Shopify (NYSE:SHOP) Stock Price Down 0.5%

Shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) fell 0.5% on Thursday . The company traded as low as $64.93 and last traded at $65.28. 1,705,197 shares traded hands during mid-day trading, a decline of 83% from the average session volume of 10,039,758 shares. The stock had previously closed at $65.61.

Wall Street Analyst Weigh In

A number of research firms recently commented on SHOP. Piper Sandler raised Shopify from an “underweight” rating to a “neutral” rating and set a $63.00 target price for the company in a report on Thursday, May 9th. Evercore ISI raised shares of Shopify from an “in-line” rating to an “outperform” rating and set a $75.00 price objective on the stock in a report on Friday, June 14th. Needham & Company LLC reissued a “hold” rating on shares of Shopify in a report on Thursday, May 9th. JMP Securities raised shares of Shopify from a “market perform” rating to an “outperform” rating and set a $80.00 price target on the stock in a report on Thursday, May 9th. Finally, DA Davidson reduced their price objective on Shopify from $90.00 to $84.00 and set a “buy” rating for the company in a research note on Thursday, May 9th. One analyst has rated the stock with a sell rating, sixteen have assigned a hold rating and twenty-one have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $76.42.

Shopify Trading Down 0.4 %

The business has a fifty day moving average price of $63.38 and a two-hundred day moving average price of $72.44. The company has a current ratio of 7.14, a quick ratio of 7.14 and a debt-to-equity ratio of 0.10. The firm has a market capitalization of $84.18 billion, a PE ratio of -384.00, a PEG ratio of 3.38 and a beta of 2.30.

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

Institutional Investors Weigh In On Shopify

Institutional investors and hedge funds have recently modified their holdings of the company. GQG Partners LLC grew its stake in shares of Shopify by 197.9% in the first quarter. GQG Partners LLC now owns 20,901,980 shares of the software maker’s stock worth $1,613,006,000 after acquiring an additional 13,885,473 shares in the last quarter. Norges Bank purchased a new stake in Shopify during the 4th quarter worth about $1,049,089,000. Capital World Investors boosted its stake in shares of Shopify by 26.2% in the 1st quarter. Capital World Investors now owns 49,764,809 shares of the software maker’s stock valued at $3,840,332,000 after buying an additional 10,340,040 shares during the period. Price T Rowe Associates Inc. MD grew its position in shares of Shopify by 21.2% during the first quarter. Price T Rowe Associates Inc. MD now owns 34,239,525 shares of the software maker’s stock worth $2,642,265,000 after buying an additional 5,982,434 shares in the last quarter. Finally, Toronto Dominion Bank increased its stake in shares of Shopify by 214.5% during the first quarter. Toronto Dominion Bank now owns 2,909,052 shares of the software maker’s stock worth $224,492,000 after buying an additional 1,983,996 shares during the period. Hedge funds and other institutional investors own 69.27% of the company’s stock.

About Shopify

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.