Shopify (NYSE:SHOP) Trading Up 0.4%

Shopify Inc. (NYSE:SHOP) (TSE:SHOP) shares were up 0.4% during mid-day trading on Tuesday . The stock traded as high as $79.14 and last traded at $78.76. Approximately 1,056,043 shares changed hands during mid-day trading, a decline of 89% from the average daily volume of 9,932,875 shares. The stock had previously closed at $78.42.

Analyst Ratings Changes

Several analysts have issued reports on SHOP shares. Jefferies Financial Group boosted their target price on Shopify from $65.00 to $80.00 and gave the company a “hold” rating in a research note on Friday, January 5th. StockNews.com upgraded Shopify from a “sell” rating to a “hold” rating in a research note on Saturday, January 27th. Mizuho boosted their target price on Shopify from $65.00 to $75.00 and gave the company a “neutral” rating in a research note on Wednesday, February 14th. Wells Fargo & Company decreased their price objective on Shopify from $90.00 to $85.00 and set an “overweight” rating on the stock in a research note on Wednesday, February 14th. Finally, Piper Sandler boosted their price objective on Shopify from $56.00 to $63.00 and gave the company an “underweight” rating in a research note on Wednesday, February 14th. Three analysts have rated the stock with a sell rating, twenty have given a hold rating and fifteen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $76.42.

Shopify Price Performance

The business has a 50-day simple moving average of $79.36 and a 200 day simple moving average of $69.98. The firm has a market cap of $101.15 billion, a P/E ratio of 873.65 and a beta of 2.22. The company has a debt-to-equity ratio of 0.10, a quick ratio of 6.99 and a current ratio of 6.99.

Shopify (NYSE:SHOP) (TSE:SHOP) last announced its earnings results on Tuesday, February 13th. The software maker reported $0.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.22 by $0.04. Shopify had a return on equity of 4.48% and a net margin of 1.87%. The firm had revenue of $2.14 billion during the quarter, compared to analyst estimates of $2.07 billion. On average, analysts anticipate that Shopify Inc. will post 0.57 earnings per share for the current fiscal year.

Institutional Trading of Shopify

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Baillie Gifford & Co. grew its stake in shares of Shopify by 2.3% in the 4th quarter. Baillie Gifford & Co. now owns 64,164,758 shares of the software maker’s stock worth $4,998,476,000 after buying an additional 1,419,749 shares during the last quarter. Vanguard Group Inc. grew its stake in shares of Shopify by 3.0% in the 4th quarter. Vanguard Group Inc. now owns 42,168,291 shares of the software maker’s stock worth $3,284,910,000 after buying an additional 1,242,067 shares during the last quarter. Capital World Investors grew its stake in shares of Shopify by 28.7% in the 4th quarter. Capital World Investors now owns 39,424,769 shares of the software maker’s stock worth $3,071,197,000 after buying an additional 8,789,411 shares during the last quarter. Capital International Investors grew its stake in shares of Shopify by 9.7% in the 4th quarter. Capital International Investors now owns 15,849,638 shares of the software maker’s stock worth $1,235,534,000 after buying an additional 1,399,562 shares during the last quarter. Finally, Norges Bank purchased a new stake in Shopify during the 4th quarter valued at $1,049,089,000. Hedge funds and other institutional investors own 69.27% of the company’s stock.

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.