Verdence Capital Advisors LLC Has $2.55 Million Stake in Shopify Inc. (NYSE:SHOP)

Verdence Capital Advisors LLC grew its holdings in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 51.7% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 31,823 shares of the software maker’s stock after purchasing an additional 10,848 shares during the quarter. Verdence Capital Advisors LLC’s holdings in Shopify were worth $2,550,000 as of its most recent filing with the SEC.

A number of other institutional investors have also made changes to their positions in SHOP. Silvercrest Asset Management Group LLC raised its stake in Shopify by 735.0% during the 1st quarter. Silvercrest Asset Management Group LLC now owns 52,928 shares of the software maker’s stock valued at $4,084,000 after purchasing an additional 46,589 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. raised its position in shares of Shopify by 3.8% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 190,371 shares of the software maker’s stock valued at $15,079,000 after buying an additional 7,009 shares during the last quarter. DekaBank Deutsche Girozentrale raised its position in shares of Shopify by 5.8% during the first quarter. DekaBank Deutsche Girozentrale now owns 523,257 shares of the software maker’s stock valued at $40,838,000 after buying an additional 28,639 shares during the last quarter. Clearbridge Investments LLC lifted its stake in shares of Shopify by 54.2% in the second quarter. Clearbridge Investments LLC now owns 4,714,691 shares of the software maker’s stock valued at $311,404,000 after buying an additional 1,657,251 shares during the period. Finally, Dash Acquisitions Inc. acquired a new stake in Shopify during the third quarter worth about $2,933,000. 69.27% of the stock is currently owned by institutional investors.

Shopify Stock Performance

Shares of NYSE:SHOP opened at $87.12 on Friday. The stock 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. 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 Inc. has a 1-year low of $48.56 and a 1-year high of $91.57. The business has a 50-day moving average price of $78.41 and a two-hundred day moving average price of $69.83.

Shopify (NYSE:SHOP) (TSE:SHOP) last announced its quarterly earnings data on Wednesday, August 7th. The software maker reported $0.26 earnings per share for the quarter, beating the consensus estimate of $0.20 by $0.06. Shopify had a net margin of 16.40% and a return on equity of 10.88%. The business had revenue of $2.05 billion for the quarter, compared to analyst estimates of $2.01 billion. During the same period in the prior year, the business posted ($0.08) earnings per share. Shopify’s revenue was up 20.7% compared to the same quarter last year. Equities analysts predict that Shopify Inc. will post 0.76 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of brokerages have commented on SHOP. Argus upgraded Shopify to a “strong-buy” rating in a research report on Thursday, August 8th. Redburn Atlantic upgraded shares of Shopify from a “neutral” rating to a “buy” rating and set a $99.00 price target on the stock in a research note on Tuesday, September 17th. Wolfe Research initiated coverage on shares of Shopify in a report on Tuesday, July 16th. They issued an “outperform” rating and a $80.00 price target on the stock. Wells Fargo & Company raised their price objective on shares of Shopify from $80.00 to $90.00 and gave the stock an “overweight” rating in a report on Wednesday, September 11th. Finally, Roth Mkm increased their price target on shares of Shopify from $77.00 to $79.00 and gave the stock a “buy” rating in a research report on Thursday, August 8th. One equities research analyst has rated the stock with a sell rating, sixteen have issued a hold rating, twenty-three have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $81.03.

About Shopify

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.