Verdence Capital Advisors LLC Decreases Stock Holdings in Shopify Inc. $SHOP

Verdence Capital Advisors LLC trimmed its position in Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 15.9% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 20,277 shares of the software maker’s stock after selling 3,840 shares during the period. Verdence Capital Advisors LLC’s holdings in Shopify were worth $3,013,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently modified their holdings of the stock. Heartwood Wealth Advisors LLC acquired a new stake in shares of Shopify during the third quarter worth about $27,000. Rothschild Investment LLC increased its stake in shares of Shopify by 47.5% in the 2nd quarter. Rothschild Investment LLC now owns 233 shares of the software maker’s stock valued at $27,000 after purchasing an additional 75 shares in the last quarter. Financial Gravity Companies Inc. purchased a new position in shares of Shopify during the 2nd quarter valued at approximately $27,000. Tradewinds Capital Management LLC grew its position in shares of Shopify by 71.4% in the second quarter. Tradewinds Capital Management LLC now owns 240 shares of the software maker’s stock valued at $28,000 after purchasing an additional 100 shares during the period. Finally, Coastline Trust Co acquired a new stake in Shopify in the 2nd quarter worth about $29,000. Institutional investors and hedge funds own 69.27% of the company’s stock.

Shopify Price Performance

NASDAQ:SHOP opened at $155.81 on Tuesday. Shopify Inc. has a 1-year low of $69.84 and a 1-year high of $182.19. The firm has a 50 day simple moving average of $159.98 and a 200-day simple moving average of $150.08. The firm has a market cap of $202.84 billion, a PE ratio of 115.41, a P/E/G ratio of 4.60 and a beta of 2.83.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last announced its quarterly earnings results on Tuesday, November 4th. The software maker reported $0.27 earnings per share for the quarter, beating analysts’ consensus estimates of $0.24 by $0.03. Shopify had a net margin of 16.65% and a return on equity of 11.72%. The company had revenue of $2.84 billion for the quarter, compared to analyst estimates of $2.75 billion. As a group, sell-side analysts expect that Shopify Inc. will post 1.12 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the stock. Wells Fargo & Company reaffirmed an “overweight” rating and set a $198.00 price objective (up previously from $125.00) on shares of Shopify in a research note on Wednesday, December 17th. Zacks Research lowered Shopify from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, November 12th. KeyCorp increased their price target on Shopify from $175.00 to $200.00 and gave the company an “overweight” rating in a research report on Thursday, October 30th. Scotiabank upgraded Shopify from a “sector perform” rating to an “outperform” rating and raised their price target for the company from $165.00 to $200.00 in a research note on Thursday, January 8th. Finally, Wedbush restated an “outperform” rating and set a $185.00 price target (up previously from $160.00) on shares of Shopify in a research note on Tuesday, November 4th. Twenty-four equities research analysts have rated the stock with a Buy rating and twenty-one have assigned a Hold rating to the company. According to MarketBeat.com, Shopify currently has an average rating of “Moderate Buy” and an average price target of $171.61.

About Shopify

Shopify is a Canadian commerce technology company that provides a cloud-based platform for businesses to create, manage and scale online and physical retail stores. Its core offering is a software-as-a-service e-commerce platform that enables merchants to build customizable storefronts, manage product catalogs, process orders, and handle inventory. Shopify also supports omnichannel selling through integrated point-of-sale (POS) systems for in-person transactions.

Beyond storefront software, Shopify offers a range of merchant services and tools designed to simplify commerce operations.