Shopify (NYSE:SHOP) Stock Price Up 0.8% – What’s Next?

Shopify Inc. (NYSE:SHOP) (TSE:SHOP) shares shot up 0.8% during trading on Thursday . The stock traded as high as $109.45 and last traded at $107.02. 4,624,203 shares traded hands during trading, a decline of 42% from the average session volume of 8,013,130 shares. The stock had previously closed at $106.15.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the company. Barclays upped their price target on Shopify from $93.00 to $100.00 and gave the company an “equal weight” rating in a research report on Wednesday, February 12th. Piper Sandler increased their target price on shares of Shopify from $94.00 to $104.00 and gave the company a “neutral” rating in a research report on Wednesday, February 12th. Oppenheimer boosted their price target on shares of Shopify from $130.00 to $150.00 and gave the stock an “outperform” rating in a research report on Wednesday, February 12th. Deutsche Bank Aktiengesellschaft increased their price objective on shares of Shopify from $125.00 to $150.00 and gave the stock a “buy” rating in a research report on Wednesday, February 12th. Finally, Benchmark upgraded shares of Shopify from a “hold” rating to a “buy” rating and set a $150.00 target price on the stock in a report on Monday, February 10th. One equities research analyst has rated the stock with a sell rating, fifteen have assigned a hold rating, twenty-four have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $126.31.

Shopify Stock Performance

The firm has a 50 day moving average price of $112.26 and a two-hundred day moving average price of $97.80. The company has a market cap of $129.48 billion, a P/E ratio of 64.52, 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 (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%. On average, sell-side analysts predict that Shopify Inc. will post 1.12 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the stock. Allianz SE bought a new position in shares of Shopify in the fourth quarter valued at approximately $27,000. PFG Private Wealth Management LLC boosted its holdings in Shopify by 3,657.1% in the 4th quarter. PFG Private Wealth Management LLC now owns 263 shares of the software maker’s stock valued at $28,000 after purchasing an additional 256 shares during the period. Fourth Dimension Wealth LLC purchased a new position in shares of Shopify during the 4th quarter valued at $30,000. Mark Sheptoff Financial Planning LLC increased its holdings in shares of Shopify by 50.0% in the fourth quarter. Mark Sheptoff Financial Planning LLC now owns 300 shares of the software maker’s stock worth $32,000 after purchasing an additional 100 shares during the period. Finally, New Wave Wealth Advisors LLC purchased a new stake in shares of Shopify in the fourth quarter worth $39,000. Hedge funds and other institutional investors 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.