Shopify (NYSE:SHOP) Trading 3% Higher – Here’s What Happened

Shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) rose 3% on Wednesday . The stock traded as high as $99.13 and last traded at $95.72. Approximately 3,369,403 shares changed hands during trading, a decline of 60% from the average daily volume of 8,514,597 shares. The stock had previously closed at $92.95.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on the stock. Moffett Nathanson raised their price target on shares of Shopify from $86.00 to $99.00 and gave the stock a “neutral” rating in a research report on Tuesday, November 26th. Wells Fargo & Company upped their target price on Shopify from $120.00 to $135.00 and gave the company an “overweight” rating in a report on Wednesday, February 12th. Mizuho increased their price objective on shares of Shopify from $68.00 to $105.00 and gave the stock a “neutral” rating in a report on Wednesday, November 13th. Phillip Securities downgraded shares of Shopify from a “strong-buy” rating to a “moderate buy” rating in a research report on Monday, February 17th. Finally, Benchmark upgraded shares of Shopify from a “hold” rating to a “buy” rating and set a $150.00 price target on the stock in a research report on Monday, February 10th. One analyst has rated the stock with a sell rating, fifteen have issued a hold rating, twenty-four have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $126.31.

Shopify Stock Up 4.4 %

The company has a market capitalization of $125.70 billion, a PE ratio of 62.54, a PEG ratio of 4.82 and a beta of 2.60. The business has a 50 day simple moving average of $111.70 and a 200 day simple moving average of $98.36.

Shopify (NYSE:SHOP) (TSE:SHOP) last issued its earnings results on Tuesday, February 11th. The software maker reported $0.34 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.44 by ($0.10). Shopify had a return on equity of 12.00% and a net margin of 22.74%. Equities analysts expect that Shopify Inc. will post 1.12 EPS for the current fiscal year.

Institutional Investors Weigh In On Shopify

Several large investors have recently bought and sold shares of SHOP. Baillie Gifford & Co. increased its holdings in shares of Shopify by 14.7% in the third quarter. Baillie Gifford & Co. now owns 63,366,308 shares of the software maker’s stock valued at $5,078,176,000 after purchasing an additional 8,131,160 shares during the last quarter. Capital World Investors raised its holdings in shares of Shopify by 0.9% during the 4th quarter. Capital World Investors now owns 53,102,707 shares of the software maker’s stock worth $5,646,455,000 after acquiring an additional 496,982 shares during the period. Vanguard Group Inc. boosted its position in shares of Shopify by 1.7% during the 4th quarter. Vanguard Group Inc. now owns 47,080,112 shares of the software maker’s stock valued at $5,010,721,000 after acquiring an additional 781,162 shares during the last quarter. FMR LLC raised its stake in Shopify by 3.4% during the fourth quarter. FMR LLC now owns 43,732,077 shares of the software maker’s stock worth $4,653,054,000 after purchasing an additional 1,426,000 shares during the period. Finally, Capital International Investors lifted its holdings in Shopify by 2.7% in the fourth quarter. Capital International Investors now owns 36,516,305 shares of the software maker’s stock valued at $3,883,039,000 after acquiring an additional 968,026 shares during the last quarter. 69.27% of the stock is currently owned by hedge funds and other institutional investors.

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.