Shopify (NYSE:SHOP) Stock Price Up 1.2% – Here’s What Happened

Shopify Inc. (NYSE:SHOP) (TSE:SHOP) shares shot up 1.2% during mid-day trading on Tuesday . The company traded as high as $95.11 and last traded at $93.83. 3,123,125 shares changed hands during trading, a decline of 63% from the average session volume of 8,486,888 shares. The stock had previously closed at $92.75.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on SHOP shares. Deutsche Bank Aktiengesellschaft lifted their price objective on shares of Shopify from $125.00 to $150.00 and gave the company a “buy” rating in a research report on Wednesday, February 12th. Scotiabank boosted their price target on shares of Shopify from $115.00 to $120.00 and gave the stock a “sector perform” rating in a research note on Wednesday, February 12th. Loop Capital raised shares of Shopify from a “hold” rating to a “buy” rating and increased their price objective for the company from $110.00 to $140.00 in a report on Friday, December 6th. Moffett Nathanson lifted their target price on Shopify from $86.00 to $99.00 and gave the stock a “neutral” rating in a report on Tuesday, November 26th. Finally, Jefferies Financial Group boosted their target price on Shopify from $110.00 to $130.00 and gave the stock a “hold” rating in a research report on Tuesday, February 18th. One equities research analyst has rated the stock with a sell rating, fifteen have assigned a hold rating, twenty-four have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Shopify has an average rating of “Moderate Buy” and an average target price of $126.31.

Shopify Trading Up 0.0 %

The company has a market cap of $120.15 billion, a PE ratio of 59.86, a P/E/G ratio of 4.82 and a beta of 2.60. The company’s 50 day moving average is $111.97 and its 200 day moving average is $98.24.

Shopify (NYSE:SHOP) (TSE:SHOP) last issued its earnings results on Tuesday, February 11th. The software maker reported $0.34 EPS for the quarter, missing analysts’ consensus estimates of $0.44 by ($0.10). Shopify had a return on equity of 12.00% and a net margin of 22.74%. Analysts expect that Shopify Inc. will post 1.12 EPS for the current year.

Institutional Investors Weigh In On Shopify

Several hedge funds have recently made changes to their positions in SHOP. Allianz SE bought a new stake in shares of Shopify in the fourth quarter valued at about $27,000. PFG Private Wealth Management LLC increased its position in Shopify by 3,657.1% during the 4th quarter. PFG Private Wealth Management LLC now owns 263 shares of the software maker’s stock valued at $28,000 after purchasing an additional 256 shares during the period. Fourth Dimension Wealth LLC bought a new stake in shares of Shopify in the 4th quarter valued at about $30,000. Mark Sheptoff Financial Planning LLC lifted its position in shares of Shopify by 50.0% in the 4th quarter. Mark Sheptoff Financial Planning LLC now owns 300 shares of the software maker’s stock worth $32,000 after purchasing an additional 100 shares during the period. Finally, New Wave Wealth Advisors LLC bought a new position in shares of Shopify during the fourth quarter valued at approximately $39,000. 69.27% of the stock is currently owned by hedge funds and other institutional investors.

Shopify Company Profile

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.