Shopify Inc. (NYSE:SHOP) Stake Reduced by Miracle Mile Advisors LLC

Miracle Mile Advisors LLC trimmed its holdings in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 8.0% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 3,580 shares of the software maker’s stock after selling 310 shares during the quarter. Miracle Mile Advisors LLC’s holdings in Shopify were worth $381,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently made changes to their positions in the business. Oliver Lagore Vanvalin Investment Group grew its holdings in shares of Shopify by 100.0% in the 2nd quarter. Oliver Lagore Vanvalin Investment Group now owns 400 shares of the software maker’s stock worth $26,000 after acquiring an additional 200 shares during the last quarter. Brooklyn Investment Group purchased a new position in Shopify in the 3rd quarter worth about $33,000. Rosenberg Matthew Hamilton raised its holdings in Shopify by 41.3% during the 3rd quarter. Rosenberg Matthew Hamilton now owns 455 shares of the software maker’s stock worth $36,000 after buying an additional 133 shares during the period. Truvestments Capital LLC purchased a new stake in Shopify during the third quarter valued at about $45,000. Finally, GAMMA Investing LLC boosted its holdings in shares of Shopify by 73.5% in the third quarter. GAMMA Investing LLC now owns 597 shares of the software maker’s stock worth $48,000 after buying an additional 253 shares during the period. Institutional investors own 69.27% of the company’s stock.

Shopify Trading Down 0.7 %

Shares of NYSE:SHOP opened at $103.47 on Friday. Shopify Inc. has a 52-week low of $48.56 and a 52-week high of $120.72. The company has a debt-to-equity ratio of 0.09, a quick ratio of 7.10 and a current ratio of 7.10. The company has a market cap of $133.70 billion, a P/E ratio of 96.71, a P/E/G ratio of 2.18 and a beta of 2.46. The stock’s 50-day moving average is $108.71 and its 200-day moving average is $85.17.

Analyst Upgrades and Downgrades

Several brokerages recently commented on SHOP. Wells Fargo & Company upped their price target 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. DZ Bank cut Shopify from a “hold” rating to a “sell” rating in a research report on Thursday, November 21st. Robert W. Baird upped their price target on Shopify from $90.00 to $126.00 and gave the company an “outperform” rating in a research report on Wednesday, November 13th. Citigroup raised their price objective on Shopify from $90.00 to $103.00 and gave the stock a “buy” rating in a research report on Monday, September 30th. Finally, Royal Bank of Canada upped their target price on Shopify from $100.00 to $130.00 and gave the company an “outperform” rating in a report on Wednesday, November 13th. One investment analyst has rated the stock with a sell rating, fifteen have assigned a hold rating, twenty-four have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $100.31.

Shopify 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.