Shopify (NASDAQ:SHOP) Trading Down 2.6% – Time to Sell?

Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP)’s stock price fell 2.6% during mid-day trading on Tuesday . The stock traded as low as $98.57 and last traded at $99.84. 13,670,327 shares changed hands during trading, an increase of 20% from the average session volume of 11,361,563 shares. The stock had previously closed at $102.54.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on SHOP. Cantor Fitzgerald reiterated a “neutral” rating and set a $126.00 target price (down from $181.00) on shares of Shopify in a research report on Thursday, February 12th. Citizens Jmp cut their target price on Shopify from $160.00 to $150.00 and set a “market outperform” rating for the company in a research report on Wednesday, May 6th. TD Cowen upgraded Shopify from a “hold” rating to a “buy” rating and set a $159.00 target price for the company in a research report on Wednesday, February 11th. Evercore set a $135.00 target price on Shopify in a research report on Wednesday, February 11th. Finally, Wedbush cut their target price on Shopify from $185.00 to $160.00 and set an “outperform” rating for the company in a research report on Thursday, February 12th. Two equities research analysts have rated the stock with a Strong Buy rating, thirty-one have given a Buy rating and ten have given a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $158.42.

Shopify Stock Down 2.6%

The business has a 50 day moving average of $121.09 and a 200 day moving average of $140.15. The company has a market capitalization of $130.20 billion, a P/E ratio of 98.85, a price-to-earnings-growth ratio of 3.11 and a beta of 2.64.

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

Institutional Investors Weigh In On Shopify

Several institutional investors have recently modified their holdings of the stock. ABN Amro Investment Solutions bought a new stake in shares of Shopify in the 1st quarter valued at approximately $447,000. Oslo Pensjonsforsikring AS bought a new stake in shares of Shopify in the 1st quarter valued at approximately $331,000. Andra AP fonden lifted its stake in shares of Shopify by 166.9% in the 1st quarter. Andra AP fonden now owns 185,212 shares of the software maker’s stock valued at $21,970,000 after purchasing an additional 115,812 shares during the last quarter. JSF Financial LLC lifted its stake in shares of Shopify by 5.2% in the 1st quarter. JSF Financial LLC now owns 2,378 shares of the software maker’s stock valued at $282,000 after purchasing an additional 118 shares during the last quarter. Finally, Amova Asset Management Americas Inc. lifted its stake in shares of Shopify by 5.0% in the 1st quarter. Amova Asset Management Americas Inc. now owns 3,458,265 shares of the software maker’s stock valued at $410,219,000 after purchasing an additional 165,080 shares during the last quarter. 69.27% of the stock is owned by institutional investors.

About Shopify

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.