Verdence Capital Advisors LLC Lowers Stake in Shopify Inc. (NYSE:SHOP)

Verdence Capital Advisors LLC lowered its position in shares of Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 26.5% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 22,320 shares of the software maker's stock after selling 8,063 shares during the quarter. Verdence Capital Advisors LLC's holdings in Shopify were worth $2,131,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Allianz SE bought a new stake in Shopify during the 4th quarter valued at approximately $27,000. Fourth Dimension Wealth LLC purchased a new stake in Shopify during the 4th quarter valued at approximately $30,000. Mark Sheptoff Financial Planning LLC raised its position in shares of Shopify by 50.0% during the fourth quarter. Mark Sheptoff Financial Planning LLC now owns 300 shares of the software maker's stock valued at $32,000 after buying an additional 100 shares during the last quarter. Strategic Investment Solutions Inc. IL purchased a new stake in Shopify in the 4th quarter worth $46,000. Finally, FWL Investment Management LLC purchased a new stake in shares of Shopify in the fourth quarter worth about $56,000. 69.27% of the stock is currently owned by institutional investors.

Shopify Stock Performance

SHOP stock traded up $0.32 on Friday, hitting $127.07. 8,468,342 shares of the company's stock were exchanged, compared to its average volume of 9,278,032. The firm has a 50 day moving average price of $109.81 and a two-hundred day moving average price of $105.25. Shopify Inc. has a 12-month low of $48.56 and a 12-month high of $129.38. The stock has a market cap of $164.86 billion, a P/E ratio of 81.98, a price-to-earnings-growth ratio of 4.82 and a beta of 2.61.

Analysts Set New Price Targets

SHOP has been the topic of a number of research reports. Loop Capital reduced their price objective on Shopify from $150.00 to $120.00 and set a "buy" rating on the stock in a research note on Wednesday, April 16th. Truist Financial lowered their price objective on shares of Shopify from $120.00 to $100.00 and set a "hold" rating for the company in a research report on Tuesday, May 6th. Stifel Nicolaus boosted their target price on shares of Shopify from $100.00 to $110.00 and gave the stock a "hold" rating in a report on Tuesday. UBS Group restated a "hold" rating on shares of Shopify in a research report on Friday. Finally, Mizuho dropped their price target on Shopify from $110.00 to $85.00 and set a "neutral" rating for the company in a research report on Monday, April 14th. One equities research analyst has rated the stock with a sell rating, fifteen have assigned a hold rating, twenty-three have given a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $117.58.

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.