Janney Montgomery Scott LLC Boosts Holdings in Shopify Inc. $SHOP

Janney Montgomery Scott LLC grew its stake in Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 15.9% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 229,628 shares of the software maker’s stock after purchasing an additional 31,563 shares during the quarter. Janney Montgomery Scott LLC’s holdings in Shopify were worth $27,238,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of SHOP. Kingdom Financial Group LLC. purchased a new position in Shopify in the 4th quarter valued at about $26,000. Curio Wealth LLC purchased a new stake in Shopify during the 4th quarter worth approximately $27,000. Mowery & Schoenfeld Wealth Management LLC purchased a new stake in Shopify during the 4th quarter worth approximately $29,000. Lodestone Wealth Management LLC acquired a new position in shares of Shopify during the fourth quarter valued at approximately $31,000. Finally, Sound Income Strategies LLC raised its holdings in shares of Shopify by 82.4% during the fourth quarter. Sound Income Strategies LLC now owns 197 shares of the software maker’s stock valued at $31,000 after acquiring an additional 89 shares during the last quarter. Institutional investors and hedge funds own 69.27% of the company’s stock.

Shopify Price Performance

SHOP stock opened at $114.21 on Tuesday. The business has a 50 day simple moving average of $112.42 and a 200-day simple moving average of $127.79. The firm has a market capitalization of $148.21 billion, a PE ratio of 113.08, a price-to-earnings-growth ratio of 3.21 and a beta of 2.60. Shopify Inc. has a 1 year low of $94.00 and a 1 year high of $182.19.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last posted its quarterly earnings results on Tuesday, May 5th. The software maker reported $999.00 EPS for the quarter, beating the consensus estimate of $0.22 by $998.78. Shopify had a return on equity of 12.07% and a net margin of 10.77%.The firm had revenue of $3.17 billion during the quarter, compared to analysts’ expectations of $3.08 billion. On average, equities research analysts expect that Shopify Inc. will post 1.39 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on SHOP. Robert W. Baird set a $150.00 price target on Shopify in a research note on Wednesday, May 6th. Citigroup reissued a “market outperform” rating on shares of Shopify in a research note on Thursday, June 18th. Barclays set a $126.00 price objective on Shopify and gave the company an “equal weight” rating in a report on Wednesday, May 6th. Weiss Ratings cut shares of Shopify from a “hold (c)” rating to a “hold (c-)” rating in a research note on Wednesday, May 6th. Finally, Piper Sandler reaffirmed an “overweight” rating and set a $150.00 target price (down from $165.00) on shares of Shopify in a report on Tuesday, May 5th. Two investment analysts have rated the stock with a Strong Buy rating, thirty-one have issued a Buy rating and ten have issued a Hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $157.17.

Shopify Company Profile

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.