Shopify Inc. (NYSE:SHOP – Get Free Report) (TSE:SHOP)’s share price fell 0.4% on Thursday . The stock traded as low as $57.95 and last traded at $58.45. 2,879,881 shares were traded during trading, a decline of 72% from the average session volume of 10,350,961 shares. The stock had previously closed at $58.70.
Wall Street Analyst Weigh In
Several analysts have recently commented on SHOP shares. Morgan Stanley raised shares of Shopify from an “equal weight” rating to an “overweight” rating and lifted their price target for the company from $74.00 to $85.00 in a research report on Friday, April 19th. Royal Bank of Canada reduced their price target on shares of Shopify from $100.00 to $85.00 and set an “outperform” rating on the stock in a research report on Thursday, May 9th. The Goldman Sachs Group raised Shopify from a “neutral” rating to a “buy” rating and boosted their target price for the company from $67.00 to $74.00 in a research report on Wednesday. Loop Capital cut their target price on Shopify from $90.00 to $80.00 and set a “hold” rating on the stock in a research report on Monday, April 15th. Finally, BNP Paribas raised Shopify from an “underperform” rating to an “outperform” rating in a research report on Thursday, May 2nd. One analyst has rated the stock with a sell rating, sixteen have assigned a hold rating and nineteen have given a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $77.06.
Get Our Latest Analysis on Shopify
Shopify Stock Down 1.8 %
Institutional Inflows and Outflows
A number of hedge funds have recently added to or reduced their stakes in SHOP. StoneCrest Wealth Management Inc. acquired a new stake in shares of Shopify in the fourth quarter valued at approximately $1,164,000. Asset Management One Co. Ltd. boosted its position in Shopify by 4,007.4% during the fourth quarter. Asset Management One Co. Ltd. now owns 35,488 shares of the software maker’s stock worth $2,807,000 after acquiring an additional 34,624 shares during the last quarter. SeaCrest Wealth Management LLC acquired a new stake in Shopify during the fourth quarter worth approximately $433,000. Bleakley Financial Group LLC boosted its position in Shopify by 18.5% during the fourth quarter. Bleakley Financial Group LLC now owns 10,778 shares of the software maker’s stock worth $840,000 after acquiring an additional 1,681 shares during the last quarter. Finally, Savant Capital LLC boosted its position in Shopify by 1.8% during the fourth quarter. Savant Capital LLC now owns 10,425 shares of the software maker’s stock worth $812,000 after acquiring an additional 181 shares during the last quarter. 69.27% of the stock is 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.
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