Shopify (NYSE:SHOP) Shares Down 7% – Time to Sell?

Shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) were down 7% during mid-day trading on Monday . The stock traded as low as $91.90 and last traded at $93.08. Approximately 5,321,507 shares were traded during mid-day trading, a decline of 37% from the average daily volume of 8,465,835 shares. The stock had previously closed at $100.13.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on SHOP. CIBC increased their price objective on shares of Shopify from $135.00 to $160.00 and gave the stock an “outperform” rating in a research note on Wednesday, February 12th. KeyCorp increased their price target on Shopify from $80.00 to $130.00 and gave the company an “overweight” rating in a research report on Wednesday, November 13th. Truist Financial boosted their price target on Shopify from $110.00 to $120.00 and gave the stock a “hold” rating in a research report on Wednesday, February 12th. Oppenheimer increased their price objective on Shopify from $130.00 to $150.00 and gave the company an “outperform” rating in a report on Wednesday, February 12th. Finally, Royal Bank of Canada boosted their target price on shares of Shopify from $130.00 to $145.00 and gave the stock an “outperform” rating in a report on Wednesday, February 12th. One equities research analyst has rated the stock with a sell rating, fifteen have issued a hold rating, twenty-four have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $126.31.

Shopify Price Performance

The stock has a market cap of $119.76 billion, a P/E ratio of 59.67, a PEG ratio of 4.82 and a beta of 2.60. The stock has a 50-day simple moving average of $112.26 and a 200-day simple moving average of $98.11.

Shopify (NYSE:SHOP) (TSE:SHOP) last announced its quarterly earnings results on Tuesday, February 11th. The software maker reported $0.34 earnings per share (EPS) 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, sell-side analysts forecast that Shopify Inc. will post 1.12 earnings per share for the current year.

Institutional Investors Weigh In On Shopify

A number of institutional investors have recently added to or reduced their stakes in the business. Allianz SE bought a new stake in shares of Shopify in the fourth quarter worth $27,000. PFG Private Wealth Management LLC grew its position in shares of Shopify by 3,657.1% during the 4th 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 during the period. Fourth Dimension Wealth LLC bought a new stake in shares of Shopify in the 4th quarter valued at $30,000. Mark Sheptoff Financial Planning LLC lifted its position 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 valued at $32,000 after acquiring an additional 100 shares during the period. Finally, Brooklyn Investment Group bought a new position in Shopify during the third quarter worth $33,000. 69.27% of the stock is owned by 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.