Shopify Inc. $SHOP is Polen Capital Management LLC’s 9th Largest Position

Polen Capital Management LLC lessened its stake in Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 34.9% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 7,201,872 shares of the software maker’s stock after selling 3,859,034 shares during the period. Shopify comprises about 4.9% of Polen Capital Management LLC’s investment portfolio, making the stock its 9th largest position. Polen Capital Management LLC owned approximately 0.55% of Shopify worth $1,159,285,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently added to or reduced their stakes in the company. M&T Bank Corp raised its holdings in shares of Shopify by 37.1% during the fourth quarter. M&T Bank Corp now owns 81,082 shares of the software maker’s stock worth $13,051,000 after purchasing an additional 21,945 shares during the period. Triasima Portfolio Management inc. grew its position in shares of Shopify by 11.0% during the 4th quarter. Triasima Portfolio Management inc. now owns 182,338 shares of the software maker’s stock valued at $29,398,000 after buying an additional 18,028 shares during the last quarter. Assetmark Inc. raised its stake in Shopify by 6.7% during the fourth quarter. Assetmark Inc. now owns 213,583 shares of the software maker’s stock worth $34,380,000 after acquiring an additional 13,415 shares during the period. SG Americas Securities LLC lifted its holdings in Shopify by 286.6% in the fourth quarter. SG Americas Securities LLC now owns 508,723 shares of the software maker’s stock worth $81,889,000 after acquiring an additional 377,129 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. boosted its stake in Shopify by 12.8% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 526,114 shares of the software maker’s stock valued at $84,689,000 after acquiring an additional 59,745 shares during the period. 69.27% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several brokerages recently issued reports on SHOP. Wedbush cut their price target on Shopify from $185.00 to $160.00 and set an “outperform” rating on the stock in a report on Thursday, February 12th. Truist Financial set a $150.00 target price on Shopify and gave the company a “buy” rating in a research note on Tuesday, February 17th. Piper Sandler reissued an “overweight” rating and set a $150.00 price target (down from $165.00) on shares of Shopify in a report on Tuesday, May 5th. Robert W. Baird set a $150.00 price objective on shares of Shopify in a report on Wednesday, May 6th. Finally, Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and issued a $175.00 price objective on shares of Shopify in a research report on Thursday, February 12th. Two equities research 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 company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $157.17.

Shopify Trading Up 2.1%

Shares of NASDAQ:SHOP opened at $110.47 on Friday. The company has a 50 day moving average of $114.20 and a 200-day moving average of $131.77. The firm has a market cap of $143.35 billion, a P/E ratio of 109.38, a P/E/G ratio of 3.03 and a beta of 2.60. Shopify Inc. has a twelve month low of $94.00 and a twelve month high of $182.19.

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, beating analysts’ consensus estimates of $0.22 by $998.78. The business had revenue of $3.17 billion for the quarter, compared to analyst estimates of $3.08 billion. Shopify had a net margin of 10.77% and a return on equity of 12.07%. Equities research analysts forecast that Shopify Inc. will post 1.36 EPS for the current year.

Shopify Company Profile

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.