Shopify (NYSE:SHOP) Trading 1.9% Higher – What’s Next?

Shopify Inc. (NYSE:SHOP) (TSE:SHOP)’s share price shot up 1.9% on Thursday . The company traded as high as $104.19 and last traded at $103.43. 2,918,835 shares were traded during trading, a decline of 66% from the average session volume of 8,569,427 shares. The stock had previously closed at $101.54.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on SHOP. The Goldman Sachs Group lifted their price target on shares of Shopify from $135.00 to $150.00 and gave the stock a “buy” rating in a report on Wednesday, February 12th. Loop Capital upgraded Shopify from a “hold” rating to a “buy” rating and boosted their target price for the company from $110.00 to $140.00 in a research note on Friday, December 6th. Jefferies Financial Group increased their price target on Shopify from $110.00 to $130.00 and gave the stock a “hold” rating in a research note on Tuesday, February 18th. Benchmark raised shares of Shopify from a “hold” rating to a “buy” rating and set a $150.00 price objective for the company in a report on Monday, February 10th. Finally, Phillip Securities cut shares of Shopify from a “strong-buy” rating to a “moderate buy” rating in a report on Monday, February 17th. One investment analyst has rated the stock with a sell rating, fifteen have given a hold rating, twenty-four have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $126.31.

Shopify Trading Up 2.4 %

The company has a market capitalization of $135.04 billion, a P/E ratio of 67.29, a price-to-earnings-growth ratio of 4.82 and a beta of 2.60. The company’s 50 day moving average is $110.04 and its 200-day moving average is $99.33.

Shopify (NYSE:SHOP) (TSE:SHOP) last posted its quarterly earnings results on Tuesday, February 11th. The software maker reported $0.34 earnings per share 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%. Analysts predict that Shopify Inc. will post 1.12 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of SHOP. Allianz SE purchased a new position in Shopify in the 4th quarter worth about $27,000. PFG Private Wealth Management LLC raised its holdings in shares of Shopify by 3,657.1% during the fourth 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 last quarter. Fourth Dimension Wealth LLC bought a new position in Shopify during the fourth quarter valued at approximately $30,000. Mark Sheptoff Financial Planning LLC boosted its holdings in 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 last quarter. Finally, New Wave Wealth Advisors LLC bought a new stake in Shopify in the 4th quarter worth approximately $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.