Shopify (NYSE:SHOP) Trading Up 3% – Here’s Why

Shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) were up 3% during trading on Wednesday . The stock traded as high as $99.13 and last traded at $95.72. Approximately 3,369,403 shares traded hands during mid-day trading, a decline of 60% from the average daily volume of 8,514,597 shares. The stock had previously closed at $92.95.

Analyst Ratings Changes

Several equities research analysts recently issued reports on SHOP shares. Moffett Nathanson boosted their price objective on Shopify from $86.00 to $99.00 and gave the company a “neutral” rating in a report on Tuesday, November 26th. KeyCorp increased their price target on shares of Shopify from $80.00 to $130.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 13th. Benchmark raised shares of Shopify from a “hold” rating to a “buy” rating and set a $150.00 target price on the stock in a report on Monday, February 10th. Citigroup raised their price objective on shares of Shopify from $143.00 to $175.00 and gave the company a “buy” rating in a report on Tuesday, February 11th. Finally, ATB Capital lifted their price objective on shares of Shopify from $145.00 to $170.00 and gave the stock a “sector perform” rating in a research report on Wednesday, February 12th. One investment analyst has rated the stock with a sell rating, fifteen have assigned a hold rating, twenty-four have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $126.31.

Shopify Stock Performance

The firm has a market capitalization of $125.70 billion, a price-to-earnings ratio of 62.54, a price-to-earnings-growth ratio of 4.82 and a beta of 2.60. The business has a fifty day moving average of $111.70 and a two-hundred day moving average of $98.36.

Shopify (NYSE:SHOP) (TSE:SHOP) last announced its earnings results 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 return on equity of 12.00% and a net margin of 22.74%. As a group, sell-side analysts predict that Shopify Inc. will post 1.12 EPS for the current fiscal year.

Institutional Trading of Shopify

Several large investors have recently bought and sold shares of the business. Allianz SE acquired a new stake in Shopify in the fourth quarter valued at $27,000. PFG Private Wealth Management LLC lifted its stake in shares of Shopify by 3,657.1% in the fourth 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 during the period. Fourth Dimension Wealth LLC bought a new stake in Shopify in the fourth quarter valued at approximately $30,000. Mark Sheptoff Financial Planning LLC increased its position in 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 during the period. Finally, Brooklyn Investment Group bought a new position in Shopify during the 3rd quarter worth approximately $33,000. 69.27% of the stock is owned by institutional investors and hedge funds.

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.