Shopify (NYSE:SHOP) Shares Gap Down to $77.05

Shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) gapped down prior to trading on Wednesday . The stock had previously closed at $77.05, but opened at $63.67. Shopify shares last traded at $61.97, with a volume of 25,075,439 shares trading hands.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on SHOP shares. BNP Paribas raised shares of Shopify from an “underperform” rating to an “outperform” rating in a research note on Thursday, May 2nd. National Bankshares raised their target price on shares of Shopify from $80.00 to $100.00 and gave the stock an “outperform” rating in a research report on Friday, January 26th. Piper Sandler reiterated an “underweight” rating and set a $63.00 price target on shares of Shopify in a research report on Thursday, April 11th. CIBC raised their price objective on shares of Shopify from $82.00 to $100.00 and gave the stock an “outperform” rating in a report on Wednesday, February 7th. Finally, UBS Group boosted their price objective on shares of Shopify from $75.00 to $80.00 and gave the stock a “neutral” rating in a research note on Wednesday, February 14th. Two analysts have rated the stock with a sell rating, nineteen have assigned a hold rating and seventeen have assigned a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average target price of $79.00.

Shopify Stock Down 19.5 %

The company has a current ratio of 6.99, a quick ratio of 6.99 and a debt-to-equity ratio of 0.10. The business has a 50-day moving average price of $74.74 and a 200-day moving average price of $73.78. The firm has a market cap of $79.81 billion, a P/E ratio of 695.41 and a beta of 2.20.

Shopify (NYSE:SHOP) (TSE:SHOP) last posted its quarterly earnings results on Tuesday, February 13th. The software maker reported $0.26 EPS for the quarter, beating the consensus estimate of $0.22 by $0.04. Shopify had a net margin of 1.87% and a return on equity of 4.48%. The business had revenue of $2.14 billion during the quarter, compared to analyst estimates of $2.07 billion. On average, equities analysts forecast that Shopify Inc. will post 0.59 EPS for the current fiscal year.

Institutional Trading of Shopify

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Private Wealth Management Group LLC purchased a new stake in shares of Shopify during the 4th quarter worth about $26,000. SJS Investment Consulting Inc. boosted its position in Shopify by 59.1% during the fourth quarter. SJS Investment Consulting Inc. now owns 350 shares of the software maker’s stock worth $27,000 after purchasing an additional 130 shares in the last quarter. DSM Capital Partners LLC acquired a new stake in Shopify in the fourth quarter valued at approximately $28,000. Jones Financial Companies Lllp purchased a new stake in shares of Shopify in the fourth quarter valued at approximately $28,000. Finally, Your Advocates Ltd. LLP increased its position in shares of Shopify by 4,344.4% in the fourth quarter. Your Advocates Ltd. LLP now owns 400 shares of the software maker’s stock valued at $31,000 after buying an additional 391 shares in the last quarter. Institutional investors and hedge funds 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.