Shopify (NASDAQ:SHOP) Trading Down 1.3% – Time to Sell?

Shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) fell 1.3% during mid-day trading on Tuesday . The company traded as low as $100.72 and last traded at $101.01. 10,961,431 shares traded hands during mid-day trading, a decline of 5% from the average session volume of 11,525,864 shares. The stock had previously closed at $102.39.

Analyst Ratings Changes

Several research firms have weighed in on SHOP. Needham & Company LLC reaffirmed a “buy” rating and set a $180.00 price objective on shares of Shopify in a research report on Tuesday, May 5th. Phillip Securities upgraded Shopify from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, February 18th. Piper Sandler restated an “overweight” rating and set a $150.00 price target (down from $165.00) on shares of Shopify in a research report on Tuesday, May 5th. Stifel Nicolaus set a $115.00 price objective on Shopify and gave the stock a “hold” rating in a report on Wednesday, February 11th. Finally, TD Securities raised Shopify from a “hold” rating to a “buy” rating and set a $159.00 price objective for the company in a research report on Thursday, February 12th. Two equities research analysts have rated the stock with a Strong Buy rating, thirty-one have given a Buy rating and ten have given a Hold rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $158.42.

Shopify Trading Down 1.3%

The company has a market cap of $131.08 billion, a PE ratio of 100.01, a P/E/G ratio of 2.81 and a beta of 2.64. The firm has a 50 day moving average of $118.47 and a two-hundred day moving average of $137.61.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last released its earnings results on Tuesday, May 5th. The software maker reported $999.00 EPS for the quarter, topping the consensus estimate of $0.22 by $998.78. Shopify had a return on equity of 12.07% and a net margin of 10.77%.The business had revenue of $3.17 billion for the quarter, compared to the consensus estimate of $3.08 billion. On average, research analysts forecast that Shopify Inc. will post 1.36 EPS for the current year.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. Brighton Jones LLC lifted its position in Shopify by 2.8% in the 4th quarter. Brighton Jones LLC now owns 21,176 shares of the software maker’s stock valued at $2,252,000 after acquiring an additional 584 shares in the last quarter. AQR Capital Management LLC increased its holdings in shares of Shopify by 107.3% in the 1st quarter. AQR Capital Management LLC now owns 14,576 shares of the software maker’s stock worth $1,392,000 after purchasing an additional 7,544 shares in the last quarter. Sivia Capital Partners LLC raised its stake in shares of Shopify by 6.6% in the second quarter. Sivia Capital Partners LLC now owns 8,190 shares of the software maker’s stock worth $945,000 after purchasing an additional 506 shares during the last quarter. Osterweis Capital Management Inc. purchased a new position in shares of Shopify in the second quarter worth $53,000. Finally, Main Street Financial Solutions LLC lifted its holdings in shares of Shopify by 15.3% during the second quarter. Main Street Financial Solutions LLC now owns 11,131 shares of the software maker’s stock valued at $1,284,000 after purchasing an additional 1,479 shares in the last quarter. 69.27% of the stock is owned by hedge funds and other institutional investors.

Shopify Company Profile

Shopify is a Canadian commerce technology company that provides a cloud-based platform for businesses to create, manage and scale online and physical retail stores. Its core offering is a software-as-a-service e-commerce platform that enables merchants to build customizable storefronts, manage product catalogs, process orders, and handle inventory. Shopify also supports omnichannel selling through integrated point-of-sale (POS) systems for in-person transactions.

Beyond storefront software, Shopify offers a range of merchant services and tools designed to simplify commerce operations.