Northwestern Mutual Wealth Management Co. Has $23 Million Holdings in Shopify Inc. $SHOP

Northwestern Mutual Wealth Management Co. lessened its holdings in shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 27.9% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor 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.

A number of other institutional investors and hedge funds have also recently made changes to their positions in the business. Vanguard Group Inc. grew its position in shares of Shopify by 1.5% during the 4th quarter. Vanguard Group Inc. now owns 50,670,627 shares of the software maker’s stock worth $8,158,643,000 after purchasing an additional 743,803 shares in the last quarter. Jennison Associates LLC grew its position in shares of Shopify by 64.3% during the 3rd quarter. Jennison Associates LLC now owns 18,923,431 shares of the software maker’s stock worth $2,812,211,000 after purchasing an additional 7,403,821 shares in the last quarter. TD Asset Management Inc grew its position in shares of Shopify by 1.4% during the 3rd quarter. TD Asset Management Inc now owns 8,528,510 shares of the software maker’s stock worth $1,267,327,000 after purchasing an additional 118,836 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. grew its position in shares of Shopify by 3.3% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 6,588,934 shares of the software maker’s stock worth $978,679,000 after purchasing an additional 213,315 shares in the last quarter. Finally, Legal & General Group Plc grew its position in shares of Shopify by 4.4% during the 3rd quarter. Legal & General Group Plc now owns 6,188,885 shares of the software maker’s stock worth $919,665,000 after purchasing an additional 260,968 shares in the last quarter. Institutional investors and hedge funds own 69.27% of the company’s stock.

Analysts Set New Price Targets

Several analysts recently issued reports on SHOP shares. Royal Bank Of Canada reiterated an “outperform” rating and set a $170.00 price target on shares of Shopify in a research report on Wednesday, May 6th. UBS Group set a $130.00 price target on shares of Shopify and gave the stock a “neutral” rating in a research report on Wednesday, May 6th. Stifel Nicolaus set a $115.00 price target on shares of Shopify and gave the stock a “hold” rating in a research report on Wednesday, February 11th. KeyCorp reiterated an “overweight” rating and set a $160.00 price target on shares of Shopify in a research report on Wednesday, February 11th. Finally, DA Davidson reduced their price target on shares of Shopify from $195.00 to $140.00 and set a “buy” rating on the stock in a research report on Wednesday, May 6th. Two equities research analysts have rated the stock with a Strong Buy rating, thirty-one have given a Buy rating and ten have assigned a Hold rating to the stock. According to MarketBeat.com, Shopify presently has a consensus rating of “Moderate Buy” and a consensus price target of $158.42.

Shopify Stock Performance

SHOP stock opened at $101.01 on Wednesday. The company has a fifty day moving average price of $117.88 and a 200-day moving average price of $137.06. The company has a market capitalization of $131.08 billion, a P/E ratio of 100.01, a PEG ratio of 2.87 and a beta of 2.64. Shopify Inc. has a 52-week low of $94.00 and a 52-week high of $182.19.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last released its quarterly earnings results on Tuesday, May 5th. The software maker reported $999.00 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.22 by $998.78. The firm 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%. As a group, sell-side analysts forecast that Shopify Inc. will post 1.36 earnings per share 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.