Shopify (NYSE:SHOP) Shares Up 1.2% – Time to Buy?

Shopify Inc. (NYSE:SHOP) (TSE:SHOP)’s stock price shot up 1.2% during trading on Monday . The stock traded as high as $98.43 and last traded at $95.97. 1,881,629 shares changed hands during mid-day trading, a decline of 78% from the average session volume of 8,529,425 shares. The stock had previously closed at $94.85.

Analysts Set New Price Targets

Several brokerages have commented on SHOP. The Goldman Sachs Group upped their target price on shares of Shopify from $135.00 to $150.00 and gave the company a “buy” rating in a research note on Wednesday, February 12th. Citigroup upped their target price on shares of Shopify from $143.00 to $175.00 and gave the company a “buy” rating in a research note on Tuesday, February 11th. Truist Financial upped their price target on shares of Shopify from $110.00 to $120.00 and gave the company a “hold” rating in a report on Wednesday, February 12th. Wells Fargo & Company upped their price target on shares of Shopify from $120.00 to $135.00 and gave the company an “overweight” rating in a report on Wednesday, February 12th. Finally, Piper Sandler upped their price target on shares of Shopify from $94.00 to $104.00 and gave the company a “neutral” rating in a report on Wednesday, February 12th. One research 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 assigned a strong buy rating to the stock. According to MarketBeat.com, Shopify currently has a consensus rating of “Moderate Buy” and a consensus price target of $126.31.

Shopify Stock Down 2.8 %

The stock has a 50 day moving average of $110.27 and a 200 day moving average of $99.08. The company has a market capitalization of $121.58 billion, a price-to-earnings ratio of 60.58, a price-to-earnings-growth ratio of 4.82 and a beta of 2.60.

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 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 anticipate that Shopify Inc. will post 1.12 EPS for the current fiscal year.

Hedge Funds Weigh In On Shopify

Several institutional investors have recently added to or reduced their stakes in SHOP. Norges Bank acquired a new position in Shopify in the fourth quarter valued at approximately $1,542,262,000. Arrowstreet Capital Limited Partnership lifted its stake in Shopify by 79.8% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 16,487,579 shares of the software maker’s stock valued at $1,752,834,000 after buying an additional 7,316,862 shares during the period. FMR LLC lifted its stake in Shopify by 16.1% in the third quarter. FMR LLC now owns 42,306,077 shares of the software maker’s stock valued at $3,389,637,000 after buying an additional 5,869,795 shares during the period. Alliancebernstein L.P. lifted its stake in Shopify by 631.3% in the fourth quarter. Alliancebernstein L.P. now owns 4,459,580 shares of the software maker’s stock valued at $474,187,000 after buying an additional 3,849,796 shares during the period. Finally, Marshall Wace LLP increased its holdings in shares of Shopify by 623.8% during the fourth quarter. Marshall Wace LLP now owns 1,870,891 shares of the software maker’s stock valued at $198,932,000 after acquiring an additional 2,228,091 shares in the last quarter. 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.