Shopify (NYSE:SHOP) Trading Down 3.6% – Time to Sell?

Shopify Inc. (NYSE:SHOP) (TSE:SHOP)’s stock price fell 3.6% on Tuesday . The stock traded as low as $93.60 and last traded at $93.11. 1,163,235 shares traded hands during trading, a decline of 86% from the average session volume of 8,515,375 shares. The stock had previously closed at $96.59.

Analysts Set New Price Targets

A number of research analysts have issued reports on the stock. Benchmark upgraded shares of Shopify from a “hold” rating to a “buy” rating and set a $150.00 target price on the stock in a research report on Monday, February 10th. UBS Group raised their price objective on shares of Shopify from $110.00 to $125.00 and gave the company a “neutral” rating in a research note on Wednesday, February 12th. Canaccord Genuity Group upped their target price on shares of Shopify from $125.00 to $140.00 and gave the company a “buy” rating in a research report on Wednesday, February 12th. Robert W. Baird raised their price target on Shopify from $126.00 to $135.00 and gave the stock an “outperform” rating in a research report on Wednesday, February 12th. Finally, JMP Securities reaffirmed a “market outperform” rating and set a $120.00 price objective on shares of Shopify in a research note on Thursday, December 12th. One research analyst has rated the stock with a sell rating, fifteen have assigned a hold rating, twenty-four have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Shopify currently has a consensus rating of “Moderate Buy” and a consensus price target of $126.31.

Shopify Stock Performance

The company has a market cap of $131.66 billion, a P/E ratio of 65.60, a P/E/G ratio of 4.82 and a beta of 2.60. The business’s 50-day moving average price is $110.15 and its 200 day moving average price is $99.10.

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

Institutional Trading of Shopify

Hedge funds have recently modified their holdings of the stock. Jennison Associates LLC bought a new stake in shares of Shopify during the fourth quarter worth approximately $132,323,000. Watts Gwilliam & Co. LLC grew its holdings in Shopify by 53.0% in the 4th quarter. Watts Gwilliam & Co. LLC now owns 13,401 shares of the software maker’s stock valued at $1,431,000 after buying an additional 4,641 shares in the last quarter. Teachers Retirement System of The State of Kentucky grew its holdings in Shopify by 29.3% in the 3rd quarter. Teachers Retirement System of The State of Kentucky now owns 342,030 shares of the software maker’s stock valued at $27,409,000 after buying an additional 77,500 shares in the last quarter. Wahed Invest LLC increased its position in Shopify by 18.4% during the 3rd quarter. Wahed Invest LLC now owns 57,624 shares of the software maker’s stock worth $4,618,000 after buying an additional 8,960 shares during the period. Finally, Public Employees Retirement System of Ohio acquired a new stake in shares of Shopify during the third quarter worth $33,676,000. Institutional investors and hedge funds 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.