Shopify (NYSE:SHOP) Shares Up 6.2% – Still a Buy?

Shopify Inc. (NYSE:SHOP) (TSE:SHOP)’s share price was up 6.2% on Wednesday . The stock traded as high as $100.96 and last traded at $99.83. Approximately 6,466,815 shares changed hands during mid-day trading, a decline of 24% from the average daily volume of 8,536,557 shares. The stock had previously closed at $94.01.

Analyst Upgrades and Downgrades

SHOP has been the subject of a number of research analyst reports. Wedbush restated an “outperform” rating and issued a $125.00 price target on shares of Shopify in a research report on Tuesday, February 11th. Cantor Fitzgerald restated a “neutral” rating and set a $120.00 target price on shares of Shopify in a research report on Wednesday, February 12th. Phillip Securities downgraded shares of Shopify from a “strong-buy” rating to a “moderate buy” rating in a report on Monday, February 17th. Benchmark raised shares of Shopify from a “hold” rating to a “buy” rating and set a $150.00 price objective for the company in a research note on Monday, February 10th. Finally, Scotiabank upped their target price on Shopify from $115.00 to $120.00 and gave the company a “sector perform” rating in a research note on Wednesday, February 12th. One analyst has rated the stock with a sell rating, fifteen have given a hold rating, twenty-four have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $126.31.

Shopify Stock Performance

The business’s fifty day simple moving average is $110.27 and its 200 day simple moving average is $99.08. The stock has a market cap of $131.21 billion, a price-to-earnings ratio of 65.40, a price-to-earnings-growth ratio of 4.82 and a beta of 2.60.

Shopify (NYSE:SHOP) (TSE:SHOP) last issued 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 net margin of 22.74% and a return on equity of 12.00%. As a group, analysts forecast that Shopify Inc. will post 1.12 EPS for the current fiscal year.

Institutional Trading of Shopify

Several institutional investors have recently added to or reduced their stakes in SHOP. Jennison Associates LLC acquired a new stake in shares of Shopify in the 4th quarter valued at about $132,323,000. Watts Gwilliam & Co. LLC raised its stake in Shopify by 53.0% during the fourth quarter. Watts Gwilliam & Co. LLC now owns 13,401 shares of the software maker’s stock valued at $1,431,000 after buying an additional 4,641 shares in the last quarter. Teachers Retirement System of The State of Kentucky raised its stake in Shopify by 29.3% during the third quarter. Teachers Retirement System of The State of Kentucky now owns 342,030 shares of the software maker’s stock valued at $27,409,000 after buying an additional 77,500 shares in the last quarter. Wahed Invest LLC grew its position in shares of Shopify by 18.4% in the 3rd quarter. Wahed Invest LLC now owns 57,624 shares of the software maker’s stock worth $4,618,000 after acquiring an additional 8,960 shares in the last quarter. Finally, Public Employees Retirement System of Ohio bought a new stake in shares of Shopify in the 3rd quarter valued at approximately $33,676,000. 69.27% of the stock is owned by institutional investors and hedge funds.

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.