Gilliland Jeter Wealth Management LLC Makes New Investment in Shopify Inc. (NYSE:SHOP)

Gilliland Jeter Wealth Management LLC purchased a new position in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 5,286 shares of the software maker’s stock, valued at approximately $412,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of SHOP. StoneCrest Wealth Management Inc. purchased a new stake in Shopify in the fourth quarter valued at approximately $1,164,000. Asset Management One Co. Ltd. raised its stake in Shopify by 4,007.4% in the fourth quarter. Asset Management One Co. Ltd. now owns 35,488 shares of the software maker’s stock valued at $2,807,000 after purchasing an additional 34,624 shares in the last quarter. SeaCrest Wealth Management LLC purchased a new position in shares of Shopify during the fourth quarter worth approximately $433,000. Bleakley Financial Group LLC raised its stake in shares of Shopify by 18.5% during the fourth quarter. Bleakley Financial Group LLC now owns 10,778 shares of the software maker’s stock worth $840,000 after acquiring an additional 1,681 shares in the last quarter. Finally, Advisor Resource Council purchased a new position in shares of Shopify during the fourth quarter worth approximately $1,488,000. 69.27% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have commented on SHOP. Barclays decreased their price target on shares of Shopify from $70.00 to $68.00 and set an “equal weight” rating on the stock in a research note on Wednesday, February 14th. BNP Paribas cut shares of Shopify from a “neutral” rating to an “underperform” rating in a report on Thursday, January 18th. Citigroup cut their target price on shares of Shopify from $96.00 to $93.00 and set a “neutral” rating on the stock in a report on Wednesday, February 14th. Royal Bank of Canada reiterated an “outperform” rating and issued a $100.00 price target on shares of Shopify in a report on Wednesday, February 14th. Finally, ATB Capital lifted their price target on shares of Shopify from $105.00 to $110.00 and gave the company a “sector perform” rating in a report on Wednesday, February 14th. Three analysts have rated the stock with a sell rating, nineteen have given a hold rating and fifteen have assigned a buy rating to the stock. According to MarketBeat, Shopify presently has an average rating of “Hold” and an average price target of $78.30.

Shopify Stock Performance

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

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

About Shopify

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.