Shopify (NYSE:SHOP) Shares Up 5% – Here’s What Happened

Shopify Inc. (NYSE:SHOP) (TSE:SHOP) traded up 5% on Friday . The company traded as high as $95.83 and last traded at $95.15. 2,761,364 shares were traded during mid-day trading, a decline of 68% from the average session volume of 8,523,351 shares. The stock had previously closed at $90.59.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on the company. ATB Capital boosted their target price on Shopify from $145.00 to $170.00 and gave the company a “sector perform” rating in a research note on Wednesday, February 12th. DA Davidson boosted their target price on Shopify from $130.00 to $150.00 and gave the company a “buy” rating in a research note on Wednesday, February 12th. Robert W. Baird boosted their target price on Shopify from $126.00 to $135.00 and gave the company an “outperform” rating in a research note on Wednesday, February 12th. Cantor Fitzgerald reissued a “neutral” rating and issued a $120.00 target price on shares of Shopify in a research note on Wednesday, February 12th. Finally, New Street Research initiated coverage on Shopify in a research note on Friday, January 10th. They issued a “neutral” rating and a $115.00 target price for the company. One equities research analyst has rated the stock with a sell rating, fifteen have assigned a hold rating, twenty-four have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Shopify has an average rating of “Moderate Buy” and a consensus price target of $126.31.

Shopify Stock Performance

The firm has a fifty day moving average price of $110.88 and a two-hundred day moving average price of $98.59. The stock has a market capitalization of $122.86 billion, a P/E ratio of 61.22, a PEG ratio of 4.82 and a beta of 2.60.

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

Hedge Funds Weigh In On Shopify

Institutional investors have recently bought and sold shares of the stock. Allianz SE bought a new position in Shopify in the 4th quarter worth $27,000. PFG Private Wealth Management LLC raised 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 worth $28,000 after purchasing an additional 256 shares during the period. Fourth Dimension Wealth LLC bought a new position in Shopify in the 4th quarter worth $30,000. Mark Sheptoff Financial Planning LLC raised its holdings in Shopify by 50.0% in the 4th 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, Brooklyn Investment Group purchased a new stake in Shopify in the 3rd quarter worth $33,000. 69.27% of the stock is owned by 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.