Shopify (NYSE:SHOP) Stock Price Down 4% – Here’s What Happened

Shopify Inc. (NYSE:SHOP) (TSE:SHOP) shares traded down 4% on Friday . The company traded as low as $96.59 and last traded at $98.42. 3,799,790 shares changed hands during trading, a decline of 56% from the average session volume of 8,619,245 shares. The stock had previously closed at $102.52.

Wall Street Analysts Forecast Growth

SHOP has been the subject of a number of research reports. Scotiabank increased their price target on shares of Shopify from $115.00 to $120.00 and gave the stock a “sector perform” rating in a research note on Wednesday, February 12th. Canaccord Genuity Group increased their price objective on Shopify from $125.00 to $140.00 and gave the stock a “buy” rating in a report on Wednesday, February 12th. Truist Financial increased their price target on shares of Shopify from $110.00 to $120.00 and gave the stock a “hold” rating in a research note on Wednesday, February 12th. Morgan Stanley lifted their target price on shares of Shopify from $126.00 to $144.00 and gave the company an “overweight” rating in a report on Wednesday, February 12th. Finally, Barclays upped their price target on Shopify from $93.00 to $100.00 and gave the stock an “equal weight” rating in a research note on Wednesday, February 12th. One 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 issued a strong buy rating to the stock. According to data from MarketBeat.com, Shopify has a consensus rating of “Moderate Buy” and a consensus target price of $126.31.

Shopify Trading Down 5.7 %

The company has a 50 day simple moving average of $110.35 and a two-hundred day simple moving average of $100.35. The firm has a market capitalization of $125.15 billion, a P/E ratio of 62.43, a P/E/G 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 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%. On average, sell-side analysts expect that Shopify Inc. will post 1.12 EPS for the current fiscal year.

Hedge Funds Weigh In On Shopify

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Allianz SE purchased a new stake in shares of Shopify during the 4th quarter worth approximately $27,000. PFG Private Wealth Management LLC raised its stake in Shopify by 3,657.1% during 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 in the last quarter. Fourth Dimension Wealth LLC bought a new position in Shopify during the fourth quarter valued at $30,000. Mark Sheptoff Financial Planning LLC grew its stake in shares of Shopify by 50.0% in the 4th quarter. Mark Sheptoff Financial Planning LLC now owns 300 shares of the software maker’s stock worth $32,000 after buying an additional 100 shares in the last quarter. Finally, Brooklyn Investment Group purchased a new position in shares of Shopify in the 3rd 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.