Polen Capital Management LLC Sells 1,809,405 Shares of Shopify Inc. (NYSE:SHOP)

Key Points

• Polen Capital Management LLC reduced its stake in Shopify by 10.6%, selling 1,809,405 shares, which now represents 4.6% of its total holdings, making it the 7th largest position in their portfolio.
• Institutional investors collectively own 69.27% of Shopify's stock, indicating significant confidence in the company, with other firms like Mather Group LLC and GAMMA Investing LLC increasing their stakes in recent months.
• Recent analyst reports have adjusted Shopify's price targets, with Wedbush raising theirs from $115 to $160, while Bank of America increased its target from $110 to $185, reflecting a positive outlook on the stock.

Polen Capital Management LLC lessened its holdings in shares of Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 10.6% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 15,270,075 shares of the software maker's stock after selling 1,809,405 shares during the quarter. Shopify comprises 4.6% of Polen Capital Management LLC's investment portfolio, making the stock its 7th largest position. Polen Capital Management LLC owned about 1.18% of Shopify worth $1,457,987,000 as of its most recent SEC filing.

A number of other large investors have also recently modified their holdings of the business. LRI Investments LLC lifted its position in Shopify by 9.8% in the fourth quarter. LRI Investments LLC now owns 889 shares of the software maker's stock valued at $94,000 after purchasing an additional 79 shares during the last quarter. Fullcircle Wealth LLC lifted its position in Shopify by 2.7% in the first quarter. Fullcircle Wealth LLC now owns 4,240 shares of the software maker's stock valued at $418,000 after purchasing an additional 110 shares during the last quarter. Avidian Wealth Enterprises LLC lifted its position in Shopify by 3.4% in the first quarter. Avidian Wealth Enterprises LLC now owns 3,533 shares of the software maker's stock valued at $337,000 after purchasing an additional 116 shares during the last quarter. Pinnacle Financial Partners Inc lifted its position in Shopify by 4.0% in the first quarter. Pinnacle Financial Partners Inc now owns 3,233 shares of the software maker's stock valued at $320,000 after purchasing an additional 125 shares during the last quarter. Finally, Accurate Wealth Management LLC raised its holdings in shares of Shopify by 4.0% during the first quarter. Accurate Wealth Management LLC now owns 3,408 shares of the software maker's stock valued at $325,000 after acquiring an additional 131 shares in the last quarter. Institutional investors own 69.27% of the company's stock.

Analyst Upgrades and Downgrades

SHOP has been the topic of a number of research reports. UBS Group lifted their target price on shares of Shopify from $110.00 to $145.00 and gave the company a "neutral" rating in a research note on Thursday, August 7th. BNP Paribas cut Shopify from a "strong-buy" rating to a "hold" rating in a research note on Monday, May 5th. Royal Bank Of Canada upped their price target on Shopify from $145.00 to $170.00 and gave the stock an "outperform" rating in a research note on Thursday, August 7th. CIBC upped their price target on Shopify from $145.00 to $185.00 and gave the stock an "outperform" rating in a research note on Thursday, August 7th. Finally, Atb Cap Markets cut Shopify from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, August 6th. One research analyst has rated the stock with a sell rating, eighteen have given a hold rating and twenty-four have issued a buy rating to the stock. According to MarketBeat.com, Shopify presently has a consensus rating of "Moderate Buy" and a consensus target price of $148.51.

Shopify Stock Up 1.1%

SHOP traded up $1.57 during trading hours on Wednesday, reaching $150.87. 1,086,965 shares of the company's stock traded hands, compared to its average volume of 10,463,730. The firm has a 50-day moving average price of $119.20 and a 200 day moving average price of $108.43. The firm has a market capitalization of $195.74 billion, a PE ratio of 96.75, a PEG ratio of 4.82 and a beta of 2.63. Shopify Inc. has a 52-week low of $65.86 and a 52-week high of $156.85.

Shopify (NYSE:SHOP - Get Free Report) TSE: SHOP last issued its earnings results on Wednesday, August 6th. The software maker reported $0.35 earnings per share for the quarter, beating analysts' consensus estimates of $0.29 by $0.06. The business had revenue of $2.68 billion during the quarter, compared to analyst estimates of $2.55 billion. Shopify had a return on equity of 12.00% and a net margin of 22.74%. Shopify's revenue was up 31.1% on a year-over-year basis. During the same period in the previous year, the company posted $0.26 EPS. Equities analysts predict that Shopify Inc. will post 1.12 EPS for the current fiscal year.

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.