Independent Solutions Wealth Management LLC Sells 707 Shares of Shopify Inc. (NYSE:SHOP)

Independent Solutions Wealth Management LLC trimmed its stake in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 1.8% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 39,144 shares of the software maker’s stock after selling 707 shares during the quarter. Independent Solutions Wealth Management LLC’s holdings in Shopify were worth $3,137,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Oliver Lagore Vanvalin Investment Group lifted its stake in shares of Shopify by 100.0% during the 2nd quarter. Oliver Lagore Vanvalin Investment Group now owns 400 shares of the software maker’s stock worth $26,000 after buying an additional 200 shares during the last quarter. Brooklyn Investment Group acquired a new stake in Shopify during the third quarter worth approximately $33,000. Rosenberg Matthew Hamilton boosted its holdings in shares of Shopify by 41.3% during the third quarter. Rosenberg Matthew Hamilton now owns 455 shares of the software maker’s stock worth $36,000 after acquiring an additional 133 shares during the period. Hazlett Burt & Watson Inc. acquired a new position in shares of Shopify in the second quarter valued at approximately $33,000. Finally, Truvestments Capital LLC bought a new position in shares of Shopify during the third quarter worth approximately $45,000. 69.27% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts recently issued reports on SHOP shares. Royal Bank of Canada boosted their price target on Shopify from $100.00 to $130.00 and gave the company an “outperform” rating in a research note on Wednesday, November 13th. Wells Fargo & Company boosted their target price on shares of Shopify from $90.00 to $120.00 and gave the company an “overweight” rating in a research report on Wednesday, November 13th. Oppenheimer raised their price target on shares of Shopify from $90.00 to $130.00 and gave the stock an “outperform” rating in a research report on Wednesday, November 13th. Citigroup boosted their price objective on shares of Shopify from $90.00 to $103.00 and gave the company a “buy” rating in a report on Monday, September 30th. Finally, Atb Cap Markets cut shares of Shopify from a “strong-buy” rating to a “hold” rating in a report on Tuesday, November 12th. One investment analyst has rated the stock with a sell rating, sixteen have given a hold rating, twenty-three have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Shopify has an average rating of “Moderate Buy” and a consensus target price of $99.03.

Shopify Stock Down 2.1 %

SHOP traded down $2.27 during midday trading on Thursday, hitting $107.43. The company had a trading volume of 7,791,258 shares, compared to its average volume of 9,175,111. The company has a market capitalization of $138.81 billion, a price-to-earnings ratio of 100.40, a PEG ratio of 2.98 and a beta of 2.46. The stock’s 50 day moving average price is $98.11 and its 200 day moving average price is $79.11. 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 Inc. has a 52 week low of $48.56 and a 52 week high of $120.72.

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.