Shopify (NYSE:SHOP) Shares Gap Down – Here’s What Happened

Shopify Inc. (NYSE:SHOP) (TSE:SHOP) gapped down prior to trading on Friday . The stock had previously closed at $102.52, but opened at $99.15. Shopify shares last traded at $97.41, with a volume of 2,513,552 shares.

Wall Street Analyst Weigh In

A number of brokerages recently commented on SHOP. Wedbush reaffirmed an “outperform” rating and set a $125.00 price target on shares of Shopify in a research report on Tuesday, February 11th. Wells Fargo & Company lifted their target price on Shopify from $120.00 to $135.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 12th. The Goldman Sachs Group increased their price target on shares of Shopify from $135.00 to $150.00 and gave the company a “buy” rating in a research report on Wednesday, February 12th. TD Securities raised their price objective on shares of Shopify from $100.00 to $130.00 and gave the stock a “hold” rating in a report on Wednesday, February 12th. Finally, New Street Research began coverage on shares of Shopify in a research note on Friday, January 10th. They issued a “neutral” rating and a $115.00 target price on the stock. One equities 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 given a strong buy rating to the company’s stock. Based on data from MarketBeat, Shopify presently has a consensus rating of “Moderate Buy” and a consensus target price of $126.31.

Shopify Stock Down 3.7 %

The firm has a market capitalization of $127.88 billion, a P/E ratio of 63.84, a price-to-earnings-growth ratio of 4.82 and a beta of 2.60. The firm’s 50-day simple moving average is $110.35 and its 200-day simple moving average is $100.35.

Shopify (NYSE:SHOP) (TSE:SHOP) last posted its quarterly earnings data on Tuesday, February 11th. The software maker reported $0.34 earnings per share (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, analysts expect that Shopify Inc. will post 1.12 EPS for the current fiscal year.

Hedge Funds Weigh In On Shopify

A number of large investors have recently modified their holdings of SHOP. LRI Investments LLC grew its position in Shopify by 9.8% during the fourth quarter. LRI Investments LLC now owns 889 shares of the software maker’s stock valued at $94,000 after acquiring an additional 79 shares during the last quarter. Tidemark LLC grew its holdings in shares of Shopify by 3.6% during the 4th quarter. Tidemark LLC now owns 2,592 shares of the software maker’s stock valued at $276,000 after purchasing an additional 90 shares during the last quarter. Howland Capital Management LLC raised its position in Shopify by 2.0% in the 4th quarter. Howland Capital Management LLC now owns 4,949 shares of the software maker’s stock worth $526,000 after purchasing an additional 99 shares during the period. Trust Co. of Vermont boosted its position in Shopify by 9.9% during the fourth quarter. Trust Co. of Vermont now owns 1,114 shares of the software maker’s stock valued at $118,000 after buying an additional 100 shares during the period. Finally, First United Bank & Trust grew its stake in shares of Shopify by 2.2% during the fourth quarter. First United Bank & Trust now owns 4,590 shares of the software maker’s stock valued at $488,000 after buying an additional 100 shares during the last quarter. 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.