Jacksonville Wealth Management LLC Makes New $914,000 Investment in Shopify Inc. (NYSE:SHOP)

Jacksonville Wealth Management LLC purchased a new stake in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 8,600 shares of the software maker’s stock, valued at approximately $914,000. Shopify comprises approximately 0.9% of Jacksonville Wealth Management LLC’s portfolio, making the stock its 25th largest holding.

Several other hedge funds also recently modified their holdings of SHOP. Swiss National Bank raised its stake in shares of Shopify by 0.9% during the third quarter. Swiss National Bank now owns 3,657,800 shares of the software maker’s stock valued at $293,507,000 after acquiring an additional 33,300 shares during the last quarter. Watts Gwilliam & Co. LLC raised its position in Shopify by 53.0% during the 4th quarter. Watts Gwilliam & Co. LLC now owns 13,401 shares of the software maker’s stock worth $1,431,000 after purchasing an additional 4,641 shares during the last quarter. Teachers Retirement System of The State of Kentucky lifted its holdings in Shopify by 29.3% during the 3rd quarter. Teachers Retirement System of The State of Kentucky now owns 342,030 shares of the software maker’s stock worth $27,409,000 after buying an additional 77,500 shares during the period. Oppenheimer & Co. Inc. lifted its holdings in Shopify by 26.4% during the 3rd quarter. Oppenheimer & Co. Inc. now owns 33,609 shares of the software maker’s stock worth $2,693,000 after buying an additional 7,027 shares during the period. Finally, Nations Financial Group Inc. IA ADV increased its stake in shares of Shopify by 4.6% in the third quarter. Nations Financial Group Inc. IA ADV now owns 4,756 shares of the software maker’s stock valued at $381,000 after buying an additional 209 shares during the period. Institutional investors and hedge funds own 69.27% of the company’s stock.

Shopify Trading Up 1.5 %

Shares of Shopify stock opened at $107.74 on Friday. The company’s 50-day moving average price is $109.37 and its 200-day moving average price is $86.92. The company has a market cap of $139.22 billion, a price-to-earnings ratio of 100.70, a PEG ratio of 2.24 and a beta of 2.46. Shopify Inc. has a 12-month low of $48.56 and a 12-month high of $120.72. The company has a current ratio of 7.10, a quick ratio of 7.10 and a debt-to-equity ratio of 0.09.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on SHOP. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $130.00 price objective on shares of Shopify in a research note on Wednesday. DZ Bank downgraded shares of Shopify from a “hold” rating to a “sell” rating in a research report on Thursday, November 21st. Wedbush upgraded shares of Shopify from a “neutral” rating to an “outperform” rating and increased their price objective for the stock from $115.00 to $125.00 in a research report on Monday, January 6th. Wells Fargo & Company boosted their target price on shares of Shopify from $90.00 to $120.00 and gave the company an “overweight” rating in a report on Wednesday, November 13th. Finally, KeyCorp increased their price target on Shopify from $80.00 to $130.00 and gave the stock an “overweight” rating in a report on Wednesday, November 13th. One investment analyst has rated the stock with a sell rating, fifteen have issued a hold rating, twenty-four have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Shopify presently has a consensus rating of “Moderate Buy” and an average target price of $100.31.

Shopify Company 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.