Shopify (TSE:SHOP) Share Price Crosses Below 200-Day Moving Average – What’s Next?

Shares of Shopify Inc. (TSE:SHOP) passed below its 200-day moving average during trading on Friday . The stock has a 200-day moving average of C$178.84 and traded as low as C$150.75. Shopify shares last traded at C$151.58, with a volume of 4,017,237 shares changing hands.

Analysts Set New Price Targets

Several analysts have weighed in on SHOP shares. Wells Fargo & Company decreased their price objective on shares of Shopify from $191.00 to $166.00 and set an “overweight” rating on the stock in a research note on Monday, April 6th. ATB Cormark Capital Markets cut their price target on Shopify from C$250.00 to C$240.00 and set an “outperform” rating for the company in a report on Wednesday, May 6th. Two investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of C$206.33.

Shopify Price Performance

The company has a 50-day moving average of C$155.97 and a 200-day moving average of C$178.84. The company has a debt-to-equity ratio of 1.43, a quick ratio of 5.74 and a current ratio of 6.20. The firm has a market capitalization of C$196.70 billion, a price-to-earnings ratio of 148.61, a price-to-earnings-growth ratio of 0.87 and a beta of 2.30.

Shopify (TSE:SHOP) last announced its earnings results on Tuesday, May 5th. The company reported C($0.63) earnings per share (EPS) for the quarter. The firm had revenue of C$4.41 billion during the quarter. Shopify had a net margin of 10.94% and a return on equity of 10.70%. As a group, research analysts anticipate that Shopify Inc. will post 1.9256156 EPS for the current fiscal year.

About Shopify

Shopify provides essential internet infrastructure for commerce. Shopify’s all-in-one platform makes it easier to start, run, and grow a business, powering sales online, in-store, and everywhere in between. Millions of businesses in 175+ countries use Shopify-from entrepreneurs to brands like Aldo, BarkBox, Carrier, Meta, Vuori, SKIMS, and Supreme.