Shopify (NYSE:SHOP) Shares Down 5.2% – Time to Sell?

Shopify Inc. (NYSE:SHOP) (TSE:SHOP)’s stock price fell 5.2% during mid-day trading on Thursday . The company traded as low as $89.10 and last traded at $91.50. 4,195,708 shares traded hands during trading, a decline of 51% from the average session volume of 8,529,045 shares. The stock had previously closed at $96.53.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on SHOP. Oppenheimer lifted their price objective on Shopify from $130.00 to $150.00 and gave the company an “outperform” rating in a research note on Wednesday, February 12th. Jefferies Financial Group lifted their price objective on Shopify from $110.00 to $130.00 and gave the company a “hold” rating in a research note on Tuesday, February 18th. Benchmark upgraded Shopify from a “hold” rating to a “buy” rating and set a $150.00 price objective for the company in a research note on Monday, February 10th. 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, Cantor Fitzgerald restated a “neutral” rating and issued a $120.00 price target on shares of Shopify in a research note on Wednesday, February 12th. One investment analyst has rated the stock with a sell rating, fifteen have issued a hold rating, twenty-four have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $126.31.

Shopify Stock Up 4.7 %

The stock has a market cap of $122.86 billion, a P/E ratio of 61.22, a price-to-earnings-growth ratio of 4.82 and a beta of 2.60. The business has a 50 day moving average price of $110.88 and a two-hundred day moving average price of $98.43.

Shopify (NYSE:SHOP) (TSE:SHOP) last released its quarterly earnings data on Tuesday, February 11th. The software maker reported $0.34 earnings per share 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%. On average, research analysts forecast that Shopify Inc. will post 1.12 earnings per share for the current year.

Institutional Investors Weigh In On Shopify

Hedge funds have recently made changes to their positions in the company. Allianz SE purchased a new stake in shares of Shopify in the fourth quarter worth about $27,000. PFG Private Wealth Management LLC lifted its position in shares of Shopify by 3,657.1% in the fourth quarter. PFG Private Wealth Management LLC now owns 263 shares of the software maker’s stock worth $28,000 after buying an additional 256 shares in the last quarter. Fourth Dimension Wealth LLC purchased a new stake in shares of Shopify in the fourth quarter worth about $30,000. Mark Sheptoff Financial Planning LLC lifted its position in shares of Shopify by 50.0% in the fourth quarter. Mark Sheptoff Financial Planning LLC now owns 300 shares of the software maker’s stock worth $32,000 after buying an additional 100 shares in the last quarter. Finally, Brooklyn Investment Group purchased a new stake in Shopify during the third quarter valued at approximately $33,000. 69.27% of the stock is currently 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.