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

Independent Advisor Alliance lowered its holdings in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 4.7% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm 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 SEC filing.

A number of other large investors also recently bought and sold shares of SHOP. FMR LLC boosted its holdings in Shopify by 16.1% during the 3rd quarter. FMR LLC now owns 42,306,077 shares of the software maker’s stock valued at $3,389,637,000 after acquiring an additional 5,869,795 shares during the period. National Bank of Canada FI boosted its holdings in Shopify by 28.0% during the 3rd quarter. National Bank of Canada FI now owns 7,408,880 shares of the software maker’s stock valued at $593,588,000 after acquiring an additional 1,621,981 shares during the period. Massachusetts Financial Services Co. MA boosted its holdings in Shopify by 52.5% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 3,848,143 shares of the software maker’s stock valued at $308,390,000 after acquiring an additional 1,325,350 shares during the period. Jennison Associates LLC purchased a new position in Shopify during the 4th quarter valued at $132,323,000. Finally, Congress Asset Management Co. purchased a new position in Shopify during the 4th quarter valued at $84,074,000. Hedge funds and other institutional investors own 69.27% of the company’s stock.

Shopify Stock Performance

SHOP stock opened at $96.54 on Thursday. The firm has a market cap of $125.00 billion, a PE ratio of 62.29, a P/E/G ratio of 4.82 and a beta of 2.60. The firm’s fifty day moving average is $111.51 and its 200 day moving average is $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 released its quarterly earnings results on Tuesday, February 11th. The software maker reported $0.34 EPS for the quarter, missing the consensus estimate of $0.44 by ($0.10). Shopify had a net margin of 22.74% and a return on equity of 12.00%. Research analysts predict that Shopify Inc. will post 1.12 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of equities research analysts have weighed in on SHOP shares. DZ Bank lowered Shopify from a “hold” rating to a “sell” rating in a research report on Thursday, November 21st. Royal Bank of Canada lifted their target price on Shopify from $130.00 to $145.00 and gave the company an “outperform” rating in a research report on Wednesday, February 12th. Phillip Securities lowered Shopify from a “strong-buy” rating to a “moderate buy” rating in a research report on Monday, February 17th. JMP Securities reaffirmed a “market outperform” rating and set a $120.00 target price on shares of Shopify in a research report on Thursday, December 12th. Finally, JPMorgan Chase & Co. lifted their target price on Shopify from $121.00 to $124.00 and gave the company an “overweight” rating in a research report on Wednesday, February 12th. One research analyst has rated the stock with a sell rating, fifteen have given a hold rating, twenty-four have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $126.31.

Shopify Company 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.