Shopify (NYSE:SHOP) Shares Up 6.2% – Here’s What Happened

Shopify Inc. (NYSE:SHOP) (TSE:SHOP)’s share price rose 6.2% during mid-day trading on Wednesday . The stock traded as high as $100.96 and last traded at $99.83. Approximately 6,466,815 shares changed hands during trading, a decline of 24% from the average daily volume of 8,536,557 shares. The stock had previously closed at $94.01.

Wall Street Analyst Weigh In

SHOP has been the topic of several recent analyst reports. Loop Capital upgraded shares of Shopify from a “hold” rating to a “buy” rating and boosted their target price for the company from $110.00 to $140.00 in a report on Friday, December 6th. Piper Sandler increased their price objective on Shopify from $94.00 to $104.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 12th. DZ Bank downgraded Shopify from a “hold” rating to a “sell” rating in a research report on Thursday, November 21st. Citigroup increased their price target on Shopify from $143.00 to $175.00 and gave the stock a “buy” rating in a report on Tuesday, February 11th. Finally, New Street Research initiated coverage on Shopify in a research report on Friday, January 10th. They set a “neutral” rating and a $115.00 price objective for the company. One analyst has rated the stock with a sell rating, fifteen have given a hold rating, twenty-four have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $126.31.

Shopify Stock Performance

The stock has a market cap of $131.21 billion, a PE ratio of 65.40, a P/E/G ratio of 4.82 and a beta of 2.60. The firm’s 50-day moving average is $110.27 and its 200 day moving average is $99.08.

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%. On average, sell-side analysts predict that Shopify Inc. will post 1.12 EPS for the current fiscal year.

Institutional Trading of Shopify

Hedge funds have recently made changes to their positions in the company. LRI Investments LLC lifted its position in Shopify by 9.8% in the fourth quarter. LRI Investments LLC now owns 889 shares of the software maker’s stock valued at $94,000 after purchasing an additional 79 shares during the period. Tidemark LLC lifted its holdings in shares of Shopify by 3.6% in the 4th quarter. Tidemark LLC now owns 2,592 shares of the software maker’s stock valued at $276,000 after buying an additional 90 shares during the period. Howland Capital Management LLC boosted its stake in shares of Shopify by 2.0% in the fourth quarter. Howland Capital Management LLC now owns 4,949 shares of the software maker’s stock valued at $526,000 after buying an additional 99 shares in the last quarter. Trust Co. of Vermont grew its holdings in 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 acquiring an additional 100 shares during the period. Finally, First United Bank & Trust raised its position in Shopify by 2.2% in the fourth quarter. First United Bank & Trust now owns 4,590 shares of the software maker’s stock worth $488,000 after acquiring an additional 100 shares in the last quarter. Institutional investors and hedge funds 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.