Shopify Inc. (NYSE:SHOP) Shares Sold by Independent Advisor Alliance

Independent Advisor Alliance lowered its stake in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 1.1% during the third quarter, HoldingsChannel reports. The firm 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 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also modified their holdings of the stock. Dynamic Technology Lab Private Ltd acquired a new position in shares of Shopify in the third quarter valued at approximately $660,000. Douglass Winthrop Advisors LLC grew its holdings in Shopify by 3.1% during the third quarter. Douglass Winthrop Advisors LLC now owns 19,652 shares of the software maker’s stock worth $1,575,000 after acquiring an additional 597 shares during the period. Centaurus Financial Inc. acquired a new position in Shopify during the third quarter worth $104,000. Baltimore Washington Financial Advisors Inc. grew its holdings in Shopify by 2.2% during the third quarter. Baltimore Washington Financial Advisors Inc. now owns 82,641 shares of the software maker’s stock worth $6,623,000 after acquiring an additional 1,800 shares during the period. Finally, Cerity Partners LLC grew its holdings in Shopify by 35.8% during the third quarter. Cerity Partners LLC now owns 85,993 shares of the software maker’s stock worth $6,891,000 after acquiring an additional 22,667 shares during the period. Institutional investors and hedge funds own 69.27% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on the company. Loop Capital upped their price objective on Shopify from $80.00 to $90.00 and gave the stock a “hold” rating in a report on Wednesday, October 9th. Barclays upped their price objective on Shopify from $70.00 to $93.00 and gave the stock an “equal weight” rating in a report on Wednesday, November 13th. UBS Group upped their price objective on Shopify from $71.00 to $75.00 and gave the stock a “neutral” rating in a report on Thursday, August 8th. Canaccord Genuity Group boosted their target price on Shopify from $80.00 to $125.00 and gave the stock a “buy” rating in a research report on Wednesday, November 13th. Finally, Citigroup boosted their target price on Shopify from $90.00 to $103.00 and gave the stock a “buy” rating in a research report on Monday, September 30th. One equities research analyst has rated the stock with a sell rating, seventeen have issued a hold rating, twenty-three have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Shopify has a consensus rating of “Moderate Buy” and a consensus price target of $94.95.

Shopify Stock Performance

Shopify stock opened at $111.03 on Tuesday. The firm has a market capitalization of $143.27 billion, a P/E ratio of 103.77, a PEG ratio of 2.81 and a beta of 2.36. The stock has a fifty day moving average price of $86.25 and a 200 day moving average price of $72.53. Shopify Inc. has a 52 week low of $48.56 and a 52 week high of $115.62. The company has a current ratio of 7.10, a quick ratio of 7.10 and a debt-to-equity ratio of 0.09.

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.