Shopify (NYSE:SHOP) Shares Up 1.3%

Shopify Inc. (NYSE:SHOP) (TSE:SHOP)’s share price shot up 1.3% during trading on Wednesday . The company traded as high as $67.22 and last traded at $66.93. 1,783,701 shares were traded during mid-day trading, a decline of 83% from the average session volume of 10,210,228 shares. The stock had previously closed at $66.06.

Analysts Set New Price Targets

A number of research firms have commented on SHOP. Deutsche Bank Aktiengesellschaft decreased their price objective on shares of Shopify from $95.00 to $80.00 and set a “buy” rating for the company in a report on Thursday, May 9th. Evercore raised shares of Shopify from an “in-line” rating to an “outperform” rating and set a $75.00 price objective for the company in a report on Friday, June 14th. Loop Capital reduced their price target on shares of Shopify from $90.00 to $80.00 and set a “hold” rating for the company in a report on Monday, April 15th. Needham & Company LLC reissued a “hold” rating on shares of Shopify in a report on Thursday, May 9th. Finally, Robert W. Baird reduced their price target on shares of Shopify from $87.00 to $77.00 and set an “outperform” rating for the company in a report on Thursday, May 9th. One investment analyst has rated the stock with a sell rating, sixteen have assigned a hold rating and twenty-one have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $76.42.

Shopify Stock Up 1.0 %

The company has a quick ratio of 7.14, a current ratio of 7.14 and a debt-to-equity ratio of 0.10. The company has a market capitalization of $85.98 billion, a PE ratio of -393.71, a price-to-earnings-growth ratio of 3.32 and a beta of 2.30. The business’s 50 day simple moving average is $63.92 and its 200 day simple moving average is $72.83.

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

Hedge Funds Weigh In On Shopify

A number of large investors have recently made changes to their positions in the business. Private Wealth Management Group LLC acquired a new position in Shopify in the fourth quarter worth approximately $26,000. SJS Investment Consulting Inc. increased its holdings in Shopify by 59.1% in the fourth quarter. SJS Investment Consulting Inc. now owns 350 shares of the software maker’s stock worth $27,000 after buying an additional 130 shares during the last quarter. DSM Capital Partners LLC acquired a new position in Shopify during the fourth quarter valued at approximately $28,000. Jones Financial Companies Lllp acquired a new position in Shopify during the fourth quarter valued at approximately $28,000. Finally, Your Advocates Ltd. LLP grew its holdings in Shopify by 4,344.4% during the fourth quarter. Your Advocates Ltd. LLP now owns 400 shares of the software maker’s stock valued at $31,000 after purchasing an additional 391 shares during the last quarter. Institutional investors and hedge funds own 69.27% of the company’s stock.

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.