Shopify (NYSE:SHOP) Trading Down 2% – Should You Sell?

Shopify Inc. (NYSE:SHOP) (TSE:SHOP)’s stock price dropped 2% on Thursday . The stock traded as low as $99.73 and last traded at $102.21. Approximately 2,997,948 shares were traded during mid-day trading, a decline of 65% from the average daily volume of 8,602,015 shares. The stock had previously closed at $104.28.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on SHOP. Evercore ISI boosted their target price on shares of Shopify from $125.00 to $140.00 and gave the stock an “outperform” rating in a research note on Wednesday, February 12th. The Goldman Sachs Group lifted their target price 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. DA Davidson raised their price objective on shares of Shopify from $130.00 to $150.00 and gave the stock a “buy” rating in a research report on Wednesday, February 12th. Royal Bank of Canada set a $145.00 price target on Shopify and gave the stock an “outperform” rating in a report on Friday, March 21st. Finally, Wedbush reissued an “outperform” rating and set a $125.00 target price on shares of Shopify in a research report on Tuesday, February 11th. One equities research analyst has rated the stock with a sell rating, fifteen have assigned a hold rating, twenty-four have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $126.31.

Shopify Trading Down 2.2 %

The firm has a market cap of $132.05 billion, a PE ratio of 65.79, a price-to-earnings-growth ratio of 4.82 and a beta of 2.60. The firm has a fifty day moving average price of $110.36 and a 200 day moving average price of $100.34.

Shopify (NYSE:SHOP) (TSE:SHOP) last announced its earnings results 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 net margin of 22.74% and a return on equity of 12.00%. As a group, equities analysts predict that Shopify Inc. will post 1.12 earnings per share for the current year.

Institutional Trading of Shopify

Several institutional investors and 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 valued at about $27,000. PFG Private Wealth Management LLC increased its stake in Shopify by 3,657.1% in the fourth quarter. PFG Private Wealth Management LLC now owns 263 shares of the software maker’s stock valued at $28,000 after purchasing an additional 256 shares during the last quarter. Fourth Dimension Wealth LLC acquired a new position in shares of Shopify in the 4th quarter valued at $30,000. Mark Sheptoff Financial Planning LLC grew its holdings in shares of Shopify by 50.0% during the 4th quarter. Mark Sheptoff Financial Planning LLC now owns 300 shares of the software maker’s stock worth $32,000 after purchasing an additional 100 shares during the period. Finally, New Wave Wealth Advisors LLC acquired a new position in shares of Shopify during the fourth quarter worth about $39,000. 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.