Shopify (NYSE:SHOP) Trading Up 1.9% – Here’s What Happened

Shopify Inc. (NYSE:SHOP) (TSE:SHOP) was up 1.9% during trading on Thursday . The company traded as high as $104.19 and last traded at $103.43. Approximately 2,918,835 shares changed hands during trading, a decline of 66% from the average daily volume of 8,569,427 shares. The stock had previously closed at $101.54.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on SHOP shares. Truist Financial increased their target price on Shopify from $110.00 to $120.00 and gave the company a “hold” rating in a research report on Wednesday, February 12th. Canaccord Genuity Group increased their target price on Shopify from $125.00 to $140.00 and gave the company a “buy” rating in a research report on Wednesday, February 12th. Oppenheimer increased their target price on Shopify from $130.00 to $150.00 and gave the company an “outperform” rating in a research report on Wednesday, February 12th. Cantor Fitzgerald restated a “neutral” rating and issued a $120.00 price target on shares of Shopify in a research report on Wednesday, February 12th. Finally, Barclays raised their price target on Shopify from $93.00 to $100.00 and gave the stock an “equal weight” rating in a research report on Wednesday, February 12th. One 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 assigned a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $126.31.

Shopify Stock Down 0.3 %

The firm has a 50 day simple moving average of $110.15 and a 200-day simple moving average of $99.10. The company has a market cap of $131.09 billion, a PE ratio of 65.40, a price-to-earnings-growth ratio of 4.82 and a beta of 2.60.

Shopify (NYSE:SHOP) (TSE:SHOP) last posted its 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, equities analysts anticipate that Shopify Inc. will post 1.12 EPS for the current year.

Institutional Investors Weigh In On Shopify

Several institutional investors have recently added to or reduced their stakes in SHOP. Norges Bank acquired a new stake in Shopify in the fourth quarter worth about $1,542,262,000. Arrowstreet Capital Limited Partnership boosted its holdings in Shopify by 79.8% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 16,487,579 shares of the software maker’s stock worth $1,752,834,000 after acquiring an additional 7,316,862 shares in the last quarter. FMR LLC boosted its holdings in Shopify by 16.1% in the third quarter. FMR LLC now owns 42,306,077 shares of the software maker’s stock worth $3,389,637,000 after acquiring an additional 5,869,795 shares in the last quarter. Alliancebernstein L.P. boosted its holdings in Shopify by 631.3% in the fourth quarter. Alliancebernstein L.P. now owns 4,459,580 shares of the software maker’s stock worth $474,187,000 after acquiring an additional 3,849,796 shares in the last quarter. Finally, Marshall Wace LLP boosted its holdings in Shopify by 623.8% in the fourth quarter. Marshall Wace LLP now owns 1,870,891 shares of the software maker’s stock worth $198,932,000 after acquiring an additional 2,228,091 shares in the last quarter. Institutional investors and hedge funds own 69.27% of the company’s stock.

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.