Janney Montgomery Scott LLC Increases Stock Position in Shopify Inc. $SHOP

Janney Montgomery Scott LLC increased its holdings in Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 18.9% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 189,070 shares of the software maker’s stock after buying an additional 30,007 shares during the quarter. Janney Montgomery Scott LLC’s holdings in Shopify were worth $21,809,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. Hummer Financial Advisory Services Inc boosted its holdings in shares of Shopify by 3.8% in the second quarter. Hummer Financial Advisory Services Inc now owns 2,595 shares of the software maker’s stock worth $299,000 after buying an additional 95 shares during the last quarter. Salem Investment Counselors Inc. boosted its holdings in shares of Shopify by 16.7% in the second quarter. Salem Investment Counselors Inc. now owns 700 shares of the software maker’s stock worth $81,000 after buying an additional 100 shares during the last quarter. Quadcap Wealth Management LLC boosted its holdings in shares of Shopify by 0.9% in the first quarter. Quadcap Wealth Management LLC now owns 11,133 shares of the software maker’s stock worth $1,063,000 after buying an additional 103 shares during the last quarter. Centurion Wealth Management LLC boosted its holdings in shares of Shopify by 1.7% in the second quarter. Centurion Wealth Management LLC now owns 6,339 shares of the software maker’s stock worth $731,000 after buying an additional 103 shares during the last quarter. Finally, Fullcircle Wealth LLC boosted its holdings in shares of Shopify by 2.7% in the first quarter. Fullcircle Wealth LLC now owns 4,240 shares of the software maker’s stock worth $418,000 after buying an additional 110 shares during the last quarter. Hedge funds and other institutional investors own 69.27% of the company’s stock.

Shopify Price Performance

Shares of NASDAQ:SHOP opened at $151.30 on Friday. Shopify Inc. has a 1 year low of $69.84 and a 1 year high of $159.01. The firm has a market capitalization of $196.64 billion, a price-to-earnings ratio of 84.53, a price-to-earnings-growth ratio of 7.09 and a beta of 2.72. The business’s 50 day moving average price is $142.04 and its 200-day moving average price is $116.66.

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

Wall Street Analysts Forecast Growth

A number of research firms have commented on SHOP. Robert W. Baird raised their target price on shares of Shopify from $110.00 to $120.00 and gave the stock an “outperform” rating in a research note on Monday, July 14th. CIBC raised their target price on shares of Shopify from $145.00 to $185.00 and gave the stock an “outperform” rating in a research note on Thursday, August 7th. JPMorgan Chase & Co. raised their target price on shares of Shopify from $115.00 to $179.00 and gave the stock an “overweight” rating in a research note on Thursday, August 7th. Truist Financial raised their target price on shares of Shopify from $95.00 to $150.00 and gave the stock a “hold” rating in a research note on Thursday, August 7th. Finally, Zacks Research upgraded shares of Shopify to a “hold” rating in a research note on Tuesday, August 12th. Twenty-three research analysts have rated the stock with a Buy rating, twenty have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, Shopify presently has a consensus rating of “Moderate Buy” and an average price target of $150.83.

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.