Shopify Inc. $SHOP Shares Purchased by Norden Group LLC

Norden Group LLC boosted its position in Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 126.0% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 84,468 shares of the software maker’s stock after buying an additional 47,093 shares during the period. Shopify makes up approximately 1.3% of Norden Group LLC’s investment 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 quarter.

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

Analyst Upgrades and Downgrades

A number of research firms have weighed in on SHOP. Wedbush reiterated an “outperform” rating and set a $185.00 price objective (up previously from $160.00) on shares of Shopify in a research note on Tuesday, November 4th. Citigroup reaffirmed a “market outperform” rating on shares of Shopify in a report on Thursday, December 4th. Benchmark reiterated a “buy” rating on shares of Shopify in a research report on Wednesday, December 3rd. Needham & Company LLC restated a “buy” rating and issued a $180.00 price objective on shares of Shopify in a research report on Wednesday, November 5th. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Shopify in a research note on Monday. Twenty-two analysts have rated the stock with a Buy rating and twenty-three have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $168.69.

Shopify Trading Down 0.0%

Shares of SHOP stock opened at $169.45 on Thursday. Shopify Inc. has a 12-month low of $69.84 and a 12-month high of $182.19. The business’s 50 day moving average is $160.80 and its two-hundred day moving average is $143.14. The company has a market capitalization of $220.60 billion, a P/E ratio of 125.52, a P/E/G ratio of 6.29 and a beta of 2.82.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last announced its earnings results on Tuesday, November 4th. The software maker reported $0.27 earnings per share for the quarter, topping the consensus estimate 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 during the quarter, compared to the consensus estimate of $2.75 billion. On average, research analysts predict 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.