Parallel Advisors LLC Has $3 Million Stock Holdings in Shopify Inc. (NYSE:SHOP)

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Parallel Advisors LLC lifted its position in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 11.4% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 2,936 shares of the software maker’s stock after purchasing an additional 300 shares during the period. Parallel Advisors LLC’s holdings in Shopify were worth $3,003,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Exchange Traded Concepts LLC increased its stake in shares of Shopify by 675.0% during the 2nd quarter. Exchange Traded Concepts LLC now owns 186 shares of the software maker’s stock worth $177,000 after purchasing an additional 162 shares during the last quarter. Rockbridge Investment Management LCC acquired a new position in shares of Shopify during the 2nd quarter worth about $34,000. Pacifica Partners Inc. acquired a new position in shares of Shopify during the 3rd quarter worth about $26,000. Nelson Van Denburg & Campbell Wealth Management Group LLC grew its stake in Shopify by 516.7% in the 2nd quarter. Nelson Van Denburg & Campbell Wealth Management Group LLC now owns 37 shares of the software maker’s stock valued at $35,000 after buying an additional 31 shares during the last quarter. Finally, Icon Wealth Partners LLC grew its stake in Shopify by 16.2% in the 3rd quarter. Icon Wealth Partners LLC now owns 730 shares of the software maker’s stock valued at $747,000 after buying an additional 102 shares during the last quarter. Institutional investors own 59.45% of the company’s stock.

SHOP has been the topic of a number of research reports. DA Davidson upped their price target on shares of Shopify from $650.00 to $1,000.00 and gave the company a “neutral” rating in a research note on Thursday, July 30th. Citigroup upped their price target on shares of Shopify from $998.00 to $1,200.00 and gave the company a “neutral” rating in a research note on Thursday, July 30th. KeyCorp upped their price target on shares of Shopify from $1,150.00 to $1,250.00 and gave the company an “overweight” rating in a research note on Tuesday, October 6th. Robert W. Baird upped their price target on shares of Shopify from $1,200.00 to $1,250.00 in a research note on Friday. Finally, Roth Capital upped their price target on shares of Shopify from $850.00 to $1,000.00 and gave the company a “neutral” rating in a research note on Wednesday, October 14th. Two research analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and twelve have assigned a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average target price of $1,027.07.

NYSE SHOP traded down $48.01 on Friday, hitting $928.99. The company’s stock had a trading volume of 107,111 shares, compared to its average volume of 2,703,652. Shopify Inc. has a 1-year low of $282.08 and a 1-year high of $1,146.91. The company’s 50-day moving average is $1,003.48 and its 200 day moving average is $896.05. The firm has a market cap of $117.84 billion, a PE ratio of -1,522.73, a PEG ratio of 96.18 and a beta of 1.48.

Shopify (NYSE:SHOP) (TSE:SHOP) last announced its quarterly earnings results on Thursday, October 29th. The software maker reported $1.13 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.08) by $1.21. Shopify had a negative net margin of 3.25% and a positive return on equity of 0.32%. The firm had revenue of $767.40 million during the quarter, compared to analysts’ expectations of $652.60 million. During the same period in the prior year, the company posted ($0.29) EPS. The company’s revenue was up 96.5% on a year-over-year basis. As a group, research analysts expect that Shopify Inc. will post 0.34 earnings per share for the current fiscal year.

Shopify Company Profile

Shopify Inc, a commerce company, provides a cloud-based multi-channel commerce platform for small and medium-sized businesses in Canada, the United States, the United Kingdom, Australia, and internationally. Its platform provides merchants with a single view of business and customers in various sales channels, including Web and mobile storefronts, physical retail locations, social media storefronts, and marketplaces; and enables to manage products and inventory, process orders and payments, fulfill and ship orders, build customer relationships, source products, leverage analytics and reporting, and access financing.

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Institutional Ownership by Quarter for Shopify (NYSE:SHOP)

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