Shopify (NYSE:SHOP) Shares Gap Up – Still a Buy?

Shopify Inc. (NYSE:SHOP) (TSE:SHOP)’s share price gapped up before the market opened on Wednesday . The stock had previously closed at $94.01, but opened at $99.63. Shopify shares last traded at $99.66, with a volume of 3,106,628 shares changing hands.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on the company. Oppenheimer raised their price target on Shopify from $130.00 to $150.00 and gave the company an “outperform” rating in a report on Wednesday, February 12th. Scotiabank raised their target price on shares of Shopify from $115.00 to $120.00 and gave the company a “sector perform” rating in a report on Wednesday, February 12th. Wedbush reissued an “outperform” rating and issued a $125.00 target price on shares of Shopify in a report on Tuesday, February 11th. Phillip Securities cut shares of Shopify from a “strong-buy” rating to a “moderate buy” rating in a research note on Monday, February 17th. Finally, Loop Capital raised shares of Shopify from a “hold” rating to a “buy” rating and lifted their price objective for the stock from $110.00 to $140.00 in a research note on Friday, December 6th. One analyst has rated the stock with a sell rating, fifteen have given a hold rating, twenty-four have issued a buy rating and one has assigned 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 target price of $126.31.

Shopify Stock Up 6.5 %

The company’s 50-day simple moving average is $110.27 and its 200 day simple moving average is $99.08. The firm has a market capitalization of $129.58 billion, a PE ratio of 64.49, a price-to-earnings-growth 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 EPS for the quarter, missing analysts’ consensus estimates of $0.44 by ($0.10). Shopify had a net margin of 22.74% and a return on equity of 12.00%. On average, sell-side analysts forecast that Shopify Inc. will post 1.12 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Shopify

A number of institutional investors have recently modified their holdings of SHOP. Allianz SE purchased a new position in shares of Shopify during the 4th quarter valued at approximately $27,000. PFG Private Wealth Management LLC increased its stake in shares of Shopify by 3,657.1% in the 4th 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 in the last quarter. Fourth Dimension Wealth LLC purchased a new position in shares of Shopify in the 4th quarter valued at about $30,000. Mark Sheptoff Financial Planning LLC increased its position in shares of Shopify by 50.0% in the fourth quarter. Mark Sheptoff Financial Planning LLC now owns 300 shares of the software maker’s stock valued at $32,000 after buying an additional 100 shares in the last quarter. Finally, Brooklyn Investment Group purchased a new stake in shares of Shopify in the third quarter valued at approximately $33,000. Hedge funds and other 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.