Shopify (NYSE:SHOP) Trading Up 5.7% – Here’s What Happened

Shopify Inc. (NYSE:SHOP) (TSE:SHOP)’s stock price traded up 5.7% during trading on Monday . The stock traded as high as $110.42 and last traded at $110.12. 3,782,541 shares were traded during mid-day trading, a decline of 56% from the average session volume of 8,584,875 shares. The stock had previously closed at $104.21.

Analysts Set New Price Targets

SHOP has been the topic of several recent research reports. Moffett Nathanson raised their price objective on Shopify from $86.00 to $99.00 and gave the stock a “neutral” rating in a research note on Tuesday, November 26th. TD Securities lifted their price target on Shopify from $100.00 to $130.00 and gave the stock a “hold” rating in a research report on Wednesday, February 12th. Phillip Securities lowered Shopify from a “strong-buy” rating to a “moderate buy” rating in a research note on Monday, February 17th. Oppenheimer boosted their target price on Shopify from $130.00 to $150.00 and gave the company an “outperform” rating in a research report on Wednesday, February 12th. Finally, JPMorgan Chase & Co. lifted their price objective on shares of Shopify from $121.00 to $124.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 12th. One investment analyst has rated the stock with a sell rating, fifteen have given a hold rating, twenty-four have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Shopify has a consensus rating of “Moderate Buy” and a consensus price target of $126.31.

Shopify Stock Performance

The company has a market cap of $141.83 billion, a PE ratio of 70.64, a PEG ratio of 4.82 and a beta of 2.60. The stock’s 50 day moving average price is $110.04 and its 200-day moving average price is $99.73.

Shopify (NYSE:SHOP) (TSE:SHOP) last announced 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 return on equity of 12.00% and a net margin of 22.74%. On average, analysts anticipate that Shopify Inc. will post 1.12 EPS for the current year.

Institutional Trading of Shopify

Several hedge funds and other institutional investors have recently made changes to their positions in SHOP. Allianz SE bought a new position in Shopify during the fourth quarter valued at approximately $27,000. PFG Private Wealth Management LLC grew its position 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 buying an additional 256 shares during the period. Fourth Dimension Wealth LLC purchased a new stake in Shopify during the fourth quarter valued at approximately $30,000. Mark Sheptoff Financial Planning LLC raised its position in Shopify by 50.0% in 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 period. Finally, Brooklyn Investment Group purchased a new position in shares of Shopify during the 3rd quarter worth $33,000. Hedge funds and other institutional investors own 69.27% of the company’s stock.

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.