MAI Capital Management Sells 722 Shares of Shopify Inc. (NYSE:SHOP)

MAI Capital Management trimmed its holdings in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 5.9% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 11,590 shares of the software maker’s stock after selling 722 shares during the quarter. MAI Capital Management’s holdings in Shopify were worth $929,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in SHOP. Oliver Lagore Vanvalin Investment Group boosted its position 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 during the period. Cultivar Capital Inc. bought a new stake in Shopify during the 2nd quarter valued at $33,000. Hazlett Burt & Watson Inc. purchased a new stake in Shopify in the second quarter worth about $33,000. Rosenberg Matthew Hamilton boosted its stake in shares of Shopify by 41.3% during the third 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. Finally, Thurston Springer Miller Herd & Titak Inc. purchased a new position in shares of Shopify in the 2nd quarter valued at $39,000. 69.27% of the stock is owned by hedge funds and other institutional investors.

Shopify Stock Up 2.5 %

NYSE:SHOP opened at $106.53 on Friday. The company has a current ratio of 7.10, a quick ratio of 7.10 and a debt-to-equity ratio of 0.09. The stock has a 50 day moving average of $84.81 and a 200-day moving average of $71.95. The firm has a market capitalization of $137.47 billion, a PE ratio of 99.56, a price-to-earnings-growth ratio of 3.09 and a beta of 2.36. Shopify Inc. has a 52 week low of $48.56 and a 52 week high of $115.62.

Analysts Set New Price Targets

Several equities analysts recently commented on SHOP shares. Benchmark reaffirmed a “hold” rating on shares of Shopify in a research report on Tuesday, August 6th. Redburn Atlantic raised shares of Shopify from a “neutral” rating to a “buy” rating and set a $99.00 price objective on the stock in a research note on Tuesday, September 17th. Atb Cap Markets cut shares of Shopify from a “strong-buy” rating to a “hold” rating in a report on Tuesday, November 12th. The Goldman Sachs Group raised their target price on Shopify from $88.00 to $135.00 and gave the company a “buy” rating in a research report on Wednesday, November 13th. Finally, DZ Bank cut Shopify from a “hold” rating to a “sell” rating in a report on Thursday. One equities research 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 issued a strong buy rating to the stock. According to MarketBeat, Shopify presently has a consensus rating of “Moderate Buy” and a consensus target price of $94.95.

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.