Shopify (NYSE:SHOP) Shares Up 1.5% – Time to Buy?

Shopify Inc. (NYSE:SHOP) (TSE:SHOP)’s share price shot up 1.5% during trading on Wednesday . The company traded as high as $104.17 and last traded at $103.24. 1,835,617 shares traded hands during mid-day trading, a decline of 77% from the average session volume of 7,947,263 shares. The stock had previously closed at $101.73.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on SHOP. DZ Bank lowered Shopify from a “hold” rating to a “sell” rating in a report on Thursday, November 21st. Wedbush restated an “outperform” rating and issued a $125.00 target price on shares of Shopify in a report on Tuesday, February 11th. New Street Research began coverage on shares of Shopify in a research note on Friday, January 10th. They set a “neutral” rating and a $115.00 price target for the company. Truist Financial increased their price objective on shares of Shopify from $110.00 to $120.00 and gave the stock a “hold” rating in a research report on Wednesday, February 12th. Finally, Benchmark upgraded Shopify from a “hold” rating to a “buy” rating and set a $150.00 target price for the company in a research report on Monday, February 10th. One investment 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 stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $126.31.

Shopify Stock Up 2.9 %

The business’s 50-day moving average is $112.65 and its 200-day moving average is $97.53. The company has a market capitalization of $135.53 billion, a price-to-earnings ratio of 67.53, a P/E/G ratio of 4.82 and a beta of 2.47.

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

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. Robeco Institutional Asset Management B.V. lifted its holdings in Shopify by 1.5% during the third quarter. Robeco Institutional Asset Management B.V. now owns 210,668 shares of the software maker’s stock valued at $16,883,000 after purchasing an additional 3,035 shares in the last quarter. Roman Butler Fullerton & Co. purchased a new position in Shopify in the 3rd quarter valued at about $214,000. Asset Management One Co. Ltd. boosted its holdings in Shopify by 61.7% in the 3rd quarter. Asset Management One Co. Ltd. now owns 99,620 shares of the software maker’s stock worth $7,984,000 after buying an additional 37,996 shares during the last quarter. QRG Capital Management Inc. acquired a new stake in Shopify in the 3rd quarter worth about $227,000. Finally, World Equity Group Inc. purchased a new stake in Shopify during the 3rd quarter worth approximately $351,000. 69.27% of the stock is owned by institutional investors and hedge funds.

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.