Shopify (NYSE:SHOP) Stock Price Down 4% – Time to Sell?

Shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) dropped 4% during mid-day trading on Friday . The company traded as low as $96.59 and last traded at $98.42. Approximately 3,799,790 shares traded hands during trading, a decline of 56% from the average daily volume of 8,619,245 shares. The stock had previously closed at $102.52.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on SHOP shares. Jefferies Financial Group increased their price target on Shopify from $110.00 to $130.00 and gave the company a “hold” rating in a report on Tuesday, February 18th. Citigroup raised their target price on shares of Shopify from $143.00 to $175.00 and gave the stock a “buy” rating in a report on Tuesday, February 11th. DA Davidson upped their price target on shares of Shopify from $130.00 to $150.00 and gave the company a “buy” rating in a report on Wednesday, February 12th. Loop Capital raised shares of Shopify from a “hold” rating to a “buy” rating and raised their price objective for the stock from $110.00 to $140.00 in a research note on Friday, December 6th. Finally, Royal Bank of Canada set a $145.00 target price on Shopify and gave the company an “outperform” rating in a research report on Friday, March 21st. One analyst has rated the stock with a sell rating, fifteen have assigned a hold rating, twenty-four have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $126.31.

Shopify Stock Performance

The stock’s 50 day simple moving average is $110.35 and its 200-day simple moving average is $100.35. The firm has a market cap of $125.15 billion, a price-to-earnings ratio of 62.43, a price-to-earnings-growth ratio of 4.82 and a beta of 2.60.

Shopify (NYSE:SHOP) (TSE:SHOP) last announced its quarterly earnings data on Tuesday, February 11th. The software maker reported $0.34 earnings per share 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%. On average, analysts expect that Shopify Inc. will post 1.12 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the company. LRI Investments LLC increased its holdings in Shopify by 9.8% in the 4th quarter. LRI Investments LLC now owns 889 shares of the software maker’s stock worth $94,000 after buying an additional 79 shares during the period. Tidemark LLC increased its stake in shares of Shopify by 3.6% in the fourth quarter. Tidemark LLC now owns 2,592 shares of the software maker’s stock worth $276,000 after acquiring an additional 90 shares during the period. Howland Capital Management LLC raised its holdings in shares of Shopify by 2.0% during the fourth quarter. Howland Capital Management LLC now owns 4,949 shares of the software maker’s stock worth $526,000 after purchasing an additional 99 shares during the last quarter. Trust Co. of Vermont lifted its position in Shopify by 9.9% during the fourth quarter. Trust Co. of Vermont now owns 1,114 shares of the software maker’s stock valued at $118,000 after purchasing an additional 100 shares during the period. Finally, First United Bank & Trust boosted its holdings in Shopify by 2.2% in the fourth quarter. First United Bank & Trust now owns 4,590 shares of the software maker’s stock valued at $488,000 after purchasing an additional 100 shares during the last quarter. 69.27% of the stock is currently owned by hedge funds and other institutional investors.

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.