Shopify (NYSE:SHOP) Stock Price Up 6.8% – Should You Buy?

Shopify Inc. (NYSE:SHOP) (TSE:SHOP) shares shot up 6.8% on Tuesday . The company traded as high as $112.39 and last traded at $114.72. 1,703,084 shares changed hands during mid-day trading, a decline of 68% from the average session volume of 5,243,067 shares. The stock had previously closed at $107.38.

Wall Street Analyst Weigh In

SHOP has been the subject of a number of analyst reports. Barclays upped their price objective on shares of Shopify from $70.00 to $93.00 and gave the company an “equal weight” rating in a research note on Wednesday, November 13th. Truist Financial raised their target price on Shopify from $65.00 to $110.00 and gave the stock a “hold” rating in a research report on Wednesday, November 13th. JMP Securities reissued a “market outperform” rating and set a $120.00 price target on shares of Shopify in a research report on Thursday, December 12th. Mizuho increased their price objective on Shopify from $68.00 to $105.00 and gave the stock a “neutral” rating in a research note on Wednesday, November 13th. Finally, Cantor Fitzgerald reaffirmed a “neutral” rating and set a $70.00 target price on shares of Shopify in a research note on Monday, October 7th. One research analyst has rated the stock with a sell rating, fifteen have given a hold rating, twenty-three have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Shopify has a consensus rating of “Moderate Buy” and an average price target of $100.32.

Shopify Stock Down 0.7 %

The firm’s 50 day simple moving average is $109.65 and its 200-day simple moving average is $87.89. The company has a current ratio of 7.10, a quick ratio of 7.10 and a debt-to-equity ratio of 0.09. The stock has a market capitalization of $150.77 billion, a price-to-earnings ratio of 109.05, a price-to-earnings-growth ratio of 2.24 and a beta of 2.46.

Institutional Investors Weigh In On Shopify

Institutional investors and hedge funds have recently made changes to their positions in the stock. Howland Capital Management LLC raised its holdings in Shopify by 2.0% in the 4th quarter. Howland Capital Management LLC now owns 4,949 shares of the software maker’s stock valued at $526,000 after acquiring an additional 99 shares during the period. Trust Co. of Vermont lifted its holdings in Shopify by 9.9% during the 4th quarter. Trust Co. of Vermont now owns 1,114 shares of the software maker’s stock worth $118,000 after purchasing an additional 100 shares during the last quarter. First United Bank & Trust boosted its stake in Shopify by 2.2% in the 4th quarter. First United Bank & Trust now owns 4,590 shares of the software maker’s stock valued at $488,000 after purchasing an additional 100 shares during the period. Sunbelt Securities Inc. grew its holdings in Shopify by 0.7% in the 3rd quarter. Sunbelt Securities Inc. now owns 14,504 shares of the software maker’s stock valued at $1,162,000 after buying an additional 105 shares in the last quarter. Finally, Redhawk Wealth Advisors Inc. increased its position in Shopify by 3.3% during the 4th quarter. Redhawk Wealth Advisors Inc. now owns 3,358 shares of the software maker’s stock worth $357,000 after buying an additional 107 shares during the period. Institutional investors own 69.27% of the company’s stock.

Shopify Company Profile

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.