Shopify (NYSE:SHOP) Stock Price Up 1.9% – Time to Buy?

Shopify Inc. (NYSE:SHOP) (TSE:SHOP) rose 1.9% during mid-day trading on Thursday . The stock traded as high as $104.19 and last traded at $103.43. Approximately 2,918,835 shares were traded during trading, a decline of 66% from the average daily volume of 8,569,427 shares. The stock had previously closed at $101.54.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on SHOP shares. The Goldman Sachs Group increased their price target on shares of Shopify from $135.00 to $150.00 and gave the stock a “buy” rating in a research report on Wednesday, February 12th. Wells Fargo & Company raised their target price on Shopify from $120.00 to $135.00 and gave the stock an “overweight” rating in a report on Wednesday, February 12th. Deutsche Bank Aktiengesellschaft boosted their price target on Shopify from $125.00 to $150.00 and gave the company a “buy” rating in a report on Wednesday, February 12th. Citigroup lifted their price objective on Shopify from $143.00 to $175.00 and gave the company a “buy” rating in a research report on Tuesday, February 11th. Finally, Robert W. Baird increased their target price on shares of Shopify from $126.00 to $135.00 and gave the stock an “outperform” rating in a report on Wednesday, February 12th. One research 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 issued a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $126.31.

Shopify Trading Up 2.4 %

The stock has a market capitalization of $135.04 billion, a price-to-earnings ratio of 67.29, a P/E/G ratio of 4.82 and a beta of 2.60. The firm has a 50-day moving average of $110.04 and a 200-day moving average of $99.33.

Shopify (NYSE:SHOP) (TSE:SHOP) last posted 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%. On average, equities research analysts anticipate that Shopify Inc. will post 1.12 EPS for the current year.

Hedge Funds Weigh In On Shopify

Hedge funds and other institutional investors have recently bought and sold shares of the business. Capital World Investors boosted its holdings in shares of Shopify by 0.9% in the 4th quarter. Capital World Investors now owns 53,102,707 shares of the software maker’s stock valued at $5,646,455,000 after acquiring an additional 496,982 shares during the last quarter. Vanguard Group Inc. lifted its position in Shopify by 1.7% during the fourth quarter. Vanguard Group Inc. now owns 47,080,112 shares of the software maker’s stock valued at $5,010,721,000 after purchasing an additional 781,162 shares during the period. FMR LLC boosted its holdings in Shopify by 3.4% in the fourth quarter. FMR LLC now owns 43,732,077 shares of the software maker’s stock valued at $4,653,054,000 after purchasing an additional 1,426,000 shares during the last quarter. Capital International Investors grew its position in Shopify by 2.7% during the 4th quarter. Capital International Investors now owns 36,516,305 shares of the software maker’s stock worth $3,883,039,000 after purchasing an additional 968,026 shares during the period. Finally, Arrowstreet Capital Limited Partnership grew its position in Shopify by 79.8% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 16,487,579 shares of the software maker’s stock worth $1,752,834,000 after purchasing an additional 7,316,862 shares during the period. 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.