Shopify (NYSE:SHOP) Stock Price Up 0.8% – Here’s What Happened

Shopify Inc. (NYSE:SHOP) (TSE:SHOP)’s stock price was up 0.8% on Friday . The company traded as high as $102.72 and last traded at $102.67. Approximately 2,309,825 shares changed hands during trading, a decline of 73% from the average daily volume of 8,573,479 shares. The stock had previously closed at $101.85.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on SHOP shares. Wells Fargo & Company upped their target price on Shopify from $120.00 to $135.00 and gave the company an “overweight” rating in a research report on Wednesday, February 12th. Robert W. Baird upped their target price on Shopify from $126.00 to $135.00 and gave the company an “outperform” rating in a research report on Wednesday, February 12th. JPMorgan Chase & Co. upped their target price on Shopify from $121.00 to $124.00 and gave the company an “overweight” rating in a research report on Wednesday, February 12th. Citigroup upped their target price on Shopify from $143.00 to $175.00 and gave the company a “buy” rating in a research report on Tuesday, February 11th. Finally, The Goldman Sachs Group upped their target price on Shopify from $135.00 to $150.00 and gave the company a “buy” rating in a research report on Wednesday, February 12th. One equities research analyst has rated the stock with a sell rating, fifteen have assigned a hold rating, twenty-four have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Shopify has a consensus rating of “Moderate Buy” and a consensus price target of $126.31.

Shopify Stock Up 1.9 %

The company has a market cap of $134.44 billion, a price-to-earnings ratio of 67.08, a PEG ratio of 4.82 and a beta of 2.60. The firm has a 50 day moving average price of $110.03 and a two-hundred day moving average price of $99.12.

Shopify (NYSE:SHOP) (TSE:SHOP) last announced its 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 net margin of 22.74% and a return on equity of 12.00%. On average, equities analysts expect that Shopify Inc. will post 1.12 earnings per share for the current year.

Institutional Investors Weigh In On Shopify

Several institutional investors and hedge funds have recently made changes to their positions in SHOP. Empowered Funds LLC boosted its position in shares of Shopify by 5.7% during 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 in the last quarter. Thrivent Financial for Lutherans boosted its position in shares of Shopify by 100.6% during the 3rd quarter. Thrivent Financial for Lutherans now owns 88,409 shares of the software maker’s stock valued at $7,086,000 after purchasing an additional 44,345 shares in the last quarter. Pathstone Holdings LLC boosted its position in shares of Shopify by 3.8% during the 3rd quarter. Pathstone Holdings LLC now owns 68,800 shares of the software maker’s stock valued at $5,514,000 after purchasing an additional 2,487 shares in the last quarter. Prospera Financial Services Inc boosted its position in shares of Shopify by 1.7% during the 3rd quarter. Prospera Financial Services Inc now owns 20,991 shares of the software maker’s stock valued at $1,682,000 after purchasing an additional 349 shares in the last quarter. Finally, Prospera Private Wealth LLC bought a new stake in shares of Shopify during the 3rd quarter valued at about $98,000. 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.