Essex Financial Services Inc. Decreases Position in Shopify Inc. $SHOP

Essex Financial Services Inc. decreased its position in shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 70.9% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,630 shares of the software maker’s stock after selling 3,979 shares during the quarter. Essex Financial Services Inc.’s holdings in Shopify were worth $242,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds also recently made changes to their positions in SHOP. Twin Peaks Wealth Advisors LLC lifted its position in Shopify by 1.7% in the 3rd quarter. Twin Peaks Wealth Advisors LLC now owns 3,448 shares of the software maker’s stock valued at $512,000 after acquiring an additional 59 shares in the last quarter. Accurate Wealth Management LLC raised its stake in shares of Shopify by 2.0% in the third quarter. Accurate Wealth Management LLC now owns 3,438 shares of the software maker’s stock worth $526,000 after purchasing an additional 67 shares during the last quarter. Moloney Securities Asset Management LLC lifted its holdings in shares of Shopify by 1.8% during the third quarter. Moloney Securities Asset Management LLC now owns 3,951 shares of the software maker’s stock valued at $587,000 after purchasing an additional 70 shares in the last quarter. Rothschild Investment LLC boosted its position in shares of Shopify by 47.5% during the second quarter. Rothschild Investment LLC now owns 233 shares of the software maker’s stock valued at $27,000 after buying an additional 75 shares during the last quarter. Finally, Sivia Capital Partners LLC boosted its position in shares of Shopify by 0.9% during the third quarter. Sivia Capital Partners LLC now owns 8,265 shares of the software maker’s stock valued at $1,228,000 after buying an additional 75 shares during the last quarter. Institutional investors own 69.27% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on SHOP shares. UBS Group lowered their target price on shares of Shopify from $165.00 to $145.00 and set a “neutral” rating on the stock in a research note on Thursday, February 12th. Robert W. Baird set a $160.00 price objective on shares of Shopify in a report on Thursday, February 12th. Mizuho raised shares of Shopify from a “neutral” rating to an “outperform” rating and set a $150.00 target price for the company in a research report on Thursday, February 12th. Evercore set a $135.00 target price on shares of Shopify in a research note on Wednesday, February 11th. Finally, Zacks Research downgraded Shopify from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, November 12th. Two investment analysts have rated the stock with a Strong Buy rating, thirty-one have given a Buy rating and ten have given a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $162.64.

Shopify Price Performance

Shares of SHOP stock opened at $126.20 on Friday. The company has a market cap of $164.29 billion, a price-to-earnings ratio of 135.70, a PEG ratio of 4.60 and a beta of 2.83. Shopify Inc. has a 1 year low of $69.84 and a 1 year high of $182.19. The firm has a fifty day moving average price of $145.96 and a 200-day moving average price of $150.69.

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.