Shopify Inc. (NYSE:SHOP) Shares Sold by Polen Capital Management LLC

Polen Capital Management LLC lessened its position in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 10.0% in the 4th quarter, according to its most recent filing with the SEC. The firm owned 17,079,480 shares of the software maker’s stock after selling 1,888,358 shares during the period. Shopify makes up 4.9% of Polen Capital Management LLC’s investment portfolio, making the stock its 6th largest holding. Polen Capital Management LLC owned 1.32% of Shopify worth $1,816,061,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. PFG Private Wealth Management LLC lifted its stake in shares of Shopify by 3,657.1% in the fourth quarter. PFG Private Wealth Management LLC now owns 263 shares of the software maker’s stock valued at $28,000 after purchasing an additional 256 shares during the period. New Wave Wealth Advisors LLC acquired a new stake in shares of Shopify in the fourth quarter valued at about $39,000. Mather Group LLC. lifted its stake in shares of Shopify by 84.8% in the fourth quarter. Mather Group LLC. now owns 401 shares of the software maker’s stock valued at $43,000 after purchasing an additional 184 shares during the period. Brooklyn Investment Group acquired a new stake in shares of Shopify in the third quarter valued at about $33,000. Finally, Sierra Ocean LLC acquired a new stake in shares of Shopify in the fourth quarter valued at about $46,000. Institutional investors and hedge funds own 69.27% of the company’s stock.

Shopify Trading Up 4.7 %

NYSE SHOP opened at $94.88 on Monday. The company’s fifty day simple moving average is $110.88 and its 200-day simple moving average is $98.78. Shopify Inc. has a 52 week low of $48.56 and a 52 week high of $129.38. The stock has a market cap of $122.86 billion, a P/E ratio of 61.22, a PEG ratio of 4.82 and a beta of 2.60.

Shopify (NYSE:SHOP) (TSE:SHOP) last posted its earnings results on Tuesday, February 11th. The software maker reported $0.34 EPS for the quarter, missing analysts’ consensus estimates of $0.44 by ($0.10). Shopify had a return on equity of 12.00% and a net margin of 22.74%. On average, research analysts expect that Shopify Inc. will post 1.12 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on SHOP shares. JPMorgan Chase & Co. lifted their target price on shares of Shopify from $121.00 to $124.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 12th. CIBC lifted their target price on shares of Shopify from $135.00 to $160.00 and gave the stock an “outperform” rating in a research report on Wednesday, February 12th. Moffett Nathanson lifted their target price on shares of Shopify from $86.00 to $99.00 and gave the stock a “neutral” rating in a research report on Tuesday, November 26th. Jefferies Financial Group lifted their target price on shares of Shopify from $110.00 to $130.00 and gave the stock a “hold” rating in a research report on Tuesday, February 18th. Finally, Loop Capital upgraded shares of Shopify from a “hold” rating to a “buy” rating and lifted their target price for the stock from $110.00 to $140.00 in a research report on Friday, December 6th. One equities research analyst has rated the stock with a sell rating, fifteen have assigned a hold rating, twenty-four have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Shopify currently has a consensus rating of “Moderate Buy” and a consensus target price of $126.31.

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.