Independent Advisor Alliance Reduces Stake in Shopify Inc. (NYSE:SHOP)

Independent Advisor Alliance reduced its stake in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 1.1% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 30,344 shares of the software maker’s stock after selling 345 shares during the quarter. Independent Advisor Alliance’s holdings in Shopify were worth $2,432,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in SHOP. Oliver Lagore Vanvalin Investment Group grew its holdings in Shopify by 100.0% in the 2nd quarter. Oliver Lagore Vanvalin Investment Group now owns 400 shares of the software maker’s stock valued at $26,000 after buying an additional 200 shares in the last quarter. Cultivar Capital Inc. purchased a new position in shares of Shopify during the 2nd quarter worth $33,000. Hazlett Burt & Watson Inc. purchased a new position in shares of Shopify during the 2nd quarter worth $33,000. Rosenberg Matthew Hamilton grew its holdings in shares of Shopify by 41.3% during the 3rd quarter. Rosenberg Matthew Hamilton now owns 455 shares of the software maker’s stock worth $36,000 after purchasing an additional 133 shares during the period. Finally, Thurston Springer Miller Herd & Titak Inc. purchased a new position in shares of Shopify during the 2nd quarter worth $39,000. 69.27% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on SHOP shares. Atb Cap Markets cut Shopify from a “strong-buy” rating to a “hold” rating in a report on Tuesday, November 12th. Wells Fargo & Company increased their price target on Shopify from $90.00 to $120.00 and gave the stock an “overweight” rating in a report on Wednesday, November 13th. DZ Bank cut Shopify from a “hold” rating to a “sell” rating in a report on Thursday, November 21st. Scotiabank increased their target price on Shopify from $75.00 to $80.00 and gave the stock a “sector perform” rating in a research note on Thursday, October 24th. Finally, JMP Securities increased their target price on Shopify from $80.00 to $120.00 and gave the stock a “market outperform” rating in a research note on Wednesday, November 13th. One analyst has rated the stock with a sell rating, seventeen have given a hold rating, twenty-three have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $94.95.

Shopify Trading Up 3.8 %

SHOP opened at $111.03 on Tuesday. The firm has a market cap of $143.27 billion, a price-to-earnings ratio of 103.77, a price-to-earnings-growth ratio of 2.81 and a beta of 2.36. Shopify Inc. has a 52 week low of $48.56 and a 52 week high of $115.62. The business’s 50 day moving average is $86.25 and its two-hundred day moving average is $72.53. The company has a quick ratio of 7.10, a current ratio of 7.10 and a debt-to-equity ratio of 0.09.

Shopify 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.