Shopify (NYSE:SHOP) Shares Up 1.5% – Here’s Why

Shopify Inc. (NYSE:SHOP) (TSE:SHOP)’s share price shot up 1.5% during trading on Wednesday . The stock traded as high as $104.17 and last traded at $103.24. 1,835,617 shares changed hands during mid-day trading, a decline of 77% from the average session volume of 7,947,263 shares. The stock had previously closed at $101.73.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the stock. DA Davidson lifted their target price on shares of Shopify from $130.00 to $150.00 and gave the company a “buy” rating in a report on Wednesday, February 12th. Wedbush reissued an “outperform” rating and set a $125.00 target price on shares of Shopify in a research note on Tuesday, February 11th. Cantor Fitzgerald restated a “neutral” rating and issued a $120.00 price target on shares of Shopify in a research note on Wednesday, February 12th. TD Securities upped their price target on Shopify from $100.00 to $130.00 and gave the stock a “hold” rating in a report on Wednesday, February 12th. Finally, The Goldman Sachs Group raised their price objective on Shopify from $135.00 to $150.00 and gave the company a “buy” rating in a report on Wednesday, February 12th. 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 issued a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $126.31.

Shopify Stock Performance

The firm has a market capitalization of $129.48 billion, a PE ratio of 64.52, a P/E/G ratio of 4.82 and a beta of 2.47. The business’s 50 day moving average price is $112.42 and its 200-day moving average price is $97.62.

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

Institutional Trading of Shopify

Several hedge funds have recently modified their holdings of the stock. LRI Investments LLC grew its holdings in Shopify by 9.8% during the 4th quarter. LRI Investments LLC now owns 889 shares of the software maker’s stock worth $94,000 after acquiring an additional 79 shares in the last quarter. Tidemark LLC grew its position in Shopify by 3.6% during the 4th quarter. Tidemark LLC now owns 2,592 shares of the software maker’s stock worth $276,000 after purchasing an additional 90 shares during the last quarter. Howland Capital Management LLC increased its position in Shopify by 2.0% in the 4th quarter. Howland Capital Management LLC now owns 4,949 shares of the software maker’s stock valued at $526,000 after acquiring an additional 99 shares during the period. Trust Co. of Vermont raised its stake in shares of Shopify by 9.9% during the fourth quarter. Trust Co. of Vermont now owns 1,114 shares of the software maker’s stock worth $118,000 after purchasing an additional 100 shares during the last quarter. Finally, First United Bank & Trust boosted its holdings in shares of Shopify by 2.2% in the fourth quarter. First United Bank & Trust now owns 4,590 shares of the software maker’s stock valued at $488,000 after acquiring an additional 100 shares in the last quarter. 69.27% of the stock is currently owned by institutional investors and hedge funds.

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.