Jessup Wealth Management Inc Acquires New Stake in Shopify Inc. (NYSE:SHOP)

Jessup Wealth Management Inc bought a new position in Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund bought 62,796 shares of the software maker's stock, valued at approximately $5,996,000. Shopify makes up 2.5% of Jessup Wealth Management Inc's portfolio, making the stock its 16th largest holding.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in SHOP. Allianz SE purchased a new position in shares of Shopify in the 4th quarter worth about $27,000. Fourth Dimension Wealth LLC purchased a new position in shares of Shopify in the 4th quarter worth about $30,000. Mark Sheptoff Financial Planning LLC boosted its holdings in shares of Shopify by 50.0% in the 4th quarter. Mark Sheptoff Financial Planning LLC now owns 300 shares of the software maker's stock worth $32,000 after purchasing an additional 100 shares in the last quarter. Strategic Investment Solutions Inc. IL purchased a new position in shares of Shopify in the 4th quarter worth about $46,000. Finally, FWL Investment Management LLC purchased a new position in shares of Shopify in the 4th quarter worth about $56,000. 69.27% of the stock is currently owned by hedge funds and other institutional investors.

Shopify Stock Up 0.1%

Shares of NYSE:SHOP traded up $0.14 during trading on Monday, hitting $116.66. The stock had a trading volume of 5,418,182 shares, compared to its average volume of 9,307,401. Shopify Inc. has a 12 month low of $48.56 and a 12 month high of $129.38. The company has a market capitalization of $151.35 billion, a PE ratio of 75.27, a PEG ratio of 4.82 and a beta of 2.61. The firm's fifty day moving average is $106.22 and its 200 day moving average is $104.72.

Analyst Ratings Changes

A number of research firms have recently issued reports on SHOP. BMO Capital Markets assumed coverage on Shopify in a report on Tuesday, May 6th. They issued an "outperform" rating and a $120.00 price objective for the company. The Goldman Sachs Group dropped their target price on Shopify from $150.00 to $130.00 and set a "buy" rating for the company in a report on Tuesday, April 22nd. Morgan Stanley increased their target price on Shopify from $106.00 to $112.00 and gave the company an "overweight" rating in a report on Friday, May 9th. Oppenheimer dropped their target price on Shopify from $150.00 to $125.00 and set an "outperform" rating for the company in a report on Wednesday, April 30th. Finally, BNP Paribas Exane cut Shopify from an "outperform" rating to a "neutral" rating and set a $100.00 target price for the company. in a report on Monday, May 5th. One investment analyst has rated the stock with a sell rating, fourteen have issued a hold rating, twenty-five have issued a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat, Shopify currently has an average rating of "Moderate Buy" and an average target price of $115.66.

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.