MSA Advisors LLC Sells 13,690 Shares of Shopify Inc. (NYSE:SHOP)

MSA Advisors LLC decreased its stake in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 41.2% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 19,500 shares of the software maker’s stock after selling 13,690 shares during the period. Shopify comprises about 0.4% of MSA Advisors LLC’s investment portfolio, making the stock its 14th biggest position. MSA Advisors LLC’s holdings in Shopify were worth $1,563,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Baillie Gifford & Co. raised its position in Shopify by 14.7% during the third quarter. Baillie Gifford & Co. now owns 63,366,308 shares of the software maker’s stock valued at $5,078,176,000 after purchasing an additional 8,131,160 shares in the last quarter. TD Asset Management Inc lifted its position in Shopify by 6.9% in the 2nd quarter. TD Asset Management Inc now owns 8,661,462 shares of the software maker’s stock worth $572,263,000 after buying an additional 559,917 shares during the last quarter. Legal & General Group Plc boosted its stake in Shopify by 1.8% in the second quarter. Legal & General Group Plc now owns 8,233,517 shares of the software maker’s stock worth $544,017,000 after buying an additional 145,618 shares in the last quarter. The Manufacturers Life Insurance Company grew its position in Shopify by 7.4% during the second quarter. The Manufacturers Life Insurance Company now owns 7,726,950 shares of the software maker’s stock valued at $510,016,000 after acquiring an additional 533,111 shares during the last quarter. Finally, Mackenzie Financial Corp raised its stake in shares of Shopify by 49.9% during the second quarter. Mackenzie Financial Corp now owns 6,315,028 shares of the software maker’s stock worth $417,386,000 after acquiring an additional 2,102,939 shares in the last quarter. Hedge funds and other institutional investors own 69.27% of the company’s stock.

Analyst Upgrades and Downgrades

SHOP has been the topic of several recent research reports. Loop Capital increased their target price on shares of Shopify from $80.00 to $90.00 and gave the company a “hold” rating in a report on Wednesday, October 9th. Citigroup boosted their target price on Shopify from $90.00 to $103.00 and gave the company a “buy” rating in a research note on Monday, September 30th. KeyCorp lifted their price target on Shopify from $80.00 to $130.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 13th. Oppenheimer increased their price objective on Shopify from $90.00 to $130.00 and gave the company an “outperform” rating in a research note on Wednesday, November 13th. Finally, Roth Mkm lifted their target price on shares of Shopify from $77.00 to $79.00 and gave the stock a “buy” rating in a research note on Thursday, August 8th. One investment analyst has rated the stock with a sell rating, seventeen have assigned a hold rating, twenty-three have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $94.95.

Shopify Stock Performance

SHOP opened at $106.96 on Monday. The firm has a market cap of $138.02 billion, a P/E ratio of 99.96, a PEG ratio of 2.81 and a beta of 2.36. Shopify Inc. has a 1-year low of $48.56 and a 1-year high of $115.62. The company has a 50 day simple moving average of $85.50 and a two-hundred day simple moving average of $72.18. The company has a debt-to-equity ratio of 0.09, a current ratio of 7.10 and a quick ratio of 7.10.

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.