Polen Capital Management LLC Sells 3,859,034 Shares of Shopify Inc. $SHOP

Polen Capital Management LLC cut its holdings in shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 34.9% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 7,201,872 shares of the software maker’s stock after selling 3,859,034 shares during the period. Shopify makes up approximately 4.9% of Polen Capital Management LLC’s holdings, making the stock its 9th biggest position. Polen Capital Management LLC’s holdings in Shopify were worth $1,159,285,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Vanguard Group Inc. grew its holdings in shares of Shopify by 1.5% during the fourth quarter. Vanguard Group Inc. now owns 50,670,627 shares of the software maker’s stock valued at $8,158,643,000 after buying an additional 743,803 shares in the last quarter. Norges Bank acquired a new position in Shopify in the fourth quarter worth approximately $2,611,797,000. Geode Capital Management LLC raised its position in Shopify by 6.2% during the fourth quarter. Geode Capital Management LLC now owns 12,601,476 shares of the software maker’s stock valued at $2,043,365,000 after acquiring an additional 737,892 shares in the last quarter. TD Asset Management Inc lifted its stake in Shopify by 2.2% in the fourth quarter. TD Asset Management Inc now owns 8,713,762 shares of the software maker’s stock valued at $1,404,790,000 after acquiring an additional 185,252 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. lifted its stake in Shopify by 3.3% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 6,588,934 shares of the software maker’s stock valued at $978,679,000 after acquiring an additional 213,315 shares during the last quarter. Institutional investors and hedge funds own 69.27% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on SHOP shares. Piper Sandler reiterated an “overweight” rating and issued a $150.00 price objective (down from $165.00) on shares of Shopify in a report on Tuesday, May 5th. National Bank Financial lowered their target price on shares of Shopify from $200.00 to $155.00 and set an “outperform” rating on the stock in a research note on Wednesday, May 27th. DA Davidson lowered their price target on Shopify from $195.00 to $140.00 and set a “buy” rating on the stock in a research report on Wednesday, May 6th. Weiss Ratings lowered Shopify from a “hold (c)” rating to a “hold (c-)” rating in a research note on Wednesday, May 6th. Finally, Wells Fargo & Company cut their price objective on Shopify from $166.00 to $144.00 and set an “overweight” rating for the company in a research report on Wednesday, May 6th. Two analysts have rated the stock with a Strong Buy rating, thirty-one have given a Buy rating and ten have assigned a Hold rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $157.17.

Shopify Price Performance

NASDAQ SHOP opened at $110.47 on Friday. The stock’s 50 day simple moving average is $114.20 and its 200 day simple moving average is $131.77. Shopify Inc. has a one year low of $94.00 and a one year high of $182.19. The firm has a market cap of $143.35 billion, a PE ratio of 109.38, a price-to-earnings-growth ratio of 3.03 and a beta of 2.60.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last posted its quarterly earnings data on Tuesday, May 5th. The software maker reported $999.00 EPS for the quarter, topping analysts’ consensus estimates of $0.22 by $998.78. Shopify had a return on equity of 12.07% and a net margin of 10.77%.The company had revenue of $3.17 billion for the quarter, compared to analyst estimates of $3.08 billion. As a group, equities analysts expect that Shopify Inc. will post 1.36 earnings per share for the current year.

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.