Shopify (NYSE:SHOP) Trading Up 1.2% – Here’s What Happened

Shopify Inc. (NYSE:SHOP) (TSE:SHOP)’s share price rose 1.2% during mid-day trading on Tuesday . The stock traded as high as $95.11 and last traded at $93.83. Approximately 3,123,125 shares changed hands during mid-day trading, a decline of 63% from the average daily volume of 8,486,888 shares. The stock had previously closed at $92.75.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on SHOP shares. The Goldman Sachs Group boosted their price objective on shares of Shopify from $135.00 to $150.00 and gave the stock a “buy” rating in a research note on Wednesday, February 12th. Robert W. Baird boosted their price target on Shopify from $126.00 to $135.00 and gave the stock an “outperform” rating in a research report on Wednesday, February 12th. Moffett Nathanson raised their price objective on Shopify from $86.00 to $99.00 and gave the company a “neutral” rating in a research report on Tuesday, November 26th. Scotiabank lifted their price objective on Shopify from $115.00 to $120.00 and gave the company a “sector perform” rating in a research note on Wednesday, February 12th. Finally, DA Davidson increased their target price on Shopify from $130.00 to $150.00 and gave the stock a “buy” rating in a research note on Wednesday, February 12th. One research analyst has rated the stock with a sell rating, fifteen have issued a hold rating, twenty-four have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Shopify has a consensus rating of “Moderate Buy” and a consensus price target of $126.31.

Shopify Stock Performance

The stock has a market cap of $120.15 billion, a P/E ratio of 59.86, a P/E/G ratio of 4.82 and a beta of 2.60. The business’s 50-day moving average price is $111.97 and its 200-day moving average price is $98.24.

Shopify (NYSE:SHOP) (TSE:SHOP) last released its 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%. As a group, equities research analysts expect that Shopify Inc. will post 1.12 earnings per share for the current year.

Institutional Investors Weigh In On Shopify

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Jennison Associates LLC bought a new position in shares of Shopify in the fourth quarter worth approximately $132,323,000. Swiss National Bank lifted its stake in shares of Shopify by 0.9% during the 3rd quarter. Swiss National Bank now owns 3,657,800 shares of the software maker’s stock valued at $293,507,000 after buying an additional 33,300 shares in the last quarter. Watts Gwilliam & Co. LLC boosted its holdings in Shopify by 53.0% in the 4th quarter. Watts Gwilliam & Co. LLC now owns 13,401 shares of the software maker’s stock worth $1,431,000 after buying an additional 4,641 shares during the period. Teachers Retirement System of The State of Kentucky increased its stake in Shopify by 29.3% in the 3rd quarter. Teachers Retirement System of The State of Kentucky now owns 342,030 shares of the software maker’s stock worth $27,409,000 after buying an additional 77,500 shares in the last quarter. Finally, Oppenheimer & Co. Inc. raised its holdings in Shopify by 26.4% during the third quarter. Oppenheimer & Co. Inc. now owns 33,609 shares of the software maker’s stock valued at $2,693,000 after acquiring an additional 7,027 shares during the period. 69.27% of the stock is owned by hedge funds and other institutional investors.

About Shopify

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.