Shopify Inc. $SHOP Shares Sold by Norden Group LLC

Norden Group LLC reduced its position in shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 66.8% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 28,084 shares of the software maker’s stock after selling 56,384 shares during the quarter. Norden Group LLC’s holdings in Shopify were worth $4,521,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Heartwood Wealth Advisors LLC acquired a new stake in shares of Shopify in the third quarter valued at $27,000. JPL Wealth Management LLC bought a new position in Shopify during the third quarter valued at about $32,000. Caitlin John LLC acquired a new position in Shopify during the third quarter worth about $36,000. Estabrook Capital Management acquired a new position in Shopify during the second quarter worth about $29,000. Finally, Cornerstone Planning Group LLC raised its position in Shopify by 104.9% in the third quarter. Cornerstone Planning Group LLC now owns 250 shares of the software maker’s stock worth $37,000 after acquiring an additional 128 shares in the last quarter. 69.27% of the stock is currently owned by institutional investors and hedge funds.

Shopify Price Performance

Shares of SHOP opened at $115.43 on Friday. The company has a 50-day moving average of $125.98 and a two-hundred day moving average of $147.31. The stock has a market cap of $150.53 billion, a price-to-earnings ratio of 124.12, a PEG ratio of 4.20 and a beta of 2.83. Shopify Inc. has a one year low of $69.84 and a one year high of $182.19.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the stock. BMO Capital Markets set a $160.00 price target on shares of Shopify in a report on Thursday, February 12th. Needham & Company LLC reiterated a “buy” rating and issued a $180.00 target price on shares of Shopify in a report on Thursday, February 12th. Mizuho raised shares of Shopify from a “neutral” rating to an “outperform” rating and set a $150.00 target price for the company in a research note on Thursday, February 12th. Weiss Ratings restated a “hold (c)” rating on shares of Shopify in a report on Monday, December 29th. Finally, UBS Group decreased their price target on shares of Shopify from $165.00 to $145.00 and set a “neutral” rating on the stock in a research report on Thursday, February 12th. Three analysts have rated the stock with a Strong Buy rating, thirty-one have assigned a Buy rating and ten have issued a Hold rating to the stock. According to data from MarketBeat, Shopify has a consensus rating of “Moderate Buy” and a consensus target price of $163.38.

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.