United Services Automobile Association Trims Stake in Shopify Inc. (NYSE:SHOP)

United Services Automobile Association lowered its position in Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 10.9% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 39,917 shares of the software maker's stock after selling 4,881 shares during the quarter. United Services Automobile Association's holdings in Shopify were worth $3,198,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Wahed Invest LLC lifted its position in shares of Shopify by 18.4% during the 3rd quarter. Wahed Invest LLC now owns 57,624 shares of the software maker's stock worth $4,618,000 after purchasing an additional 8,960 shares during the last quarter. Quadrature Capital Ltd lifted its holdings in Shopify by 5.7% during the 3rd quarter. Quadrature Capital Ltd now owns 1,558,400 shares of the software maker's stock worth $124,984,000 after buying an additional 84,300 shares during the last quarter. Quantinno Capital Management LP boosted its position in shares of Shopify by 47.0% during the 3rd quarter. Quantinno Capital Management LP now owns 38,951 shares of the software maker's stock worth $3,122,000 after acquiring an additional 12,455 shares in the last quarter. Royal London Asset Management Ltd. increased its holdings in shares of Shopify by 1.6% in the 3rd quarter. Royal London Asset Management Ltd. now owns 329,882 shares of the software maker's stock valued at $26,437,000 after acquiring an additional 5,108 shares during the last quarter. Finally, Murchinson Ltd. acquired a new stake in shares of Shopify during the 3rd quarter worth about $360,000. Institutional investors and hedge funds own 69.27% of the company's stock.

Analysts Set New Price Targets

Several brokerages have commented on SHOP. Moffett Nathanson increased their price target on shares of Shopify from $86.00 to $99.00 and gave the company a "neutral" rating in a research note on Tuesday, November 26th. Mizuho increased their target price on shares of Shopify from $68.00 to $105.00 and gave the company a "neutral" rating in a research report on Wednesday, November 13th. JMP Securities reissued a "market outperform" rating and issued a $120.00 price target on shares of Shopify in a research report on Friday. Wells Fargo & Company upped their price objective on shares of Shopify from $90.00 to $120.00 and gave the company an "overweight" rating in a research note on Wednesday, November 13th. Finally, Canaccord Genuity Group raised their price objective on Shopify from $80.00 to $125.00 and gave the stock a "buy" rating in a report on Wednesday, November 13th. One equities research analyst has rated the stock with a sell rating, sixteen have assigned a hold rating, twenty-three have given a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $98.08.

Shopify Price Performance

Shopify stock traded up $4.28 during mid-day trading on Friday, reaching $118.37. The company had a trading volume of 10,136,356 shares, compared to its average volume of 11,923,693. The stock's 50-day simple moving average is $92.58 and its 200-day simple moving average is $76.03. The company has a debt-to-equity ratio of 0.09, a current ratio of 7.10 and a quick ratio of 7.10. The company has a market capitalization of $152.95 billion, a P/E ratio of 110.63, a P/E/G ratio of 2.97 and a beta of 2.46. Shopify Inc. has a 1 year low of $48.56 and a 1 year 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.