Northwestern Mutual Wealth Management Co. Sells 55,396 Shares of Shopify Inc. $SHOP

Northwestern Mutual Wealth Management Co. trimmed its holdings in shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 27.9% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 142,899 shares of the software maker’s stock after selling 55,396 shares during the period. Northwestern Mutual Wealth Management Co.’s holdings in Shopify were worth $23,002,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of the stock. Mowery & Schoenfeld Wealth Management LLC bought a new position in Shopify in the fourth quarter valued at approximately $29,000. Lodestone Wealth Management LLC bought a new stake in shares of Shopify during the 4th quarter worth approximately $31,000. Sound Income Strategies LLC raised its stake in shares of Shopify by 82.4% during the 4th quarter. Sound Income Strategies LLC now owns 197 shares of the software maker’s stock worth $31,000 after purchasing an additional 89 shares in the last quarter. JPL Wealth Management LLC acquired a new stake in shares of Shopify in the 3rd quarter valued at approximately $32,000. Finally, Navalign LLC acquired a new stake in shares of Shopify in the 4th quarter valued at approximately $34,000. Institutional investors own 69.27% of the company’s stock.

Analysts Set New Price Targets

SHOP has been the subject of several recent analyst reports. Jefferies Financial Group reissued a “hold” rating and issued a $140.00 price objective (down from $150.00) on shares of Shopify in a report on Tuesday, May 5th. Oppenheimer reissued an “outperform” rating and issued a $175.00 price objective on shares of Shopify in a report on Wednesday, May 6th. Cantor Fitzgerald reissued a “neutral” rating and issued a $126.00 price objective (down from $181.00) on shares of Shopify in a report on Thursday, February 12th. Evercore set a $135.00 price objective on Shopify in a report on Wednesday, February 11th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $180.00 target price on shares of Shopify in a report on Tuesday, May 5th. Two investment analysts have rated the stock with a Strong Buy rating, thirty-one have issued a Buy rating and ten have issued a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $158.42.

Shopify Stock Down 1.3%

Shopify stock opened at $101.01 on Wednesday. The stock has a market cap of $131.08 billion, a P/E ratio of 100.01, a P/E/G ratio of 2.87 and a beta of 2.64. Shopify Inc. has a twelve month low of $94.00 and a twelve month high of $182.19. The company’s 50-day moving average price is $117.88 and its two-hundred day moving average price is $137.06.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last released its quarterly earnings results on Tuesday, May 5th. The software maker reported $999.00 earnings per share for the quarter, beating the consensus estimate of $0.22 by $998.78. The firm had revenue of $3.17 billion for the quarter, compared to analysts’ expectations of $3.08 billion. Shopify had a net margin of 10.77% and a return on equity of 12.07%. Equities analysts anticipate that Shopify Inc. will post 1.36 earnings per share for the current fiscal year.

Shopify Company Profile

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.