Shopify (NYSE:SHOP) Shares Up 6.8% – Time to Buy?

Shopify Inc. (NYSE:SHOP) (TSE:SHOP)’s share price was up 6.8% during mid-day trading on Tuesday . The company traded as high as $112.39 and last traded at $114.72. Approximately 1,703,084 shares changed hands during trading, a decline of 68% from the average daily volume of 5,243,067 shares. The stock had previously closed at $107.38.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on SHOP. Moffett Nathanson boosted their target price on shares of Shopify from $86.00 to $99.00 and gave the company a “neutral” rating in a research report on Tuesday, November 26th. Oppenheimer lifted their price target on Shopify from $90.00 to $130.00 and gave the company an “outperform” rating in a research note on Wednesday, November 13th. Wedbush raised Shopify from a “neutral” rating to an “outperform” rating and raised their price objective for the company from $115.00 to $125.00 in a research note on Monday, January 6th. KeyCorp lifted their target price on Shopify from $80.00 to $130.00 and gave the company an “overweight” rating in a research report on Wednesday, November 13th. Finally, Royal Bank of Canada restated an “outperform” rating and issued a $130.00 price target on shares of Shopify in a research note on Wednesday, January 22nd. One investment analyst has rated the stock with a sell rating, fifteen have given a hold rating, twenty-three have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $100.32.

Shopify Stock Performance

The company’s fifty day simple moving average is $109.40 and its 200 day simple moving average is $87.52. The stock has a market capitalization of $149.91 billion, a P/E ratio of 108.51, a P/E/G ratio of 2.24 and a beta of 2.46. The company has a current ratio of 7.10, a quick ratio of 7.10 and a debt-to-equity ratio of 0.09.

Institutional Trading of Shopify

A number of hedge funds have recently made changes to their positions in SHOP. Swiss National Bank grew its position in Shopify by 0.9% during the third quarter. Swiss National Bank now owns 3,657,800 shares of the software maker’s stock valued at $293,507,000 after acquiring an additional 33,300 shares during the last quarter. Watts Gwilliam & Co. LLC increased its holdings in shares of Shopify by 53.0% in the fourth quarter. Watts Gwilliam & Co. LLC now owns 13,401 shares of the software maker’s stock worth $1,431,000 after buying an additional 4,641 shares during the period. Teachers Retirement System of The State of Kentucky boosted its holdings in Shopify by 29.3% during 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 during the period. Oppenheimer & Co. Inc. grew its position in Shopify by 26.4% during the 3rd quarter. Oppenheimer & Co. Inc. now owns 33,609 shares of the software maker’s stock worth $2,693,000 after acquiring an additional 7,027 shares during the last quarter. Finally, Nations Financial Group Inc. IA ADV increased its stake in Shopify by 4.6% in the 3rd quarter. Nations Financial Group Inc. IA ADV now owns 4,756 shares of the software maker’s stock worth $381,000 after purchasing an additional 209 shares during the period. 69.27% of the stock is owned by institutional investors.

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.