Shopify (NYSE:SHOP) Stock Price Down 1.2%

Shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) traded down 1.2% during trading on Thursday . The stock traded as low as $60.37 and last traded at $60.46. 1,333,117 shares changed hands during trading, a decline of 87% from the average session volume of 9,880,521 shares. The stock had previously closed at $61.20.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on SHOP. KeyCorp started coverage on Shopify in a research note on Thursday, July 25th. They set an “overweight” rating and a $80.00 price target on the stock. Wolfe Research initiated coverage on Shopify in a research note on Tuesday, July 16th. They issued an “outperform” rating and a $80.00 price objective for the company. Robert W. Baird lowered their target price on Shopify from $87.00 to $77.00 and set an “outperform” rating on the stock in a research note on Thursday, May 9th. Benchmark reissued a “hold” rating on shares of Shopify in a research report on Tuesday, May 7th. Finally, Piper Sandler increased their price target on Shopify from $63.00 to $67.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 24th. One equities research analyst has rated the stock with a sell rating, fifteen have given a hold rating and twenty-three have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $77.62.

Shopify Trading Down 6.4 %

The stock has a fifty day moving average of $63.09 and a 200 day moving average of $70.60. The company has a market capitalization of $70.14 billion, a P/E ratio of -320.18, a PEG ratio of 3.36 and a beta of 2.30. The company has a debt-to-equity ratio of 0.10, a quick ratio of 7.14 and a current ratio of 7.14.

Shopify (NYSE:SHOP) (TSE:SHOP) last issued its quarterly earnings results on Wednesday, May 8th. The software maker reported $0.12 earnings per share (EPS) 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 business had revenue of $1.86 billion during the quarter, compared to analyst estimates of $1.84 billion. As a group, equities research analysts anticipate that Shopify Inc. will post 0.62 EPS for the current fiscal year.

Institutional Investors Weigh In On Shopify

A number of institutional investors have recently bought and sold shares of SHOP. Private Wealth Management Group LLC purchased a new stake in Shopify in the 4th quarter worth $26,000. DSM Capital Partners LLC purchased a new position in shares of Shopify during the fourth quarter valued at about $28,000. Jones Financial Companies Lllp purchased a new position in shares of Shopify during the fourth quarter valued at about $28,000. Your Advocates Ltd. LLP grew its position in shares of 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 in the last quarter. Finally, Cultivar Capital Inc. purchased a new position in shares of Shopify during the second quarter valued at about $33,000. Hedge funds and other 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.