Shopify Inc. $SHOP Shares Sold by Norden Group LLC

Norden Group LLC decreased its stake in Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 66.8% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 28,084 shares of the software maker’s stock after selling 56,384 shares during the period. Norden Group LLC’s holdings in Shopify were worth $4,521,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Heartwood Wealth Advisors LLC acquired a new stake in Shopify in the third quarter worth $27,000. JPL Wealth Management LLC acquired a new position in shares of Shopify during the third quarter valued at $32,000. Caitlin John LLC acquired a new position in shares of Shopify during the third quarter valued at $36,000. Estabrook Capital Management bought a new position in shares of Shopify during the second quarter worth about $29,000. Finally, Cornerstone Planning Group LLC grew its position in shares of Shopify by 104.9% during 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 during the last quarter. Institutional investors and hedge funds own 69.27% of the company’s stock.

Shopify Trading Down 2.5%

Shopify stock opened at $115.43 on Friday. 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. The company’s 50-day moving average price is $125.98 and its two-hundred day moving average price is $147.31. Shopify Inc. has a 52 week low of $69.84 and a 52 week high of $182.19.

Analysts Set New Price Targets

Several brokerages recently weighed in on SHOP. Canaccord Genuity Group set a $165.00 price objective on shares of Shopify and gave the company a “buy” rating in a research report on Thursday, February 12th. Weiss Ratings restated a “hold (c)” rating on shares of Shopify in a research report on Monday, December 29th. Wolfe Research raised Shopify from a “hold” rating to an “outperform” rating in a report on Tuesday, January 6th. Piper Sandler assumed coverage on Shopify in a research report on Thursday, March 12th. They set an “overweight” rating and a $165.00 price objective for the company. Finally, Barclays set a $130.00 price objective on Shopify and gave the stock an “equal weight” rating in a report on Thursday, February 12th. Three equities research analysts have rated the stock with a Strong Buy rating, thirty-one have given a Buy rating and ten have given a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $163.38.

Shopify 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.