Gilliland Jeter Wealth Management LLC Acquires New Stake in Shopify Inc. (NYSE:SHOP)

Gilliland Jeter Wealth Management LLC acquired a new stake in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 5,286 shares of the software maker’s stock, valued at approximately $412,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Baillie Gifford & Co. boosted its stake in Shopify by 2.3% in the 4th quarter. Baillie Gifford & Co. now owns 64,164,758 shares of the software maker’s stock worth $4,998,476,000 after purchasing an additional 1,419,749 shares during the period. Vanguard Group Inc. boosted its stake in Shopify by 1.6% in the 3rd quarter. Vanguard Group Inc. now owns 40,926,224 shares of the software maker’s stock worth $2,233,344,000 after purchasing an additional 634,883 shares during the period. TD Asset Management Inc boosted its stake in Shopify by 4.4% in the 3rd quarter. TD Asset Management Inc now owns 7,104,095 shares of the software maker’s stock worth $389,052,000 after purchasing an additional 299,788 shares during the period. Legal & General Group Plc boosted its stake in Shopify by 6.5% in the 3rd quarter. Legal & General Group Plc now owns 6,196,285 shares of the software maker’s stock worth $339,750,000 after purchasing an additional 377,901 shares during the period. Finally, Artisan Partners Limited Partnership boosted its stake in Shopify by 78.4% in the 3rd quarter. Artisan Partners Limited Partnership now owns 4,809,633 shares of the software maker’s stock worth $262,462,000 after purchasing an additional 2,113,773 shares during the period. Institutional investors and hedge funds own 69.27% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the stock. Wedbush reaffirmed a “neutral” rating and issued a $68.00 price objective on shares of Shopify in a research note on Tuesday, February 13th. Needham & Company LLC reissued a “hold” rating on shares of Shopify in a research note on Tuesday, April 16th. Mizuho lifted their target price on shares of Shopify from $65.00 to $75.00 and gave the company a “neutral” rating in a research note on Wednesday, February 14th. Truist Financial upped their price objective on shares of Shopify from $65.00 to $90.00 and gave the stock a “hold” rating in a report on Monday, February 12th. Finally, Jefferies Financial Group upped their price objective on shares of Shopify from $65.00 to $80.00 and gave the stock a “hold” rating in a report on Friday, January 5th. Three research analysts have rated the stock with a sell rating, nineteen have given a hold rating and fifteen have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $78.30.

Shopify Price Performance

Shares of SHOP traded up $0.78 during mid-day trading on Friday, hitting $71.33. 4,611,766 shares of the company traded hands, compared to its average volume of 7,677,671. Shopify Inc. has a one year low of $45.50 and a one year high of $91.57. The company has a current ratio of 6.99, a quick ratio of 6.99 and a debt-to-equity ratio of 0.10. The business has a 50-day moving average of $75.28 and a 200 day moving average of $72.50. The stock has a market capitalization of $91.77 billion, a price-to-earnings ratio of 792.64 and a beta of 2.22.

Shopify (NYSE:SHOP) (TSE:SHOP) last released its quarterly earnings results on Tuesday, February 13th. The software maker reported $0.26 EPS for the quarter, beating the consensus estimate of $0.22 by $0.04. Shopify had a net margin of 1.87% and a return on equity of 4.48%. The business had revenue of $2.14 billion for the quarter, compared to analysts’ expectations of $2.07 billion. As a group, equities analysts expect that Shopify Inc. will post 0.58 earnings per share for the current fiscal year.

Shopify Company 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.