Shopify (NYSE:SHOP) Shares Up 0.2% – Here’s Why

Shopify Inc. (NYSE:SHOP) (TSE:SHOP) traded up 0.2% on Tuesday . The company traded as high as $111.00 and last traded at $109.45. 1,805,507 shares traded hands during trading, a decline of 79% from the average session volume of 8,608,385 shares. The stock had previously closed at $109.28.

Wall Street Analyst Weigh In

SHOP has been the topic of several analyst reports. Morgan Stanley raised their target price on Shopify from $126.00 to $144.00 and gave the stock an “overweight” rating in a report on Wednesday, February 12th. Royal Bank of Canada set a $145.00 price target on shares of Shopify and gave the stock an “outperform” rating in a report on Friday, March 21st. Deutsche Bank Aktiengesellschaft upped their price objective on shares of Shopify from $125.00 to $150.00 and gave the stock a “buy” rating in a research report on Wednesday, February 12th. The Goldman Sachs Group raised their target price on Shopify from $135.00 to $150.00 and gave the company a “buy” rating in a research report on Wednesday, February 12th. Finally, Piper Sandler raised their target price on Shopify from $94.00 to $104.00 and gave the company a “neutral” rating in a research report on Wednesday, February 12th. One research analyst has rated the stock with a sell rating, fifteen have given a hold rating, twenty-four have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Shopify presently has a consensus rating of “Moderate Buy” and a consensus target price of $126.31.

Shopify Stock Down 1.6 %

The business’s 50 day moving average price is $110.36 and its 200-day moving average price is $100.34. The company has a market cap of $132.90 billion, a PE ratio of 66.22, a price-to-earnings-growth ratio of 4.82 and a beta of 2.60.

Shopify (NYSE:SHOP) (TSE:SHOP) last announced its earnings results 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 net margin of 22.74% and a return on equity of 12.00%. Equities analysts expect that Shopify Inc. will post 1.12 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the business. Cerity Partners LLC increased its stake in shares of Shopify by 35.8% in the third quarter. Cerity Partners LLC now owns 85,993 shares of the software maker’s stock valued at $6,891,000 after purchasing an additional 22,667 shares during the period. Centaurus Financial Inc. bought a new stake in shares of Shopify in the 3rd quarter worth $104,000. Dynamic Technology Lab Private Ltd acquired a new stake in shares of Shopify in the third quarter valued at $660,000. Brown Brothers Harriman & Co. acquired a new position in Shopify during the third quarter worth about $274,000. Finally, Truvestments Capital LLC bought a new stake in Shopify in the third quarter worth about $45,000. 69.27% of the stock is owned by institutional investors and hedge funds.

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.