Shopify (NYSE:SHOP) Shares Up 1.2% – Time to Buy?

Shopify Inc. (NYSE:SHOP) (TSE:SHOP)’s share price was up 1.2% during mid-day trading on Monday . The stock traded as high as $98.43 and last traded at $95.97. Approximately 1,881,629 shares traded hands during trading, a decline of 78% from the average daily volume of 8,529,425 shares. The stock had previously closed at $94.85.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on SHOP shares. Morgan Stanley upped their price target on Shopify from $126.00 to $144.00 and gave the stock an “overweight” rating in a report on Wednesday, February 12th. Citigroup boosted their price objective on Shopify from $143.00 to $175.00 and gave the stock a “buy” rating in a research report on Tuesday, February 11th. UBS Group boosted their price objective on Shopify from $110.00 to $125.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 12th. Benchmark raised Shopify from a “hold” rating to a “buy” rating and set a $150.00 price objective on the stock in a research report on Monday, February 10th. Finally, Wedbush reissued an “outperform” rating and issued a $125.00 price objective on shares of Shopify in a research report on Tuesday, February 11th. One analyst has rated the stock with a sell rating, fifteen have issued a hold rating, twenty-four have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $126.31.

Shopify Trading Down 2.8 %

The firm has a fifty day simple moving average of $110.27 and a two-hundred day simple moving average of $99.08. The firm has a market cap of $121.58 billion, a PE ratio of 60.58, a PEG ratio of 4.82 and a beta of 2.60.

Shopify (NYSE:SHOP) (TSE:SHOP) last released its quarterly earnings data on Tuesday, February 11th. The software maker reported $0.34 earnings per share for the quarter, missing the consensus estimate of $0.44 by ($0.10). Shopify had a return on equity of 12.00% and a net margin of 22.74%. Equities analysts expect that Shopify Inc. will post 1.12 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Shopify

Several institutional investors and hedge funds have recently bought and sold shares of SHOP. Empowered Funds LLC lifted its holdings in Shopify by 5.7% in the 3rd quarter. Empowered Funds LLC now owns 22,446 shares of the software maker’s stock worth $1,799,000 after buying an additional 1,211 shares during the period. Claro Advisors LLC purchased a new position in shares of Shopify in the 3rd quarter valued at approximately $456,000. Thrivent Financial for Lutherans lifted its stake in shares of Shopify by 100.6% in the 3rd quarter. Thrivent Financial for Lutherans now owns 88,409 shares of the software maker’s stock valued at $7,086,000 after purchasing an additional 44,345 shares during the period. Pathstone Holdings LLC lifted its stake in shares of Shopify by 3.8% in the 3rd quarter. Pathstone Holdings LLC now owns 68,800 shares of the software maker’s stock valued at $5,514,000 after purchasing an additional 2,487 shares during the period. Finally, Prospera Financial Services Inc lifted its stake in shares of Shopify by 1.7% in the 3rd quarter. Prospera Financial Services Inc now owns 20,991 shares of the software maker’s stock valued at $1,682,000 after purchasing an additional 349 shares during the period. 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.