Shopify (NYSE:SHOP) Stock Price Down 3.6% – Here’s What Happened

Shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) traded down 3.6% on Tuesday . The stock traded as low as $93.60 and last traded at $93.11. 1,163,235 shares traded hands during trading, a decline of 86% from the average session volume of 8,515,375 shares. The stock had previously closed at $96.59.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the stock. Phillip Securities downgraded shares of Shopify from a “strong-buy” rating to a “moderate buy” rating in a research note on Monday, February 17th. Barclays upped their price objective on Shopify from $93.00 to $100.00 and gave the company an “equal weight” rating in a report on Wednesday, February 12th. Benchmark upgraded Shopify from a “hold” rating to a “buy” rating and set a $150.00 target price on the stock in a research report on Monday, February 10th. JPMorgan Chase & Co. increased their price target on Shopify from $121.00 to $124.00 and gave the stock an “overweight” rating in a report on Wednesday, February 12th. Finally, JMP Securities restated a “market outperform” rating and issued a $120.00 price objective on shares of Shopify in a report on Thursday, December 12th. One investment analyst has rated the stock with a sell rating, fifteen have given a hold rating, twenty-four have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Shopify currently has an average rating of “Moderate Buy” and a consensus target price of $126.31.

Shopify Price Performance

The firm has a market cap of $122.18 billion, a price-to-earnings ratio of 60.87, a PEG ratio of 4.82 and a beta of 2.60. The stock has a 50-day moving average price of $110.53 and a 200 day moving average price of $98.94.

Shopify (NYSE:SHOP) (TSE:SHOP) last released its quarterly earnings results on Tuesday, February 11th. The software maker reported $0.34 EPS for the quarter, missing the consensus estimate of $0.44 by ($0.10). Shopify had a return on equity of 12.00% and a net margin of 22.74%. As a group, equities research analysts predict that Shopify Inc. will post 1.12 earnings per share for the current year.

Institutional Trading of Shopify

Large investors have recently bought and sold shares of the business. OneDigital Investment Advisors LLC grew its holdings in shares of Shopify by 12.8% during the third quarter. OneDigital Investment Advisors LLC now owns 19,370 shares of the software maker’s stock worth $1,552,000 after buying an additional 2,191 shares during the last quarter. Empowered Funds LLC grew its stake in shares of Shopify by 5.7% in the 3rd quarter. Empowered Funds LLC now owns 22,446 shares of the software maker’s stock valued at $1,799,000 after purchasing an additional 1,211 shares during the last quarter. Atlanta Consulting Group Advisors LLC acquired a new position in shares of Shopify in the third quarter valued at approximately $489,000. Claro Advisors LLC purchased a new stake in shares of Shopify during the third quarter worth approximately $456,000. Finally, Thrivent Financial for Lutherans lifted its holdings in shares of Shopify by 100.6% during the third quarter. Thrivent Financial for Lutherans now owns 88,409 shares of the software maker’s stock worth $7,086,000 after purchasing an additional 44,345 shares during the period. 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.