Shopify (NYSE:SHOP) Shares Up 1.2% – Should You Buy?

Shopify Inc. (NYSE:SHOP) (TSE:SHOP)’s share price shot up 1.2% during mid-day trading on Monday . The stock traded as high as $98.43 and last traded at $95.97. 1,881,629 shares traded hands during mid-day trading, a decline of 78% from the average session volume of 8,529,425 shares. The stock had previously closed at $94.85.

Analysts Set New Price Targets

A number of analysts recently weighed in on SHOP shares. DA Davidson raised their target price on shares of Shopify from $130.00 to $150.00 and gave the stock a “buy” rating in a report on Wednesday, February 12th. Evercore ISI raised their target price on shares of Shopify from $125.00 to $140.00 and gave the stock an “outperform” rating in a report on Wednesday, February 12th. ATB Capital raised their target price on shares of Shopify from $145.00 to $170.00 and gave the stock a “sector perform” rating in a report on Wednesday, February 12th. Barclays raised their target price on shares of Shopify from $93.00 to $100.00 and gave the stock an “equal weight” rating in a report on Wednesday, February 12th. Finally, Wells Fargo & Company raised their target price on shares of Shopify from $120.00 to $135.00 and gave the stock an “overweight” rating in a 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 assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Shopify has an average rating of “Moderate Buy” and a consensus target price of $126.31.

Shopify Stock Performance

The business’s 50 day moving average is $110.88 and its 200-day moving average is $98.78. The firm has a market capitalization of $125.79 billion, a price-to-earnings ratio of 62.68, a price-to-earnings-growth ratio of 4.82 and a beta of 2.60.

Shopify (NYSE:SHOP) (TSE:SHOP) last posted its quarterly 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%. Equities research analysts forecast that Shopify Inc. will post 1.12 EPS for the current fiscal year.

Institutional Trading of Shopify

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Norges Bank acquired a new stake in shares of Shopify during the 4th quarter valued at about $1,542,262,000. Arrowstreet Capital Limited Partnership boosted its position 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 valued at $1,752,834,000 after acquiring an additional 7,316,862 shares in the last quarter. FMR LLC boosted its position 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 valued at $3,389,637,000 after acquiring an additional 5,869,795 shares in the last quarter. Alliancebernstein L.P. boosted its position in shares of Shopify by 631.3% during the 4th quarter. Alliancebernstein L.P. now owns 4,459,580 shares of the software maker’s stock valued at $474,187,000 after acquiring an additional 3,849,796 shares in the last quarter. Finally, Marshall Wace LLP boosted its position in shares of Shopify by 623.8% during the 4th quarter. Marshall Wace LLP now owns 1,870,891 shares of the software maker’s stock valued at $198,932,000 after acquiring an additional 2,228,091 shares in the last quarter. 69.27% of the stock is currently owned by institutional investors and hedge funds.

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.