Shopify Inc. $SHOP Shares Purchased by Norden Group LLC

Norden Group LLC boosted its stake in Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 126.0% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 84,468 shares of the software maker’s stock after buying an additional 47,093 shares during the quarter. Shopify makes up approximately 1.3% of Norden Group LLC’s portfolio, making the stock its 10th largest holding. Norden Group LLC’s holdings in Shopify were worth $12,553,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of SHOP. Family Legacy Financial Solutions LLC purchased a new position in shares of Shopify in the second quarter valued at approximately $25,000. Financial Gravity Companies Inc. purchased a new stake in shares of Shopify in the second quarter valued at about $27,000. Rothschild Investment LLC grew its stake in shares of Shopify by 47.5% in the 2nd quarter. Rothschild Investment LLC now owns 233 shares of the software maker’s stock valued at $27,000 after buying an additional 75 shares during the period. Heartwood Wealth Advisors LLC purchased a new position in Shopify in the third quarter worth approximately $27,000. Finally, Tradewinds Capital Management LLC increased its position in shares of Shopify by 71.4% during the 2nd quarter. Tradewinds Capital Management LLC now owns 240 shares of the software maker’s stock worth $28,000 after purchasing an additional 100 shares during the last quarter. 69.27% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on SHOP. DA Davidson lifted their target price on shares of Shopify from $185.00 to $195.00 and gave the company a “buy” rating in a report on Wednesday, November 5th. UBS Group set a $195.00 price target on shares of Shopify in a research note on Wednesday, December 3rd. Royal Bank Of Canada increased their price objective on Shopify from $170.00 to $200.00 and gave the company an “outperform” rating in a research note on Friday, October 17th. Wedbush reissued an “outperform” rating and set a $185.00 target price (up from $160.00) on shares of Shopify in a research note on Tuesday, November 4th. Finally, Benchmark reaffirmed a “buy” rating on shares of Shopify in a research report on Wednesday, December 3rd. Twenty-two equities research analysts have rated the stock with a Buy rating and twenty-three have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $168.69.

Shopify Price Performance

Shopify stock opened at $169.45 on Thursday. The stock has a market cap of $220.60 billion, a PE ratio of 125.52, a P/E/G ratio of 6.29 and a beta of 2.82. The stock’s fifty day moving average is $160.80 and its two-hundred day moving average is $143.14. Shopify Inc. has a 1-year low of $69.84 and a 1-year high of $182.19.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last released its quarterly earnings data on Tuesday, November 4th. The software maker reported $0.27 EPS for the quarter, beating analysts’ consensus estimates of $0.24 by $0.03. Shopify had a return on equity of 11.72% and a net margin of 16.65%.The business had revenue of $2.84 billion for the quarter, compared to the consensus estimate of $2.75 billion. On average, research analysts expect that Shopify Inc. will post 1.12 earnings per share for the current fiscal year.

About Shopify

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.