Shopify (NYSE:SHOP) Trading Up 0.2% – Here’s What Happened

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

Analysts Set New Price Targets

A number of equities analysts have issued reports on the company. Barclays increased their target price on Shopify from $93.00 to $100.00 and gave the stock an “equal weight” rating in a report on Wednesday, February 12th. Morgan Stanley lifted their target price on Shopify from $126.00 to $144.00 and gave the company an “overweight” rating in a research report on Wednesday, February 12th. Citigroup upped their price target on Shopify from $143.00 to $175.00 and gave the stock a “buy” rating in a research report on Tuesday, February 11th. Oppenheimer lifted their price objective on shares of Shopify from $130.00 to $150.00 and gave the company an “outperform” rating in a report on Wednesday, February 12th. Finally, Phillip Securities lowered shares of Shopify from a “strong-buy” rating to a “moderate buy” rating in a research report on Monday, February 17th. One research analyst has rated the stock with a sell rating, fifteen have assigned a hold rating, twenty-four have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Shopify has a consensus rating of “Moderate Buy” and an average price target of $126.31.

Shopify Stock Up 0.3 %

The stock has a market capitalization of $141.89 billion, a price-to-earnings ratio of 70.60, a price-to-earnings-growth ratio of 4.82 and a beta of 2.60. The stock has a 50 day moving average price of $110.19 and a 200 day moving average price of $100.01.

Shopify (NYSE:SHOP) (TSE:SHOP) last issued its quarterly 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%. Sell-side analysts forecast that Shopify Inc. will post 1.12 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Allianz SE acquired a new position in Shopify in the fourth quarter valued at $27,000. PFG Private Wealth Management LLC raised its position in shares of Shopify by 3,657.1% in the 4th quarter. PFG Private Wealth Management LLC now owns 263 shares of the software maker’s stock worth $28,000 after acquiring an additional 256 shares in the last quarter. Fourth Dimension Wealth LLC acquired a new position in shares of Shopify in the 4th quarter valued at about $30,000. Mark Sheptoff Financial Planning LLC boosted its position in shares of Shopify by 50.0% during the 4th quarter. Mark Sheptoff Financial Planning LLC now owns 300 shares of the software maker’s stock valued at $32,000 after purchasing an additional 100 shares in the last quarter. Finally, Brooklyn Investment Group acquired a new stake in Shopify during the third quarter worth approximately $33,000. 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.