Shopify (NASDAQ:SHOP) Shares Up 7.5% – What’s Next?

Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) traded up 7.5% during trading on Monday . The company traded as high as $123.00 and last traded at $122.28. Approximately 1,206,688 shares traded hands during trading, a decline of 88% from the average daily volume of 10,491,660 shares. The stock had previously closed at $113.75.

Analyst Ratings Changes

Several research firms have recently weighed in on SHOP. Barclays set a $126.00 target price on shares of Shopify and gave the company an “equal weight” rating in a report on Wednesday, May 6th. DA Davidson dropped their price target on shares of Shopify from $195.00 to $140.00 and set a “buy” rating on the stock in a research report on Wednesday, May 6th. UBS Group reaffirmed a “neutral” rating on shares of Shopify in a report on Thursday, May 28th. Rothschild & Co Redburn set a $130.00 price objective on shares of Shopify and gave the stock a “neutral” rating in a research report on Tuesday, July 21st. Finally, BMO Capital Markets started coverage on shares of Shopify in a research note on Friday, July 10th. They set a “market perform” rating on the stock. Three research analysts have rated the stock with a Strong Buy rating, thirty-three have issued a Buy rating and nine have given a Hold rating to the company. Based on data from MarketBeat, Shopify has an average rating of “Moderate Buy” and a consensus price target of $157.69.

Shopify Stock Up 8.9%

The stock’s 50-day simple moving average is $114.39 and its two-hundred day simple moving average is $121.82. The company has a market capitalization of $160.69 billion, a price-to-earnings ratio of 122.61, a PEG ratio of 2.45 and a beta of 2.58.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. TBH Global Asset Management LLC raised its stake in Shopify by 1.2% in 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 during the last quarter. Smartleaf Asset Management LLC grew its holdings in shares of Shopify by 13.9% during the second quarter. Smartleaf Asset Management LLC now owns 631 shares of the software maker’s stock worth $72,000 after buying an additional 77 shares in the last quarter. Pacific Sage Partners LLC grew its holdings in shares of Shopify by 3.9% during the fourth quarter. Pacific Sage Partners LLC now owns 2,133 shares of the software maker’s stock worth $343,000 after buying an additional 80 shares in the last quarter. WealthCollab LLC raised its position in shares of Shopify by 26.7% in the fourth quarter. WealthCollab LLC now owns 380 shares of the software maker’s stock valued at $61,000 after buying an additional 80 shares during the last quarter. Finally, Secure Asset Management LLC raised its position in shares of Shopify by 1.8% in the fourth quarter. Secure Asset Management LLC now owns 4,724 shares of the software maker’s stock valued at $760,000 after buying an additional 83 shares during the last quarter. Institutional investors and hedge funds own 69.27% of the company’s stock.

About Shopify

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.