Independent Advisor Alliance Sells 1,430 Shares of Shopify Inc. (NYSE:SHOP)

Independent Advisor Alliance reduced its holdings in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 4.7% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 28,914 shares of the software maker’s stock after selling 1,430 shares during the quarter. Independent Advisor Alliance’s holdings in Shopify were worth $3,074,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of SHOP. FMR LLC boosted its position in Shopify by 16.1% in the third quarter. FMR LLC now owns 42,306,077 shares of the software maker’s stock worth $3,389,637,000 after purchasing an additional 5,869,795 shares during the last quarter. National Bank of Canada FI boosted its position in Shopify by 28.0% in the third quarter. National Bank of Canada FI now owns 7,408,880 shares of the software maker’s stock worth $593,588,000 after purchasing an additional 1,621,981 shares during the last quarter. Massachusetts Financial Services Co. MA boosted its position in Shopify by 52.5% in the third quarter. Massachusetts Financial Services Co. MA now owns 3,848,143 shares of the software maker’s stock worth $308,390,000 after purchasing an additional 1,325,350 shares during the last quarter. Jennison Associates LLC purchased a new position in Shopify in the fourth quarter worth about $132,323,000. Finally, Congress Asset Management Co. purchased a new position in Shopify in the fourth quarter worth about $84,074,000. 69.27% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several brokerages have issued reports on SHOP. New Street Research began coverage on Shopify in a research report on Friday, January 10th. They issued a “neutral” rating and a $115.00 target price on the stock. Phillip Securities cut Shopify from a “strong-buy” rating to a “moderate buy” rating in a research report on Monday, February 17th. DZ Bank downgraded Shopify from a “hold” rating to a “sell” rating in a research note on Thursday, November 21st. CIBC raised their price objective on Shopify from $135.00 to $160.00 and gave the stock an “outperform” rating in a research note on Wednesday, February 12th. Finally, The Goldman Sachs Group raised their price objective on Shopify from $135.00 to $150.00 and gave the stock a “buy” rating in a research note on Wednesday, February 12th. One analyst has rated the stock with a sell rating, fifteen have issued a hold rating, twenty-four have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $126.31.

Shopify Stock Performance

Shares of Shopify stock opened at $96.54 on Thursday. The stock has a market cap of $125.00 billion, a price-to-earnings ratio of 62.29, a price-to-earnings-growth ratio of 4.82 and a beta of 2.60. The stock has a 50 day moving average price of $111.51 and a 200-day moving average price of $98.34. Shopify Inc. has a one year low of $48.56 and a one year high of $129.38.

Shopify (NYSE:SHOP) (TSE:SHOP) last announced its earnings results on Tuesday, February 11th. The software maker reported $0.34 EPS for the quarter, missing analysts’ consensus estimates of $0.44 by ($0.10). Shopify had a return on equity of 12.00% and a net margin of 22.74%. Sell-side analysts predict that Shopify Inc. will post 1.12 earnings per share for the current fiscal year.

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.