Shopify (NYSE:SHOP) Shares Down 4.4%

Shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) traded down 4.4% on Monday . The company traded as low as $63.05 and last traded at $63.14. 3,484,217 shares changed hands during trading, a decline of 66% from the average session volume of 10,265,929 shares. The stock had previously closed at $66.05.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the company. Royal Bank of Canada dropped their price target on Shopify from $100.00 to $85.00 and set an “outperform” rating for the company in a report on Thursday, May 9th. JPMorgan Chase & Co. assumed coverage on Shopify in a research report on Tuesday, June 11th. They issued an “overweight” rating and a $74.00 price target on the stock. Piper Sandler upgraded Shopify from an “underweight” rating to a “neutral” rating and set a $63.00 target price on the stock in a report on Thursday, May 9th. Citigroup lifted their target price on Shopify from $95.00 to $96.00 and gave the stock a “buy” rating in a report on Wednesday, June 26th. Finally, StockNews.com upgraded Shopify from a “sell” rating to a “hold” rating in a report on Wednesday, April 24th. One equities research analyst has rated the stock with a sell rating, sixteen have given a hold rating and twenty-one have given a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $76.42.

Shopify Stock Down 3.6 %

The company has a debt-to-equity ratio of 0.10, a current ratio of 7.14 and a quick ratio of 7.14. The stock has a fifty day moving average of $64.20 and a two-hundred day moving average of $73.00. The firm has a market capitalization of $82.09 billion, a price-to-earnings ratio of -371.41, a P/E/G ratio of 3.32 and a beta of 2.30.

Shopify (NYSE:SHOP) (TSE:SHOP) last issued its quarterly earnings results on Wednesday, May 8th. The software maker reported $0.12 earnings per share for the quarter, topping analysts’ consensus estimates of $0.08 by $0.04. Shopify had a positive return on equity of 7.36% and a negative net margin of 2.82%. The firm had revenue of $1.86 billion during the quarter, compared to the consensus estimate of $1.84 billion. Sell-side analysts anticipate that Shopify Inc. will post 0.61 earnings per share for the current year.

Hedge Funds Weigh In On Shopify

Institutional investors and hedge funds have recently made changes to their positions in the stock. StoneCrest Wealth Management Inc. bought a new position in Shopify in the 4th quarter valued at about $1,164,000. FIL Ltd lifted its position in Shopify by 1.8% in the 4th quarter. FIL Ltd now owns 13,303,001 shares of the software maker’s stock valued at $1,035,688,000 after acquiring an additional 238,596 shares in the last quarter. Asset Management One Co. Ltd. lifted its position in Shopify by 4,007.4% in the 4th quarter. Asset Management One Co. Ltd. now owns 35,488 shares of the software maker’s stock valued at $2,807,000 after acquiring an additional 34,624 shares in the last quarter. SeaCrest Wealth Management LLC bought a new position in Shopify in the 4th quarter valued at about $433,000. Finally, Evoke Wealth LLC bought a new position in Shopify in the 4th quarter valued at about $2,551,000. Institutional investors own 69.27% of the company’s stock.

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.