Shopify (NYSE:SHOP) Shares Down 2.6% – Should You Sell?

Shopify Inc. (NYSE:SHOP) (TSE:SHOP)’s stock price dropped 2.6% on Friday . The company traded as low as $99.45 and last traded at $99.84. Approximately 2,143,871 shares were traded during mid-day trading, a decline of 73% from the average daily volume of 8,047,408 shares. The stock had previously closed at $102.49.

Analysts Set New Price Targets

Several brokerages recently issued reports on SHOP. The Goldman Sachs Group upped their price target on shares of Shopify from $135.00 to $150.00 and gave the stock a “buy” rating in a research report on Wednesday, February 12th. New Street Research started coverage on shares of Shopify in a research note on Friday, January 10th. They set a “neutral” rating and a $115.00 price target on the stock. DA Davidson upped their price objective on Shopify from $130.00 to $150.00 and gave the stock a “buy” rating in a report on Wednesday, February 12th. DZ Bank lowered Shopify from a “hold” rating to a “sell” rating in a research report on Thursday, November 21st. Finally, UBS Group boosted their target price on Shopify from $110.00 to $125.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 12th. One investment analyst has rated the stock with a sell rating, fifteen have given a hold rating, twenty-four have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Shopify currently has an average rating of “Moderate Buy” and an average price target of $126.31.

Shopify Stock Performance

The stock has a market cap of $129.57 billion, a PE ratio of 64.52, a P/E/G ratio of 4.82 and a beta of 2.47. The business has a 50 day moving average price of $112.42 and a two-hundred day moving average price of $97.62.

Shopify (NYSE:SHOP) (TSE:SHOP) last announced its quarterly earnings data on Tuesday, February 11th. The software maker reported $0.34 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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, research analysts anticipate that Shopify Inc. will post 1.12 earnings per share for the current year.

Institutional Trading of Shopify

Several hedge funds have recently added to or reduced their stakes in the stock. Norges Bank purchased a new position in Shopify in the fourth quarter valued at approximately $1,542,262,000. Baillie Gifford & Co. lifted its position in shares of Shopify by 14.7% during the 3rd quarter. Baillie Gifford & Co. now owns 63,366,308 shares of the software maker’s stock valued at $5,078,176,000 after buying an additional 8,131,160 shares during the last quarter. Arrowstreet Capital Limited Partnership grew its stake 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 worth $1,752,834,000 after acquiring an additional 7,316,862 shares during the period. FMR LLC grew its stake in shares of Shopify by 16.1% during the 3rd quarter. FMR LLC now owns 42,306,077 shares of the software maker’s stock worth $3,389,637,000 after acquiring an additional 5,869,795 shares during the period. Finally, Alliancebernstein L.P. increased its holdings in Shopify by 631.3% in the 4th quarter. Alliancebernstein L.P. now owns 4,459,580 shares of the software maker’s stock worth $474,187,000 after acquiring an additional 3,849,796 shares during the last quarter. 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.