Shopify (NASDAQ:SHOP) Trading Up 7.5% – What’s Next?

Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) shares shot up 7.5% on Monday . The company traded as high as $123.00 and last traded at $122.28. Approximately 1,206,688 shares changed hands during mid-day trading, a decline of 88% from the average session volume of 10,491,660 shares. The stock had previously closed at $113.75.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on SHOP shares. Canaccord Genuity Group dropped their price target on Shopify from $165.00 to $145.00 and set a “buy” rating for the company in a research report on Wednesday, May 6th. Needham & Company LLC reiterated a “buy” rating and set a $180.00 price objective on shares of Shopify in a research report on Tuesday, May 5th. Citizens Jmp lowered their price objective on Shopify from $160.00 to $150.00 and set a “market outperform” rating on the stock in a research note on Wednesday, May 6th. UBS Group restated a “neutral” rating on shares of Shopify in a report on Thursday, May 28th. Finally, Stifel Nicolaus set a $150.00 target price on Shopify and gave the stock a “buy” rating in a research note on Thursday, July 9th. Three investment analysts have rated the stock with a Strong Buy rating, thirty-three have given a Buy rating and nine have issued a Hold rating to the company’s stock. According to MarketBeat, Shopify has an average rating of “Moderate Buy” and an average price target of $157.69.

Shopify Stock Performance

The stock has a market cap of $160.69 billion, a PE ratio of 122.61, a PEG ratio of 2.45 and a beta of 2.58. The stock’s 50-day moving average is $114.39 and its two-hundred day moving average is $121.82.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Brighton Jones LLC grew its holdings in shares of Shopify by 2.8% in the fourth quarter. Brighton Jones LLC now owns 21,176 shares of the software maker’s stock valued at $2,252,000 after purchasing an additional 584 shares in the last quarter. AQR Capital Management LLC boosted its position in Shopify by 107.3% in the 1st quarter. AQR Capital Management LLC now owns 14,576 shares of the software maker’s stock valued at $1,392,000 after buying an additional 7,544 shares during the period. Sivia Capital Partners LLC boosted its position in Shopify by 6.6% in the 2nd quarter. Sivia Capital Partners LLC now owns 8,190 shares of the software maker’s stock valued at $945,000 after buying an additional 506 shares during the period. Osterweis Capital Management Inc. acquired a new position in shares of Shopify in the second quarter worth $53,000. Finally, Main Street Financial Solutions LLC grew its stake in shares of Shopify by 15.3% in the second quarter. Main Street Financial Solutions LLC now owns 11,131 shares of the software maker’s stock worth $1,284,000 after acquiring an additional 1,479 shares in the last quarter. Hedge funds and other institutional investors own 69.27% of the company’s stock.

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.