Shopify (NASDAQ:SHOP) Trading Up 2.1% – Here’s What Happened

Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP)’s share price traded up 2.1% during mid-day trading on Thursday . The company traded as high as $97.96 and last traded at $97.42. 16,097,046 shares changed hands during mid-day trading, an increase of 40% from the average session volume of 11,519,907 shares. The stock had previously closed at $95.40.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on SHOP shares. Mizuho upgraded shares of Shopify from a “neutral” rating to an “outperform” rating and set a $150.00 price objective for the company in a research report on Thursday, February 12th. ATB Cormark Capital Markets raised Shopify from a “sector perform” rating to an “outperform” rating in a research note on Tuesday, February 10th. Oppenheimer reissued an “outperform” rating and set a $175.00 target price on shares of Shopify in a report on Wednesday, May 6th. Truist Financial set a $150.00 price objective on shares of Shopify and gave the stock a “buy” rating in a research note on Tuesday, February 17th. Finally, TD Cowen upgraded Shopify from a “hold” rating to a “buy” rating and set a $159.00 price objective for the company in a research report on Wednesday, February 11th. Two investment analysts have rated the stock with a Strong Buy rating, thirty-one have given a Buy rating and ten have assigned a Hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $158.42.

Shopify Stock Up 2.1%

The firm has a market cap of $127.05 billion, a price-to-earnings ratio of 96.46, a PEG ratio of 2.81 and a beta of 2.64. The firm has a 50 day moving average of $120.19 and a 200 day moving average of $139.21.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last released its quarterly earnings data on Tuesday, May 5th. The software maker reported $999.00 earnings per share for the quarter, beating the consensus estimate of $0.22 by $998.78. The company had revenue of $3.17 billion during the quarter, compared to analyst estimates of $3.08 billion. Shopify had a net margin of 10.77% and a return on equity of 12.07%. Equities analysts expect that Shopify Inc. will post 1.36 EPS for the current year.

Institutional Trading of Shopify

Several large investors have recently made changes to their positions in SHOP. Twin Peaks Wealth Advisors LLC raised its stake in Shopify by 1.7% during the 3rd quarter. Twin Peaks Wealth Advisors LLC now owns 3,448 shares of the software maker’s stock worth $512,000 after buying an additional 59 shares during the period. Moloney Securities Asset Management LLC increased its holdings in shares of Shopify by 1.8% during the third quarter. Moloney Securities Asset Management LLC now owns 3,951 shares of the software maker’s stock valued at $587,000 after acquiring an additional 70 shares in the last quarter. Seros Financial LLC raised its position in shares of Shopify by 2.7% during the third quarter. Seros Financial LLC now owns 2,856 shares of the software maker’s stock worth $424,000 after purchasing an additional 75 shares during the period. First Affirmative Financial Network lifted its holdings in shares of Shopify by 3.4% in the 3rd quarter. First Affirmative Financial Network now owns 2,275 shares of the software maker’s stock worth $338,000 after purchasing an additional 75 shares in the last quarter. Finally, TBH Global Asset Management LLC increased its stake in Shopify by 1.2% during the 4th quarter. TBH Global Asset Management LLC now owns 6,438 shares of the software maker’s stock valued at $1,036,000 after purchasing an additional 75 shares in the last quarter. 69.27% of the stock is currently owned by institutional investors and hedge funds.

Shopify Company Profile

Shopify is a Canadian commerce technology company that provides a cloud-based platform for businesses to create, manage and scale online and physical retail stores. Its core offering is a software-as-a-service e-commerce platform that enables merchants to build customizable storefronts, manage product catalogs, process orders, and handle inventory. Shopify also supports omnichannel selling through integrated point-of-sale (POS) systems for in-person transactions.

Beyond storefront software, Shopify offers a range of merchant services and tools designed to simplify commerce operations.