Shopify (NYSE:SHOP) Trading Down 7.8% – Time to Sell?

Shopify Inc. (NYSE:SHOP) (TSE:SHOP) shares fell 7.8% during mid-day trading on Tuesday . The company traded as low as $98.18 and last traded at $98.25. 4,853,845 shares traded hands during mid-day trading, a decline of 38% from the average session volume of 7,853,347 shares. The stock had previously closed at $106.58.

Analyst Ratings Changes

A number of research analysts have recently weighed in on SHOP shares. ATB Capital lifted their price target on Shopify from $145.00 to $170.00 and gave the company a “sector perform” rating in a report on Wednesday, February 12th. Truist Financial lifted their target price on Shopify from $110.00 to $120.00 and gave the company a “hold” rating in a research note on Wednesday, February 12th. Benchmark upgraded shares of Shopify from a “hold” rating to a “buy” rating and set a $150.00 price target for the company in a report on Monday, February 10th. Barclays upped their price objective on shares of Shopify from $93.00 to $100.00 and gave the company an “equal weight” rating in a research note on Wednesday, February 12th. Finally, KeyCorp lifted their target price on shares of Shopify from $80.00 to $130.00 and gave the company an “overweight” rating in a research note on Wednesday, November 13th. One equities research analyst has rated the stock with a sell rating, fifteen have assigned a hold rating, twenty-four have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $126.31.

Shopify Price Performance

The stock has a market cap of $131.66 billion, a price-to-earnings ratio of 65.60, a P/E/G ratio of 4.82 and a beta of 2.47. The stock’s 50 day simple moving average is $112.82 and its two-hundred day simple moving average is $97.34.

Shopify (NYSE:SHOP) (TSE:SHOP) last announced its quarterly earnings results on Tuesday, February 11th. The software maker reported $0.34 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%. As a group, analysts predict that Shopify Inc. will post 1.12 earnings per share for the current year.

Hedge Funds Weigh In On Shopify

Institutional investors have recently added to or reduced their stakes in the company. Allianz SE acquired a new stake in Shopify during the 4th quarter valued at $27,000. PFG Private Wealth Management LLC raised its holdings in shares of Shopify by 3,657.1% in 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 last quarter. Fourth Dimension Wealth LLC acquired a new position in Shopify during the 4th quarter worth about $30,000. Mark Sheptoff Financial Planning LLC grew its holdings in Shopify by 50.0% during the 4th 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 last quarter. Finally, Brooklyn Investment Group acquired a new stake in Shopify in the 3rd quarter valued at about $33,000. 69.27% of the stock is owned by institutional investors.

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.