Northbridge Financial Group LLC Makes New Investment in Shopify Inc. $SHOP

Northbridge Financial Group LLC purchased a new position in Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) in the 4th quarter, Holdings Channel reports. The institutional investor purchased 9,028 shares of the software maker’s stock, valued at approximately $1,453,000.

Other large investors also recently modified their holdings of the company. Knights of Columbus Asset Advisors LLC bought a new position in shares of Shopify during the third quarter worth about $4,110,000. Principal Financial Group Inc. grew its holdings in shares of Shopify by 16.3% during the third quarter. Principal Financial Group Inc. now owns 450,895 shares of the software maker’s stock worth $67,006,000 after buying an additional 63,300 shares in the last quarter. Triton Financial Group Inc bought a new position in shares of Shopify during the third quarter worth about $1,931,000. IQ EQ FUND MANAGEMENT IRELAND Ltd grew its holdings in shares of Shopify by 65.5% during the third quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 158,514 shares of the software maker’s stock worth $23,557,000 after buying an additional 62,743 shares in the last quarter. Finally, M&T Bank Corp grew its holdings in shares of Shopify by 37.1% during the fourth quarter. M&T Bank Corp now owns 81,082 shares of the software maker’s stock worth $13,051,000 after buying an additional 21,945 shares in the last quarter. 69.27% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the company. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and set a $175.00 price objective on shares of Shopify in a report on Thursday, February 12th. Robert W. Baird set a $150.00 target price on shares of Shopify in a research report on Wednesday, May 6th. KeyCorp reaffirmed an “overweight” rating and issued a $160.00 target price on shares of Shopify in a research report on Wednesday, February 11th. Oppenheimer reaffirmed an “outperform” rating and issued a $175.00 target price on shares of Shopify in a research report on Wednesday, May 6th. Finally, Canaccord Genuity Group decreased their target price on shares of Shopify from $165.00 to $145.00 and set a “buy” rating for the company in a research report on Wednesday, May 6th. Two research analysts have rated the stock with a Strong Buy rating, thirty-one have assigned a Buy rating and ten have given a Hold rating to the company. According to MarketBeat.com, Shopify currently has a consensus rating of “Moderate Buy” and a consensus price target of $158.42.

Shopify Trading Down 1.3%

Shares of NASDAQ SHOP opened at $101.01 on Wednesday. Shopify Inc. has a 12 month low of $94.00 and a 12 month high of $182.19. The stock has a 50 day moving average of $117.88 and a 200-day moving average of $137.06. The company has a market capitalization 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 (NASDAQ:SHOP) (TSE:SHOP) last announced its earnings results on Tuesday, May 5th. The software maker reported $999.00 EPS for the quarter, topping the consensus estimate of $0.22 by $998.78. The business had revenue of $3.17 billion during the quarter, compared to the consensus estimate of $3.08 billion. Shopify had a net margin of 10.77% and a return on equity of 12.07%. Analysts predict that Shopify Inc. will post 1.36 EPS for the current fiscal year.

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.