year-over-year basis. During the same period in the previous year, the company posted $0.26 EPS. On average, equities analysts forecast that Shopify Inc. will post 1.12 earnings per share for the current year.

Analyst Ratings Changes

Several research analysts have recently weighed in on SHOP shares. DA Davidson lifted their price objective on Shopify from $125.00 to $185.00 and gave the stock a “buy” rating in a research report on Thursday, August 7th. JMP Securities raised their target price on Shopify from $135.00 to $185.00 and gave the company a “market outperform” rating in a research note on Thursday, August 7th. Royal Bank Of Canada raised their target price on Shopify from $145.00 to $170.00 and gave the company an “outperform” rating in a research note on Thursday, August 7th. Arete restated a “neutral” rating on shares of Shopify in a research note on Wednesday, July 23rd. Finally, JPMorgan Chase & Co. raised their target price on Shopify from $115.00 to $179.00 and gave the company an “overweight” rating in a research note on Thursday, August 7th. Twenty-two investment analysts have rated the stock with a Buy rating, twenty-three have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $151.95.

Shopify Profile

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.