Polen Capital Management LLC Sells 1,888,358 Shares of Shopify Inc. (NYSE:SHOP)

Polen Capital Management LLC trimmed its holdings in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 10.0% during the fourth quarter, Holdings Channel reports. The firm owned 17,079,480 shares of the software maker’s stock after selling 1,888,358 shares during the quarter. Shopify comprises 4.9% of Polen Capital Management LLC’s portfolio, making the stock its 6th largest holding. Polen Capital Management LLC’s holdings in Shopify were worth $1,816,061,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds also recently modified their holdings of the business. Oppenheimer & Co. Inc. increased its holdings in shares of Shopify by 26.4% in the 3rd quarter. Oppenheimer & Co. Inc. now owns 33,609 shares of the software maker’s stock worth $2,693,000 after acquiring an additional 7,027 shares during the period. OneDigital Investment Advisors LLC increased its holdings in shares of Shopify by 12.8% in the 3rd quarter. OneDigital Investment Advisors LLC now owns 19,370 shares of the software maker’s stock worth $1,552,000 after acquiring an additional 2,191 shares during the period. Empowered Funds LLC increased its holdings in shares of Shopify by 5.7% in the 3rd quarter. Empowered Funds LLC now owns 22,446 shares of the software maker’s stock worth $1,799,000 after acquiring an additional 1,211 shares during the period. Atlanta Consulting Group Advisors LLC acquired a new position in Shopify during the 3rd quarter valued at about $489,000. Finally, Claro Advisors LLC acquired a new position in Shopify during the 3rd quarter valued at about $456,000. 69.27% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research firms have commented on SHOP. Benchmark raised shares of Shopify from a “hold” rating to a “buy” rating and set a $150.00 target price on the stock in a research note on Monday, February 10th. Phillip Securities cut shares of Shopify from a “strong-buy” rating to a “moderate buy” rating in a research note on Monday, February 17th. CIBC raised their target price on shares of Shopify from $135.00 to $160.00 and gave the company an “outperform” rating in a research note on Wednesday, February 12th. JPMorgan Chase & Co. raised their target price on shares of Shopify from $121.00 to $124.00 and gave the company an “overweight” rating in a research note on Wednesday, February 12th. Finally, Truist Financial raised their target price on shares of Shopify from $110.00 to $120.00 and gave the company a “hold” rating in a research note on Wednesday, February 12th. One equities research analyst has rated the stock with a sell rating, fifteen have assigned a hold rating, twenty-four have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $126.31.

Shopify Stock Performance

Shares of SHOP opened at $94.88 on Monday. The firm has a market cap of $122.86 billion, a PE ratio of 61.22, a PEG ratio of 4.82 and a beta of 2.60. The firm’s 50 day moving average price is $110.88 and its 200 day moving average price is $98.78. Shopify Inc. has a twelve month low of $48.56 and a twelve month high of $129.38.

Shopify (NYSE:SHOP) (TSE:SHOP) last issued its quarterly earnings data on Tuesday, February 11th. The software maker reported $0.34 earnings per share for the quarter, missing the consensus estimate of $0.44 by ($0.10). Shopify had a net margin of 22.74% and a return on equity of 12.00%. On average, sell-side analysts anticipate that Shopify Inc. will post 1.12 earnings per share for the current fiscal year.

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.