Norden Group LLC Makes New Investment in Shopify Inc. (NYSE:SHOP)

Norden Group LLC purchased a new position in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 46,886 shares of the software maker’s stock, valued at approximately $3,618,000.

Other hedge funds have also recently made changes to their positions in the company. Baillie Gifford & Co. raised its position in Shopify by 2.3% in the 4th quarter. Baillie Gifford & Co. now owns 64,164,758 shares of the software maker’s stock worth $4,998,476,000 after purchasing an additional 1,419,749 shares during the period. Vanguard Group Inc. increased its holdings in shares of Shopify by 3.0% in the fourth quarter. Vanguard Group Inc. now owns 42,168,291 shares of the software maker’s stock worth $3,284,910,000 after buying an additional 1,242,067 shares during the period. Capital World Investors lifted its stake in shares of Shopify by 28.7% in the 4th quarter. Capital World Investors now owns 39,424,769 shares of the software maker’s stock valued at $3,071,197,000 after acquiring an additional 8,789,411 shares during the last quarter. Capital International Investors boosted its holdings in Shopify by 9.7% during the 4th quarter. Capital International Investors now owns 15,849,638 shares of the software maker’s stock valued at $1,235,534,000 after acquiring an additional 1,399,562 shares during the period. Finally, Norges Bank purchased a new stake in Shopify during the 4th quarter valued at about $1,049,089,000. 69.27% of the stock is currently owned by institutional investors.

Shopify Trading Up 1.1 %

Shares of NYSE:SHOP opened at $66.78 on Thursday. The company has a debt-to-equity ratio of 0.10, a current ratio of 7.14 and a quick ratio of 7.14. Shopify Inc. has a 1 year low of $45.50 and a 1 year high of $91.57. The company has a market cap of $86.06 billion, a P/E ratio of -392.82, a PEG ratio of 3.32 and a beta of 2.30. The stock’s fifty day moving average price is $63.92 and its 200-day moving average price is $72.83.

Shopify (NYSE:SHOP) (TSE:SHOP) last posted its earnings results on Wednesday, May 8th. The software maker reported $0.12 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.08 by $0.04. Shopify had a negative net margin of 2.82% and a positive return on equity of 7.36%. The business had revenue of $1.86 billion for the quarter, compared to analysts’ expectations of $1.84 billion. Sell-side analysts expect that Shopify Inc. will post 0.61 earnings per share for the current year.

Analysts Set New Price Targets

Several brokerages have weighed in on SHOP. Citigroup boosted their price objective on Shopify from $95.00 to $96.00 and gave the company a “buy” rating in a research report on Wednesday, June 26th. Barclays dropped their price target on shares of Shopify from $68.00 to $63.00 and set an “equal weight” rating for the company in a research report on Thursday, May 9th. The Goldman Sachs Group boosted their price objective on shares of Shopify from $67.00 to $74.00 and gave the company a “buy” rating in a research report on Tuesday, May 28th. CIBC dropped their target price on shares of Shopify from $100.00 to $85.00 and set an “outperformer” rating for the company in a report on Thursday, May 9th. Finally, Piper Sandler raised Shopify from an “underweight” rating to a “neutral” rating and set a $63.00 target price on the stock in a research note on Thursday, May 9th. One investment analyst has rated the stock with a sell rating, sixteen have issued a hold rating and twenty-one have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $76.42.

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.