Shopify (NYSE:SHOP) Trading Down 1.8%

Shopify Inc. (NYSE:SHOP - Get Free Report) TSE: SHOP's stock price was down 1.8% during trading on Wednesday . The stock traded as low as $64.80 and last traded at $64.96. Approximately 1,516,950 shares changed hands during trading, a decline of 85% from the average daily volume of 10,060,602 shares. The stock had previously closed at $66.13.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the stock. Mizuho decreased their target price on shares of Shopify from $75.00 to $65.00 and set a "neutral" rating for the company in a research note on Thursday, May 9th. JMP Securities raised Shopify from a "market perform" rating to an "outperform" rating and set a $80.00 target price on the stock in a research note on Thursday, May 9th. Morgan Stanley raised Shopify from an "equal weight" rating to an "overweight" rating and lifted their price target for the stock from $74.00 to $85.00 in a research report on Friday, April 19th. Canaccord Genuity Group cut their price objective on shares of Shopify from $90.00 to $80.00 and set a "buy" rating on the stock in a research report on Thursday, May 9th. Finally, Piper Sandler raised shares of Shopify from an "underweight" rating to a "neutral" rating and set a $63.00 target price for the company in a report on Thursday, May 9th. One research analyst has rated the stock with a sell rating, sixteen have assigned a hold rating and twenty-one have assigned a buy rating to the stock. Based on data from MarketBeat, Shopify presently has a consensus rating of "Moderate Buy" and an average price target of $76.42.

Shopify Stock Performance

The firm's 50-day moving average price is $63.47 and its 200-day moving average price is $72.49. The company has a debt-to-equity ratio of 0.10, a current ratio of 7.14 and a quick ratio of 7.14. The stock has a market cap of $84.56 billion, a P/E ratio of -383.24, a PEG ratio of 3.38 and a beta of 2.30.

Shopify (NYSE:SHOP - Get Free Report) TSE: SHOP last announced its quarterly earnings results on Wednesday, May 8th. The software maker reported $0.12 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.08 by $0.04. Shopify had a negative net margin of 2.82% and a positive return on equity of 7.36%. The company had revenue of $1.86 billion for the quarter, compared to the consensus estimate of $1.84 billion. Sell-side analysts expect that Shopify Inc. will post 0.61 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Shopify

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Baillie Gifford & Co. raised its holdings in shares of Shopify by 2.3% during the 4th quarter. Baillie Gifford & Co. now owns 64,164,758 shares of the software maker's stock worth $4,998,476,000 after acquiring an additional 1,419,749 shares in the last quarter. Capital World Investors increased its position in Shopify by 26.2% in the first quarter. Capital World Investors now owns 49,764,809 shares of the software maker's stock worth $3,840,332,000 after purchasing an additional 10,340,040 shares during the last quarter. Vanguard Group Inc. raised its stake in Shopify by 1.7% during the first quarter. Vanguard Group Inc. now owns 42,881,355 shares of the software maker's stock valued at $3,309,154,000 after purchasing an additional 713,064 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its position in Shopify by 21.2% during the first quarter. Price T Rowe Associates Inc. MD now owns 34,239,525 shares of the software maker's stock valued at $2,642,265,000 after purchasing an additional 5,982,434 shares during the last quarter. Finally, GQG Partners LLC grew its stake in shares of Shopify by 197.9% in the 1st quarter. GQG Partners LLC now owns 20,901,980 shares of the software maker's stock worth $1,613,006,000 after buying an additional 13,885,473 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.