Shopify (NYSE:SHOP) Shares Gap Down to $77.05

Shopify Inc. (NYSE:SHOP) (TSE:SHOP) gapped down prior to trading on Wednesday . The stock had previously closed at $77.05, but opened at $63.67. Shopify shares last traded at $61.97, with a volume of 25,075,439 shares changing hands.

Wall Street Analyst Weigh In

SHOP has been the subject of a number of recent research reports. Citigroup cut their price objective on shares of Shopify from $105.00 to $95.00 and set a “buy” rating for the company in a report on Thursday. StockNews.com upgraded shares of Shopify from a “sell” rating to a “hold” rating in a research report on Wednesday, April 24th. The Goldman Sachs Group lowered their price objective on shares of Shopify from $75.00 to $67.00 and set a “neutral” rating for the company in a research report on Thursday. Wells Fargo & Company lowered their price objective on shares of Shopify from $85.00 to $75.00 and set an “overweight” rating for the company in a research report on Thursday. Finally, National Bankshares upped their price objective on shares of Shopify from $80.00 to $100.00 and gave the stock an “outperform” rating in a research report on Friday, January 26th. One research analyst has rated the stock with a sell rating, seventeen have issued a hold rating and eighteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $76.86.

Shopify Stock Performance

The company has a market cap of $80.37 billion, a PE ratio of 694.11 and a beta of 2.20. The company has a debt-to-equity ratio of 0.10, a current ratio of 6.99 and a quick ratio of 6.99. The company’s fifty day moving average price is $74.48 and its 200 day moving average price is $73.70.

Shopify (NYSE:SHOP) (TSE:SHOP) last posted its quarterly earnings results on Tuesday, February 13th. The software maker reported $0.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.22 by $0.04. Shopify had a net margin of 1.87% and a return on equity of 4.48%. The company had revenue of $2.14 billion for the quarter, compared to analyst estimates of $2.07 billion. On average, equities research analysts predict that Shopify Inc. will post 0.59 earnings per share for the current year.

Institutional Trading of Shopify

Several hedge funds and other institutional investors have recently modified their holdings of the business. Pinnacle Wealth Planning Services Inc. grew its stake in Shopify by 26.6% during the first quarter. Pinnacle Wealth Planning Services Inc. now owns 4,080 shares of the software maker’s stock valued at $315,000 after acquiring an additional 856 shares in the last quarter. Bright Financial Advisors Inc. purchased a new position in Shopify in the 1st quarter worth approximately $252,000. GM Advisory Group LLC grew its stake in Shopify by 50.8% in the 1st quarter. GM Advisory Group LLC now owns 11,157 shares of the software maker’s stock worth $861,000 after buying an additional 3,757 shares in the last quarter. Trillium Asset Management LLC purchased a new stake in shares of Shopify in the 1st quarter valued at $6,178,000. Finally, Orion Portfolio Solutions LLC boosted its stake in shares of Shopify by 3.2% in the 1st quarter. Orion Portfolio Solutions LLC now owns 38,473 shares of the software maker’s stock valued at $2,969,000 after purchasing an additional 1,201 shares in 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.