Wealth Enhancement Advisory Services LLC Has $23.73 Million Stake in Shopify Inc. $SHOP

Wealth Enhancement Advisory Services LLC reduced its holdings in Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 6.5% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 147,103 shares of the software maker’s stock after selling 10,310 shares during the quarter. Wealth Enhancement Advisory Services LLC’s holdings in Shopify were worth $23,725,000 as of its most recent filing with the SEC.

Several other large investors have also made changes to their positions in the business. Inspire Advisors LLC lifted its holdings in shares of Shopify by 9.3% during the third quarter. Inspire Advisors LLC now owns 2,065 shares of the software maker’s stock worth $307,000 after buying an additional 175 shares during the last quarter. JCIC Asset Management Inc. bought a new position in Shopify during the third quarter worth $8,702,000. DMC Group LLC raised its stake in Shopify by 8.0% during the 3rd quarter. DMC Group LLC now owns 11,024 shares of the software maker’s stock valued at $1,638,000 after purchasing an additional 821 shares during the last quarter. Massachusetts Financial Services Co. MA boosted its holdings in Shopify by 21.3% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 5,536,825 shares of the software maker’s stock valued at $822,828,000 after purchasing an additional 973,132 shares during the period. Finally, One Wealth Management Investment & Advisory Services LLC boosted its holdings in Shopify by 4.3% in the 3rd quarter. One Wealth Management Investment & Advisory Services LLC now owns 5,394 shares of the software maker’s stock valued at $802,000 after purchasing an additional 223 shares during the period. Institutional investors and hedge funds own 69.27% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on SHOP shares. Wedbush reaffirmed an “outperform” rating and set a $185.00 price objective (up previously from $160.00) on shares of Shopify in a research report on Tuesday, November 4th. Weiss Ratings restated a “hold (c)” rating on shares of Shopify in a research note on Monday, December 29th. Bank of America raised their price objective on Shopify from $185.00 to $190.00 and gave the stock a “buy” rating in a research report on Wednesday, December 17th. Scotiabank raised Shopify from a “sector perform” rating to an “outperform” rating and lifted their price objective for the stock from $165.00 to $200.00 in a report on Thursday, January 8th. Finally, TD Cowen restated a “hold” rating and set a $156.00 price objective on shares of Shopify in a research report on Friday, October 3rd. Twenty-four equities research analysts have rated the stock with a Buy rating and twenty have given a Hold rating to the stock. According to data from MarketBeat, Shopify presently has an average rating of “Moderate Buy” and an average target price of $171.61.

Shopify Stock Performance

SHOP opened at $138.49 on Thursday. Shopify Inc. has a twelve month low of $69.84 and a twelve month high of $182.19. The firm has a market cap of $180.29 billion, a price-to-earnings ratio of 102.59, a PEG ratio of 4.27 and a beta of 2.83. The firm’s 50-day simple moving average is $159.33 and its 200-day simple moving average is $150.19.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last posted its quarterly earnings data on Tuesday, November 4th. The software maker reported $0.27 earnings per share for the quarter, topping the consensus estimate of $0.24 by $0.03. The company had revenue of $2.84 billion during the quarter, compared to analyst estimates of $2.75 billion. Shopify had a net margin of 16.65% and a return on equity of 11.72%. As a group, sell-side analysts anticipate that Shopify Inc. will post 1.12 EPS for the current fiscal year.

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.