Shopify (NASDAQ:SHOP) Trading 2.9% Higher – Here’s Why

Shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) shot up 2.9% during trading on Friday . The stock traded as high as $101.45 and last traded at $100.28. 15,672,731 shares changed hands during trading, an increase of 35% from the average session volume of 11,571,366 shares. The stock had previously closed at $97.42.

Analyst Ratings Changes

Several research analysts have recently weighed in on the stock. Oppenheimer reiterated an “outperform” rating and issued a $175.00 price target on shares of Shopify in a report on Wednesday, May 6th. DA Davidson dropped their price objective on shares of Shopify from $195.00 to $140.00 and set a “buy” rating on the stock in a report on Wednesday, May 6th. Phillip Securities raised shares of Shopify from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, February 18th. DZ Bank raised shares of Shopify from a “hold” rating to a “strong-buy” rating in a research note on Monday, February 16th. Finally, Cantor Fitzgerald reiterated a “neutral” rating and set a $126.00 target price (down from $181.00) on shares of Shopify in a report on Thursday, February 12th. Two equities research analysts have rated the stock with a Strong Buy rating, thirty-one have assigned a Buy rating and ten have issued a Hold rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $158.42.

Shopify Stock Up 2.9%

The company has a market capitalization of $130.13 billion, a price-to-earnings ratio of 99.29, a P/E/G ratio of 2.67 and a beta of 2.64. The stock’s fifty day moving average price is $119.70 and its 200-day moving average price is $138.67.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last announced its earnings results on Tuesday, May 5th. The software maker reported $999.00 EPS for the quarter, topping the consensus estimate of $0.22 by $998.78. The business had revenue of $3.17 billion during the quarter, compared to analysts’ expectations of $3.08 billion. Shopify had a net margin of 10.77% and a return on equity of 12.07%. Analysts anticipate that Shopify Inc. will post 1.36 EPS for the current year.

Institutional Trading of Shopify

Hedge funds and other institutional investors have recently modified their holdings of the stock. Brighton Jones LLC raised its stake in shares of Shopify by 2.8% during the 4th quarter. Brighton Jones LLC now owns 21,176 shares of the software maker’s stock worth $2,252,000 after purchasing an additional 584 shares in the last quarter. AQR Capital Management LLC grew its stake in shares of Shopify by 107.3% in the first quarter. AQR Capital Management LLC now owns 14,576 shares of the software maker’s stock valued at $1,392,000 after buying an additional 7,544 shares in the last quarter. Sivia Capital Partners LLC increased its holdings in Shopify by 6.6% during the second quarter. Sivia Capital Partners LLC now owns 8,190 shares of the software maker’s stock worth $945,000 after buying an additional 506 shares during the last quarter. Osterweis Capital Management Inc. acquired a new position in Shopify during the second quarter worth $53,000. Finally, Main Street Financial Solutions LLC raised its position in Shopify by 15.3% during the second quarter. Main Street Financial Solutions LLC now owns 11,131 shares of the software maker’s stock worth $1,284,000 after acquiring an additional 1,479 shares in the last quarter. Institutional investors and hedge funds own 69.27% of the company’s stock.

Shopify Company Profile

Shopify is a Canadian commerce technology company that provides a cloud-based platform for businesses to create, manage and scale online and physical retail stores. Its core offering is a software-as-a-service e-commerce platform that enables merchants to build customizable storefronts, manage product catalogs, process orders, and handle inventory. Shopify also supports omnichannel selling through integrated point-of-sale (POS) systems for in-person transactions.

Beyond storefront software, Shopify offers a range of merchant services and tools designed to simplify commerce operations.