Independent Solutions Wealth Management LLC Has $3.14 Million Position in Shopify Inc. (NYSE:SHOP)

Independent Solutions Wealth Management LLC lessened its holdings in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 1.8% during the 3rd quarter, according to its most recent 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 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. Oliver Lagore Vanvalin Investment Group boosted its stake in Shopify by 100.0% in the 2nd quarter. Oliver Lagore Vanvalin Investment Group now owns 400 shares of the software maker’s stock valued at $26,000 after buying an additional 200 shares in the last quarter. Brooklyn Investment Group bought a new position in shares of Shopify during the third quarter valued at $33,000. Rosenberg Matthew Hamilton boosted its stake in shares of Shopify by 41.3% in the 3rd quarter. Rosenberg Matthew Hamilton now owns 455 shares of the software maker’s stock valued at $36,000 after purchasing an additional 133 shares in the last quarter. Hazlett Burt & Watson Inc. bought a new stake in shares of Shopify in the 2nd quarter worth about $33,000. Finally, Truvestments Capital LLC bought a new stake in shares of Shopify in the 3rd quarter worth about $45,000. Institutional investors and hedge funds own 69.27% of the company’s stock.

Analyst Upgrades and Downgrades

SHOP has been the topic of a number of recent analyst reports. The Goldman Sachs Group boosted their price target on shares of Shopify from $88.00 to $135.00 and gave the company a “buy” rating in a research report on Wednesday, November 13th. Atb Cap Markets downgraded Shopify from a “strong-buy” rating to a “hold” rating in a report on Tuesday, November 12th. Robert W. Baird raised their price target on Shopify from $90.00 to $126.00 and gave the company an “outperform” rating in a report on Wednesday, November 13th. Wedbush reissued a “neutral” rating and issued a $115.00 price objective (up previously from $72.00) on shares of Shopify in a research note on Tuesday, November 12th. Finally, Mizuho increased their target price on Shopify from $68.00 to $105.00 and gave the stock a “neutral” rating in a report on Wednesday, November 13th. One investment analyst has rated the stock with a sell rating, sixteen have given a hold rating, twenty-three have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $99.03.

Shopify Stock Down 2.1 %

Shares of NYSE:SHOP traded down $2.27 during mid-day trading on Thursday, reaching $107.43. 7,791,258 shares of the stock were exchanged, compared to its average volume of 9,175,111. The stock’s 50 day simple moving average is $98.11 and its 200-day simple moving average is $79.11. Shopify Inc. has a one year low of $48.56 and a one year high of $120.72. The company has a market cap of $138.81 billion, a P/E ratio of 100.40, a P/E/G ratio of 2.98 and a beta of 2.46. The company has a quick ratio of 7.10, a current 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.