Shopify Inc. (NYSE:SHOP) Shares Bought by Verdence Capital Advisors LLC

Verdence Capital Advisors LLC boosted its holdings in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 51.7% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 31,823 shares of the software maker’s stock after acquiring an additional 10,848 shares during the quarter. Verdence Capital Advisors LLC’s holdings in Shopify were worth $2,550,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in SHOP. Washington Trust Advisors Inc. raised its position in shares of Shopify by 73.4% during the 3rd quarter. Washington Trust Advisors Inc. now owns 1,543 shares of the software maker’s stock worth $124,000 after buying an additional 653 shares in the last quarter. CWA Asset Management Group LLC acquired a new position in shares of Shopify during the third quarter valued at approximately $331,000. Equitable Trust Co. increased its stake in shares of Shopify by 5.4% during the third quarter. Equitable Trust Co. now owns 254,963 shares of the software maker’s stock valued at $20,433,000 after acquiring an additional 13,168 shares during the period. AIA Group Ltd raised its holdings in Shopify by 19.9% during the third quarter. AIA Group Ltd now owns 158,363 shares of the software maker’s stock worth $12,691,000 after purchasing an additional 26,311 shares in the last quarter. Finally, Winthrop Advisory Group LLC lifted its position in Shopify by 23.1% in the third quarter. Winthrop Advisory Group LLC now owns 5,325 shares of the software maker’s stock worth $427,000 after purchasing an additional 1,000 shares during the period. Institutional investors own 69.27% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the company. UBS Group lifted their price target on Shopify from $71.00 to $75.00 and gave the company a “neutral” rating in a research report on Thursday, August 8th. Benchmark reaffirmed a “hold” rating on shares of Shopify in a report on Tuesday, August 6th. JMP Securities reissued a “market outperform” rating and issued a $80.00 price target on shares of Shopify in a report on Tuesday, September 10th. Wolfe Research assumed coverage on shares of Shopify in a research report on Tuesday, July 16th. They set an “outperform” rating and a $80.00 price objective for the company. Finally, Morgan Stanley boosted their target price on shares of Shopify from $80.00 to $85.00 and gave the stock an “overweight” rating in a report on Thursday, August 8th. One equities research analyst has rated the stock with a sell rating, sixteen have assigned a hold rating, twenty-three have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Shopify presently has a consensus rating of “Moderate Buy” and a consensus price target of $81.03.

Shopify Stock Up 1.8 %

Shopify stock opened at $87.12 on Friday. The company has a market capitalization of $112.42 billion, a P/E ratio of 88.90, a P/E/G ratio of 2.74 and a beta of 2.36. Shopify Inc. has a 1-year low of $48.56 and a 1-year high of $91.57. The firm’s fifty day simple moving average is $78.41 and its 200-day simple moving average is $69.83. The company has a current ratio of 7.32, a quick ratio of 7.32 and a debt-to-equity ratio of 0.10.

Shopify (NYSE:SHOP) (TSE:SHOP) last announced its quarterly earnings results on Wednesday, August 7th. The software maker reported $0.26 earnings per share for the quarter, topping analysts’ consensus estimates of $0.20 by $0.06. The company had revenue of $2.05 billion during the quarter, compared to analysts’ expectations of $2.01 billion. Shopify had a return on equity of 10.88% and a net margin of 16.40%. The business’s quarterly revenue was up 20.7% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.08) earnings per share. Sell-side analysts forecast that Shopify Inc. will post 0.76 earnings per share for the current fiscal year.

Shopify 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.