Verdence Capital Advisors LLC Trims Holdings in Shopify Inc. (NYSE:SHOP)

Verdence Capital Advisors LLC cut its stake in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 4.5% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 30,383 shares of the software maker’s stock after selling 1,440 shares during the quarter. Verdence Capital Advisors LLC’s holdings in Shopify were worth $3,231,000 at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in the stock. Baillie Gifford & Co. boosted its stake in Shopify by 14.7% during the third quarter. Baillie Gifford & Co. now owns 63,366,308 shares of the software maker’s stock valued at $5,078,176,000 after buying an additional 8,131,160 shares during the period. FMR LLC lifted its stake in Shopify by 16.1% during the third quarter. FMR LLC now owns 42,306,077 shares of the software maker’s stock worth $3,389,637,000 after purchasing an additional 5,869,795 shares during the last quarter. The Manufacturers Life Insurance Company lifted its stake in Shopify by 6.3% during the third quarter. The Manufacturers Life Insurance Company now owns 8,211,511 shares of the software maker’s stock worth $658,248,000 after purchasing an additional 484,561 shares during the last quarter. National Bank of Canada FI lifted its stake in Shopify by 28.0% during the third quarter. National Bank of Canada FI now owns 7,408,880 shares of the software maker’s stock worth $593,588,000 after purchasing an additional 1,621,981 shares during the last quarter. Finally, Geode Capital Management LLC lifted its stake in shares of Shopify by 9.6% in the 3rd quarter. Geode Capital Management LLC now owns 5,387,806 shares of the software maker’s stock valued at $432,573,000 after acquiring an additional 471,280 shares during the last quarter. 69.27% of the stock is currently owned by hedge funds and other institutional investors.

Shopify Stock Down 4.6 %

Shares of Shopify stock opened at $101.68 on Wednesday. The firm has a market cap of $131.66 billion, a price-to-earnings ratio of 65.60, a PEG ratio of 4.82 and a beta of 2.47. Shopify Inc. has a twelve month low of $48.56 and a twelve month high of $129.38. The business has a 50-day moving average price of $112.65 and a 200-day moving average price of $97.53.

Shopify (NYSE:SHOP) (TSE:SHOP) last posted its earnings results on Tuesday, February 11th. The software maker reported $0.34 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.44 by ($0.10). Shopify had a net margin of 22.74% and a return on equity of 12.00%. On average, equities analysts expect that Shopify Inc. will post 1.12 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the company. New Street Research assumed coverage on Shopify in a research note on Friday, January 10th. They issued a “neutral” rating and a $115.00 target price for the company. Canaccord Genuity Group boosted their target price on Shopify from $125.00 to $140.00 and gave the company a “buy” rating in a research note on Wednesday, February 12th. Oppenheimer boosted their price target on Shopify from $130.00 to $150.00 and gave the company an “outperform” rating in a report on Wednesday, February 12th. Benchmark upgraded Shopify from a “hold” rating to a “buy” rating and set a $150.00 price target on the stock in a report on Monday, February 10th. Finally, Jefferies Financial Group boosted their price target on Shopify from $110.00 to $130.00 and gave the company a “hold” rating in a report on Tuesday, February 18th. 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 given a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $126.31.

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.