Shopify (NYSE:SHOP) Stock Price Down 0.5%

Shopify Inc. (NYSE:SHOP) (TSE:SHOP) shares traded down 0.5% on Wednesday . The stock traded as low as $77.63 and last traded at $78.12. 1,191,440 shares traded hands during mid-day trading, a decline of 88% from the average session volume of 9,843,683 shares. The stock had previously closed at $78.53.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on SHOP. Atb Cap Markets cut shares of Shopify from an “outperform” rating to a “sector perform” rating in a research report on Wednesday, December 6th. Wells Fargo & Company lowered their price objective on shares of Shopify from $90.00 to $85.00 and set an “overweight” rating for the company in a research report on Wednesday, February 14th. Morgan Stanley raised their target price on shares of Shopify from $62.00 to $74.00 and gave the stock an “equal weight” rating in a report on Monday, December 4th. TD Securities increased their price target on Shopify from $65.00 to $80.00 and gave the stock a “hold” rating in a research report on Wednesday, December 6th. Finally, The Goldman Sachs Group boosted their price objective on Shopify from $67.00 to $75.00 and gave the company a “neutral” rating in a research report on Thursday, February 29th. Three equities research analysts have rated the stock with a sell rating, twenty have issued a hold rating and fifteen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Shopify presently has an average rating of “Hold” and a consensus price target of $76.42.

Shopify Price Performance

The stock has a market cap of $99.27 billion, a price-to-earnings ratio of 857.43 and a beta of 2.22. The company has a quick ratio of 6.99, a current ratio of 6.99 and a debt-to-equity ratio of 0.10. The company’s 50-day moving average is $79.33 and its 200-day moving average is $70.04.

Shopify (NYSE:SHOP) (TSE:SHOP) last issued its earnings results on Tuesday, February 13th. The software maker reported $0.26 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.22 by $0.04. The business had revenue of $2.14 billion during the quarter, compared to analysts’ expectations of $2.07 billion. Shopify had a return on equity of 4.48% and a net margin of 1.87%. Equities research analysts expect that Shopify Inc. will post 0.57 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in SHOP. Vident Investment Advisory LLC lifted its holdings in Shopify by 5.3% during the 1st quarter. Vident Investment Advisory LLC now owns 661 shares of the software maker’s stock valued at $447,000 after purchasing an additional 33 shares during the last quarter. Interchange Capital Partners LLC increased its holdings in shares of Shopify by 7.1% during the first quarter. Interchange Capital Partners LLC now owns 511 shares of the software maker’s stock worth $345,000 after buying an additional 34 shares in the last quarter. Ancora Advisors LLC increased its holdings in shares of Shopify by 6.2% during the first quarter. Ancora Advisors LLC now owns 1,177 shares of the software maker’s stock worth $1,302,000 after buying an additional 69 shares in the last quarter. SVB Wealth LLC raised its stake in shares of Shopify by 14.0% in the first quarter. SVB Wealth LLC now owns 659 shares of the software maker’s stock valued at $445,000 after acquiring an additional 81 shares during the last quarter. Finally, Industrial Alliance Investment Management Inc. boosted its holdings in shares of Shopify by 292.9% in the 1st quarter. Industrial Alliance Investment Management Inc. now owns 110 shares of the software maker’s stock worth $74,000 after acquiring an additional 82 shares in the last quarter. 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.