Essex Financial Services Inc. Sells 3,979 Shares of Shopify Inc. $SHOP

Essex Financial Services Inc. lowered its holdings in Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 70.9% in the 3rd quarter, according to the company in its most recent filing with the SEC. The firm 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 at the end of the most recent quarter.

Several other hedge funds have also recently made changes to their positions in the business. Financial Gravity Companies Inc. purchased a new stake in Shopify in the second quarter worth $27,000. Rothschild Investment LLC increased its position in Shopify by 47.5% during the 2nd quarter. Rothschild Investment LLC now owns 233 shares of the software maker’s stock valued at $27,000 after purchasing an additional 75 shares during the period. Heartwood Wealth Advisors LLC bought a new position in Shopify in the 3rd quarter worth $27,000. Estabrook Capital Management purchased a new stake in shares of Shopify in the 2nd quarter worth about $29,000. Finally, Access Investment Management LLC bought a new stake in shares of Shopify during the 2nd quarter valued at about $31,000. 69.27% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on SHOP. Wolfe Research raised shares of Shopify from a “hold” rating to an “outperform” rating in a research note on Tuesday, January 6th. KeyCorp reissued an “overweight” rating and issued a $160.00 target price on shares of Shopify in a research report on Wednesday, February 11th. Canaccord Genuity Group set a $165.00 target price on Shopify and gave the company a “buy” rating in a research note on Thursday, February 12th. Citizens Jmp reduced their price target on Shopify from $200.00 to $160.00 and set a “market outperform” rating on the stock in a research note on Thursday, February 12th. Finally, Raymond James Financial reiterated a “market perform” rating on shares of Shopify in a report on Monday, December 1st. Two analysts have rated the stock with a Strong Buy rating, thirty-one have assigned a Buy rating and ten have issued a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $162.64.

Shopify Trading Up 1.9%

Shares of NASDAQ:SHOP opened at $126.20 on Friday. The stock has a fifty day simple moving average of $145.96 and a two-hundred day simple moving average of $150.69. Shopify Inc. has a 12-month low of $69.84 and a 12-month high of $182.19. The stock has a market capitalization 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 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.