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

Verdence Capital Advisors LLC increased its holdings in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 16.9% during the 4th quarter, HoldingsChannel.com reports. 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 quarter.

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

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the company. National Bankshares lifted their target price on Shopify from $80.00 to $100.00 and gave the company an “outperform” rating in a report on Friday, January 26th. ATB Capital boosted their target price on Shopify from $105.00 to $110.00 and gave the stock a “sector perform” rating in a report on Wednesday, February 14th. Royal Bank of Canada restated an “outperform” rating and issued a $100.00 price target on shares of Shopify in a report on Wednesday, February 14th. Barclays decreased their price objective on shares of Shopify from $70.00 to $68.00 and set an “equal weight” rating for the company in a research note on Wednesday, February 14th. Finally, Robert W. Baird raised their target price on shares of Shopify from $85.00 to $87.00 and gave the company an “outperform” rating in a research note on Wednesday, April 3rd. Four research analysts have rated the stock with a sell rating, eighteen have assigned a hold rating and fifteen have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $78.30.

Shopify Trading Up 1.3 %

Shares of NYSE SHOP opened at $70.57 on Tuesday. Shopify Inc. has a 12-month low of $45.50 and a 12-month high of $91.57. The company has a market cap of $90.79 billion, a price-to-earnings ratio of 784.20 and a beta of 2.22. The company has a current ratio of 6.99, a quick ratio of 6.99 and a debt-to-equity ratio of 0.10. The stock’s 50 day simple moving average is $75.98 and its 200 day simple moving average is $72.25.

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

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.