Verdence Capital Advisors LLC Increases Position in Shopify Inc. (NYSE:SHOP)

Verdence Capital Advisors LLC boosted its holdings in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 16.9% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 7,807 shares of the software maker’s stock after purchasing an additional 1,130 shares during the quarter. Verdence Capital Advisors LLC’s holdings in Shopify were worth $608,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of SHOP. Artisan Partners Limited Partnership raised its position in shares of Shopify by 78.4% during the 3rd quarter. Artisan Partners Limited Partnership now owns 4,809,633 shares of the software maker’s stock worth $262,462,000 after purchasing an additional 2,113,773 shares during the last quarter. Baillie Gifford & Co. lifted its position in shares of Shopify by 2.3% in the fourth quarter. Baillie Gifford & Co. now owns 64,164,758 shares of the software maker’s stock valued at $4,998,476,000 after acquiring an additional 1,419,749 shares in the last quarter. Quadrature Capital Ltd acquired a new stake in shares of Shopify in the third quarter worth approximately $68,746,000. International Assets Investment Management LLC increased its position in shares of Shopify by 6,637.3% during the fourth quarter. International Assets Investment Management LLC now owns 1,188,598 shares of the software maker’s stock worth $92,592,000 after purchasing an additional 1,170,956 shares in the last quarter. Finally, Hudson Bay Capital Management LP acquired a new stake in Shopify during the 3rd quarter worth $49,113,000. 69.27% of the stock is owned by institutional investors and hedge funds.

Shopify Stock Performance

Shares of SHOP opened at $70.57 on Tuesday. Shopify Inc. has a 1 year low of $45.50 and a 1 year high of $91.57. The stock has a market capitalization of $90.79 billion, a PE ratio of 784.20 and a beta of 2.22. The company has a debt-to-equity ratio of 0.10, a quick ratio of 6.99 and a current ratio of 6.99. The stock has a 50-day simple moving average of $75.98 and a 200-day simple moving average of $72.25.

Shopify (NYSE:SHOP) (TSE:SHOP) last issued its earnings results on Tuesday, February 13th. The software maker reported $0.26 earnings per share for the quarter, beating the consensus estimate of $0.22 by $0.04. Shopify had a net margin of 1.87% and a return on equity of 4.48%. The firm had revenue of $2.14 billion for the quarter, compared to analysts’ expectations of $2.07 billion. On average, analysts predict that Shopify Inc. will post 0.58 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of brokerages have recently commented on SHOP. The Goldman Sachs Group increased their target price on shares of Shopify from $67.00 to $75.00 and gave the company a “neutral” rating in a research report on Thursday, February 29th. Piper Sandler reissued an “underweight” rating and issued a $63.00 target price on shares of Shopify in a research note on Thursday, April 11th. Robert W. Baird boosted their target price on Shopify from $85.00 to $87.00 and gave the stock an “outperform” rating in a report on Wednesday, April 3rd. Citigroup reduced their price objective on Shopify from $96.00 to $93.00 and set a “neutral” rating on the stock in a research report on Wednesday, February 14th. Finally, Royal Bank of Canada restated an “outperform” rating and issued a $100.00 target price on shares of Shopify in a report on Wednesday, February 14th. Four analysts have rated the stock with a sell rating, eighteen have given a hold rating and fifteen have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $78.30.

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.