Shopify (NYSE:SHOP) Shares Up 5.7% – Should You Buy?

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

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on SHOP shares. UBS Group upped their price target on Shopify from $110.00 to $125.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 12th. Cantor Fitzgerald reaffirmed a “neutral” rating and set a $120.00 target price on shares of Shopify in a research report on Wednesday, February 12th. JMP Securities reissued a “market outperform” rating and issued a $120.00 price target on shares of Shopify in a report on Thursday, December 12th. Morgan Stanley upped their price objective on shares of Shopify from $126.00 to $144.00 and gave the company an “overweight” rating in a report on Wednesday, February 12th. Finally, Deutsche Bank Aktiengesellschaft lifted their target price on shares of Shopify from $125.00 to $150.00 and gave the stock a “buy” 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 issued a strong buy rating to the company. Based on data from MarketBeat.com, Shopify presently has an average rating of “Moderate Buy” and an average price target of $126.31.

Shopify Stock Performance

The company has a 50 day moving average of $110.36 and a 200 day moving average of $100.31. The stock has a market capitalization of $142.34 billion, a price-to-earnings ratio of 70.92, a P/E/G ratio of 4.82 and a beta of 2.60.

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

Institutional Investors Weigh In On Shopify

Large investors have recently made changes to their positions in the stock. Norges Bank acquired a new position in Shopify during the fourth quarter worth $1,542,262,000. Arrowstreet Capital Limited Partnership boosted its position in shares of Shopify by 79.8% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 16,487,579 shares of the software maker’s stock valued at $1,752,834,000 after acquiring an additional 7,316,862 shares during the last quarter. FMR LLC grew its holdings in shares of Shopify by 16.1% in the third quarter. FMR LLC now owns 42,306,077 shares of the software maker’s stock valued at $3,389,637,000 after purchasing an additional 5,869,795 shares during the period. Alliancebernstein L.P. increased its position in Shopify by 631.3% during the fourth quarter. Alliancebernstein L.P. now owns 4,459,580 shares of the software maker’s stock worth $474,187,000 after purchasing an additional 3,849,796 shares during the last quarter. Finally, Marshall Wace LLP raised its stake in Shopify by 623.8% during the fourth quarter. Marshall Wace LLP now owns 1,870,891 shares of the software maker’s stock worth $198,932,000 after purchasing an additional 2,228,091 shares during the period. 69.27% of the stock is currently owned by hedge funds and other institutional investors.

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.