Shopify (NYSE:SHOP) Shares Down 4.4%

Shopify Inc. (NYSE:SHOP) (TSE:SHOP) shares dropped 4.4% during mid-day trading on Monday . The company traded as low as $63.05 and last traded at $63.14. Approximately 3,484,217 shares traded hands during mid-day trading, a decline of 66% from the average daily volume of 10,265,929 shares. The stock had previously closed at $66.05.

Analyst Upgrades and Downgrades

SHOP has been the subject of a number of research analyst reports. Scotiabank lowered their price target on Shopify from $80.00 to $75.00 and set a “sector perform” rating for the company in a report on Thursday, May 9th. Benchmark reaffirmed a “hold” rating on shares of Shopify in a report on Tuesday, May 7th. Evercore ISI upgraded Shopify from an “in-line” rating to an “outperform” rating and set a $75.00 price objective for the company in a research note on Friday, June 14th. Moffett Nathanson cut Shopify from a “buy” rating to a “neutral” rating and reduced their price objective for the company from $74.00 to $65.00 in a research note on Thursday, June 6th. Finally, The Goldman Sachs Group boosted their price objective on Shopify from $67.00 to $74.00 and gave the company a “buy” rating in a research note on Tuesday, May 28th. One research analyst has rated the stock with a sell rating, sixteen have issued a hold rating and twenty-one have given a buy rating to the stock. Based on data from MarketBeat.com, Shopify has a consensus rating of “Moderate Buy” and an average target price of $76.42.

Shopify Trading Down 3.6 %

The business has a fifty day moving average price of $64.20 and a 200 day moving average price of $73.00. The company has a market capitalization of $82.09 billion, a PE ratio of -371.41, a P/E/G ratio of 3.32 and a beta of 2.30. The company has a debt-to-equity ratio of 0.10, a quick ratio of 7.14 and a current ratio of 7.14.

Shopify (NYSE:SHOP) (TSE:SHOP) last released its quarterly earnings data on Wednesday, May 8th. The software maker reported $0.12 EPS for the quarter, topping analysts’ consensus estimates of $0.08 by $0.04. The company had revenue of $1.86 billion for the quarter, compared to the consensus estimate of $1.84 billion. Shopify had a positive return on equity of 7.36% and a negative net margin of 2.82%. Analysts expect that Shopify Inc. will post 0.61 EPS for the current fiscal year.

Institutional Investors Weigh In On Shopify

Hedge funds have recently modified their holdings of the stock. Private Wealth Management Group LLC purchased a new stake in shares of Shopify during the 4th quarter valued at about $26,000. SJS Investment Consulting Inc. raised its holdings in shares of Shopify by 59.1% during the 4th quarter. SJS Investment Consulting Inc. now owns 350 shares of the software maker’s stock valued at $27,000 after buying an additional 130 shares during the period. DSM Capital Partners LLC acquired a new stake in Shopify during the 4th quarter valued at approximately $28,000. Jones Financial Companies Lllp acquired a new stake in Shopify during the 4th quarter valued at approximately $28,000. Finally, Your Advocates Ltd. LLP grew its stake in Shopify by 4,344.4% during the 4th quarter. Your Advocates Ltd. LLP now owns 400 shares of the software maker’s stock valued at $31,000 after purchasing an additional 391 shares in 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.