Norden Group LLC Has $4.30 Million Holdings in Shopify Inc. (NYSE:SHOP)

Norden Group LLC cut its stake in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 6.7% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 40,452 shares of the software maker’s stock after selling 2,883 shares during the quarter. Norden Group LLC’s holdings in Shopify were worth $4,301,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the stock. Baillie Gifford & Co. grew its position in Shopify by 14.7% during the 3rd quarter. Baillie Gifford & Co. now owns 63,366,308 shares of the software maker’s stock worth $5,078,176,000 after acquiring an additional 8,131,160 shares during the last quarter. FMR LLC grew its position in Shopify by 16.1% during the 3rd quarter. FMR LLC now owns 42,306,077 shares of the software maker’s stock worth $3,389,637,000 after acquiring an additional 5,869,795 shares during the last quarter. National Bank of Canada FI grew its position in Shopify by 28.0% during the 3rd quarter. National Bank of Canada FI now owns 7,408,880 shares of the software maker’s stock worth $593,588,000 after acquiring an additional 1,621,981 shares during the last quarter. Massachusetts Financial Services Co. MA grew its position in Shopify by 52.5% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 3,848,143 shares of the software maker’s stock worth $308,390,000 after acquiring an additional 1,325,350 shares during the last quarter. Finally, Jennison Associates LLC bought a new stake in Shopify during the 4th quarter worth approximately $132,323,000. 69.27% of the stock is owned by institutional investors and hedge funds.

Shopify Stock Performance

NYSE:SHOP opened at $111.97 on Friday. The stock’s 50-day simple moving average is $112.88 and its 200 day simple moving average is $96.94. The company has a market cap of $144.98 billion, a P/E ratio of 72.24, a P/E/G ratio of 4.82 and a beta of 2.47. Shopify Inc. has a 52-week low of $48.56 and a 52-week high of $129.38.

Shopify (NYSE:SHOP) (TSE:SHOP) last released its earnings results on Tuesday, February 11th. The software maker reported $0.34 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.44 by ($0.10). Shopify had a net margin of 22.74% and a return on equity of 12.00%. As a group, equities analysts predict that Shopify Inc. will post 1.12 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on SHOP shares. TD Securities increased their price target on Shopify from $100.00 to $130.00 and gave the stock a “hold” rating in a research report on Wednesday, February 12th. Oppenheimer increased their price target on Shopify from $130.00 to $150.00 and gave the stock an “outperform” rating in a research report on Wednesday, February 12th. DA Davidson increased their price target on Shopify from $130.00 to $150.00 and gave the stock a “buy” rating in a research report on Wednesday, February 12th. Moffett Nathanson increased their price objective on Shopify from $86.00 to $99.00 and gave the company a “neutral” rating in a research report on Tuesday, November 26th. Finally, Royal Bank of Canada increased their price objective on Shopify from $130.00 to $145.00 and gave the company an “outperform” rating in a research report on Wednesday, February 12th. One equities research analyst has rated the stock with a sell rating, fifteen have assigned a hold rating, twenty-four have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $126.31.

Shopify Profile

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.