Shopify (NYSE:SHOP) Sees Strong Trading Volume After Analyst Upgrade

Shopify Inc. (NYSE:SHOP) (TSE:SHOP) saw strong trading volume on Tuesday after Citigroup raised their price target on the stock from $143.00 to $175.00. Citigroup currently has a buy rating on the stock. 8,170,996 shares traded hands during mid-day trading, an increase of 23% from the previous session’s volume of 6,665,544 shares.The stock last traded at $117.68 and had previously closed at $119.90.

Other analysts also recently issued reports about the company. Oppenheimer upped their price objective on Shopify from $90.00 to $130.00 and gave the company an “outperform” rating in a research note on Wednesday, November 13th. New Street Research started coverage on Shopify in a research note on Friday, January 10th. They issued a “neutral” rating and a $115.00 price target on the stock. Wells Fargo & Company boosted their price target on Shopify from $90.00 to $120.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 13th. DZ Bank cut Shopify from a “hold” rating to a “sell” rating in a report on Thursday, November 21st. Finally, The Goldman Sachs Group boosted their target price on Shopify from $88.00 to $135.00 and gave the stock a “buy” rating in a research report on Wednesday, November 13th. One analyst has rated the stock with a sell rating, fourteen have given a hold rating, twenty-four have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $103.80.

Hedge Funds Weigh In On Shopify

Large investors have recently modified their holdings of the stock. Royal London Asset Management Ltd. raised its stake in Shopify by 32.6% during the fourth quarter. Royal London Asset Management Ltd. now owns 437,532 shares of the software maker’s stock valued at $46,523,000 after buying an additional 107,650 shares in the last quarter. Kazazian Asset Management LLC bought a new stake in shares of Shopify in the 4th quarter valued at approximately $388,000. Harvest Fund Management Co. Ltd acquired a new stake in shares of Shopify during the 4th quarter valued at approximately $1,013,000. OVERSEA CHINESE BANKING Corp Ltd lifted its stake in Shopify by 98.6% during the fourth quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 12,644 shares of the software maker’s stock worth $1,368,000 after purchasing an additional 6,276 shares during the last quarter. Finally, Brooklyn FI LLC acquired a new position in Shopify in the fourth quarter worth $452,000. Institutional investors own 69.27% of the company’s stock.

Shopify Stock Down 2.2 %

The stock’s fifty day simple moving average is $111.05 and its two-hundred day simple moving average is $91.37. The company has a debt-to-equity ratio of 0.09, a current ratio of 7.10 and a quick ratio of 7.10. The company has a market capitalization of $151.57 billion, a price-to-earnings ratio of 109.63, a PEG ratio of 2.49 and a beta of 2.47.

Shopify (NYSE:SHOP) (TSE:SHOP) last announced 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 16.84% and a return on equity of 11.60%. On average, sell-side analysts predict that Shopify Inc. will post 0.91 earnings per share for the current fiscal year.

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.