Shopify (NYSE:SHOP) Trading 1.2% Higher

Shopify Inc. (NYSE:SHOP) (TSE:SHOP)’s stock price traded up 1.2% during trading on Thursday . The company traded as high as $73.99 and last traded at $73.41. 829,177 shares traded hands during trading, a decline of 92% from the average session volume of 10,104,381 shares. The stock had previously closed at $72.53.

Analysts Set New Price Targets

SHOP has been the topic of several analyst reports. Wedbush reaffirmed a “neutral” rating and issued a $72.00 price target (up from $68.00) on shares of Shopify in a report on Wednesday, August 7th. DA Davidson reduced their target price on Shopify from $90.00 to $84.00 and set a “buy” rating on the stock in a research report on Thursday, May 9th. Piper Sandler reissued a “neutral” rating and issued a $67.00 price target on shares of Shopify in a report on Thursday. JMP Securities restated a “market outperform” rating and set a $80.00 price objective on shares of Shopify in a report on Thursday, August 8th. Finally, Argus upgraded shares of Shopify to a “strong-buy” rating in a research note on Thursday, August 8th. One research analyst has rated the stock with a sell rating, fifteen have issued a hold rating, twenty-three have issued 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 price target of $77.30.

Shopify Stock Performance

The stock has a 50 day simple moving average of $65.94 and a two-hundred day simple moving average of $69.04. The company has a market capitalization of $94.74 billion, a price-to-earnings ratio of -431.82, a PEG ratio of 2.50 and a beta of 2.30. The company has a debt-to-equity ratio of 0.10, a current ratio of 7.32 and a quick ratio of 7.32.

Shopify (NYSE:SHOP) (TSE:SHOP) last announced its quarterly earnings results on Wednesday, August 7th. The software maker reported $0.26 EPS for the quarter, topping the consensus estimate of $0.20 by $0.06. Shopify had a net margin of 16.40% and a return on equity of 10.88%. The firm had revenue of $2.05 billion for the quarter, compared to analyst estimates of $2.01 billion. During the same period last year, the business earned ($0.08) EPS. Shopify’s revenue for the quarter was up 20.7% compared to the same quarter last year. As a group, analysts anticipate that Shopify Inc. will post 0.76 earnings per share for the current year.

Hedge Funds Weigh In On Shopify

A number of institutional investors have recently modified their holdings of the business. Private Wealth Management Group LLC acquired a new position in Shopify in the fourth quarter valued at $26,000. Oliver Lagore Vanvalin Investment Group increased its position in Shopify by 100.0% in the 2nd quarter. Oliver Lagore Vanvalin Investment Group now owns 400 shares of the software maker’s stock valued at $26,000 after acquiring an additional 200 shares during the period. DSM Capital Partners LLC purchased a new stake in Shopify during the 4th quarter valued at approximately $28,000. Jones Financial Companies Lllp acquired a new stake in Shopify during the 4th quarter worth approximately $28,000. Finally, Your Advocates Ltd. LLP grew its stake in shares of Shopify by 4,344.4% in the 4th quarter. Your Advocates Ltd. LLP now owns 400 shares of the software maker’s stock valued at $31,000 after purchasing an additional 391 shares during the last quarter. 69.27% of the stock is owned by institutional investors and hedge funds.

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.