Shopify (NYSE:SHOP) Stock Price Down 2% – Here’s Why

Shopify Inc. (NYSE:SHOP) (TSE:SHOP) was down 2% on Thursday . The company 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.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on SHOP shares. New Street Research began coverage on shares of Shopify in a research report on Friday, January 10th. They set a “neutral” rating and a $115.00 price objective on the stock. CIBC increased their price objective on Shopify from $135.00 to $160.00 and gave the company an “outperform” rating in a report on Wednesday, February 12th. Oppenheimer boosted their target price on Shopify from $130.00 to $150.00 and gave the stock an “outperform” rating in a report on Wednesday, February 12th. Deutsche Bank Aktiengesellschaft lifted their price target on shares of Shopify from $125.00 to $150.00 and gave the company a “buy” rating in a research report on Wednesday, February 12th. Finally, Jefferies Financial Group upped their price objective on shares of Shopify from $110.00 to $130.00 and gave the stock a “hold” rating in a report on Tuesday, February 18th. One investment 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. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $126.31.

Shopify Trading Down 2.2 %

The stock has a fifty day moving average of $110.36 and a two-hundred day moving average of $100.34. The stock has a market capitalization of $132.05 billion, a price-to-earnings ratio of 65.79, a PEG ratio of 4.82 and a beta of 2.60.

Shopify (NYSE:SHOP) (TSE:SHOP) last released its quarterly earnings results 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 net margin of 22.74% and a return on equity of 12.00%. Equities analysts expect that Shopify Inc. will post 1.12 earnings per share for the current year.

Institutional Investors Weigh In On Shopify

Institutional investors have recently made changes to their positions in the stock. Allianz SE bought a new position in Shopify in the fourth quarter valued at approximately $27,000. PFG Private Wealth Management LLC increased its holdings 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 acquiring an additional 256 shares during the last quarter. Fourth Dimension Wealth LLC bought a new position in shares of Shopify in the fourth quarter valued at about $30,000. Mark Sheptoff Financial Planning LLC lifted its position in Shopify by 50.0% during the fourth quarter. Mark Sheptoff Financial Planning LLC now owns 300 shares of the software maker’s stock worth $32,000 after acquiring an additional 100 shares during the last quarter. Finally, Brooklyn Investment Group bought a new stake in Shopify in the 3rd quarter valued at $33,000. 69.27% of the stock is owned by institutional investors and hedge funds.

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.