Shopify (NYSE:SHOP) Trading Up 5.7% – Time to Buy?

Shopify Inc. (NYSE:SHOP) (TSE:SHOP)’s share price rose 5.7% during mid-day trading on Monday . The company traded as high as $110.42 and last traded at $110.12. Approximately 3,782,541 shares changed hands during mid-day trading, a decline of 56% from the average daily volume of 8,584,875 shares. The stock had previously closed at $104.21.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on the company. Canaccord Genuity Group boosted their price target on Shopify from $125.00 to $140.00 and gave the company a “buy” rating in a report on Wednesday, February 12th. Piper Sandler upped their price target on shares of Shopify from $94.00 to $104.00 and gave the stock a “neutral” rating in a research note on Wednesday, February 12th. CIBC raised their price objective on shares of Shopify from $135.00 to $160.00 and gave the company an “outperform” rating in a research note on Wednesday, February 12th. Benchmark raised Shopify from a “hold” rating to a “buy” rating and set a $150.00 price target for the company in a research note on Monday, February 10th. Finally, Citigroup raised their target price on Shopify from $143.00 to $175.00 and gave the company a “buy” rating in a research note on Tuesday, February 11th. One analyst has rated the stock with a sell rating, fifteen have issued a hold rating, twenty-four have assigned a buy rating and one has given 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 Price Performance

The stock has a market capitalization of $141.83 billion, a P/E ratio of 70.64, a price-to-earnings-growth ratio of 4.82 and a beta of 2.60. The stock has a fifty day moving average price of $110.04 and a 200 day moving average price of $99.73.

Shopify (NYSE:SHOP) (TSE:SHOP) last issued its earnings results on Tuesday, February 11th. The software maker reported $0.34 earnings per share (EPS) 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%. Research analysts anticipate that Shopify Inc. will post 1.12 earnings per share for the current year.

Hedge Funds Weigh In On Shopify

A number of hedge funds and other institutional investors have recently made changes to their positions in SHOP. Jennison Associates LLC purchased a new stake in shares of Shopify in the fourth quarter worth $132,323,000. Watts Gwilliam & Co. LLC raised 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 worth $1,431,000 after acquiring an additional 4,641 shares during the last quarter. Teachers Retirement System of The State of Kentucky lifted its position 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 acquiring an additional 77,500 shares in the last quarter. Wahed Invest LLC increased its position in Shopify by 18.4% during the third quarter. Wahed Invest LLC now owns 57,624 shares of the software maker’s stock valued at $4,618,000 after acquiring an additional 8,960 shares during the last quarter. Finally, Public Employees Retirement System of Ohio purchased a new position in Shopify in the third quarter worth about $33,676,000. Institutional investors own 69.27% of the company’s stock.

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.