Northwestern Mutual Wealth Management Co. Purchases 9,133 Shares of Shopify Inc. $SHOP

Key Points

• Northwestern Mutual Wealth Management Co. has increased its stake in Shopify Inc. by 5.4%, now holding 179,758 shares valued at approximately $17.16 million.
• Wall Street analysts are generally optimistic about Shopify, with 24 analysts rating the stock as a "Buy" and a consensus price target of $148.51.
• Shopify recently reported $2.68 billion in revenue for the last quarter, exceeding analyst expectations and reflecting a 31.1% year-over-year growth.

Northwestern Mutual Wealth Management Co. lifted its position in shares of Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 5.4% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 179,758 shares of the software maker's stock after purchasing an additional 9,133 shares during the quarter. Northwestern Mutual Wealth Management Co.'s holdings in Shopify were worth $17,163,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also bought and sold shares of SHOP. Brighton Jones LLC boosted its stake in Shopify by 2.8% in the 4th quarter. Brighton Jones LLC now owns 21,176 shares of the software maker's stock valued at $2,252,000 after buying an additional 584 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in Shopify by 5.6% in the 4th quarter. Dimensional Fund Advisors LP now owns 496,188 shares of the software maker's stock valued at $52,761,000 after buying an additional 26,416 shares in the last quarter. Kovitz Investment Group Partners LLC acquired a new stake in Shopify in the 4th quarter valued at $371,000. Nebula Research & Development LLC acquired a new position in Shopify in the fourth quarter worth $827,000. Finally, Coldstream Capital Management Inc. boosted its stake in Shopify by 19.0% in the fourth quarter. Coldstream Capital Management Inc. now owns 4,927 shares of the software maker's stock worth $524,000 after purchasing an additional 787 shares in the last quarter. Institutional investors and hedge funds own 69.27% of the company's stock.

Shopify Price Performance

NYSE:SHOP traded up $1.65 during trading hours on Thursday, reaching $141.54. 6,322,015 shares of the company were exchanged, compared to its average volume of 10,210,580. The company has a market capitalization of $183.95 billion, a P/E ratio of 91.32, a P/E/G ratio of 4.82 and a beta of 2.63. Shopify Inc. has a 1-year low of $65.86 and a 1-year high of $156.85. The business has a 50 day moving average of $127.27 and a 200 day moving average of $110.50.

Shopify (NYSE:SHOP - Get Free Report) TSE: SHOP last issued its earnings results on Wednesday, August 6th. The software maker reported $0.35 earnings per share for the quarter, beating analysts' consensus estimates of $0.29 by $0.06. Shopify had a return on equity of 12.00% and a net margin of 22.74%.The firm had revenue of $2.68 billion for the quarter, compared to the consensus estimate of $2.55 billion. During the same quarter last year, the business posted $0.26 EPS. The company's revenue was up 31.1% compared to the same quarter last year. As a group, equities research analysts anticipate that Shopify Inc. will post 1.12 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on SHOP shares. Scotiabank restated a "sector perform" rating and set a $150.00 target price (up previously from $115.00) on shares of Shopify in a research report on Thursday, August 7th. Citigroup increased their price target on Shopify from $155.00 to $195.00 and gave the stock a "buy" rating in a report on Friday, August 8th. Oppenheimer increased their price objective on shares of Shopify from $145.00 to $180.00 and gave the stock an "outperform" rating in a research report on Thursday, August 7th. Bank of America lifted their target price on Shopify from $110.00 to $185.00 and gave the company a "buy" rating in a research report on Thursday, August 7th. Finally, National Bankshares raised their price target on shares of Shopify from $140.00 to $180.00 and gave the stock an "outperform" rating in a research note on Thursday, August 7th. Twenty-four equities research analysts have rated the stock with a Buy rating, twenty have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $150.27.

About Shopify

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.