Morgan Stanley Has Lowered Expectations for Shopify (NYSE:SHOP) Stock Price

Shopify (NYSE:SHOP - Free Report) TSE: SHOP had its price target decreased by Morgan Stanley from $144.00 to $106.00 in a research report sent to investors on Wednesday morning,Benzinga reports. Morgan Stanley currently has an overweight rating on the software maker's stock.

SHOP has been the topic of a number of other reports. ATB Capital raised their price target on shares of Shopify from $145.00 to $170.00 and gave the company a "sector perform" rating in a research note on Wednesday, February 12th. Evercore ISI increased their price target on Shopify from $125.00 to $140.00 and gave the company an "outperform" rating in a research note on Wednesday, February 12th. Royal Bank of Canada set a $145.00 target price on Shopify and gave the stock an "outperform" rating in a report on Friday, March 21st. Robert W. Baird lifted their price target on Shopify from $126.00 to $135.00 and gave the company an "outperform" rating in a research note on Wednesday, February 12th. Finally, Truist Financial raised their price objective on shares of Shopify from $110.00 to $120.00 and gave the company a "hold" rating in a report on Wednesday, February 12th. One analyst has rated the stock with a sell rating, fifteen have assigned a hold rating, twenty-four have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Shopify currently has a consensus rating of "Moderate Buy" and a consensus target price of $120.94.

Shopify Price Performance

SHOP traded down $0.31 on Wednesday, hitting $83.65. 11,591,792 shares of the stock were exchanged, compared to its average volume of 9,238,801. The business has a 50-day moving average of $100.46 and a two-hundred day moving average of $101.46. Shopify has a 12 month low of $48.56 and a 12 month high of $129.38. The firm has a market capitalization of $108.31 billion, a price-to-earnings ratio of 53.97, a PEG ratio of 4.82 and a beta of 2.82.

Shopify (NYSE:SHOP - Get Free Report) TSE: SHOP last released its earnings results on Tuesday, February 11th. The software maker reported $0.34 earnings per share for the quarter, missing the consensus estimate of $0.44 by ($0.10). Shopify had a return on equity of 12.00% and a net margin of 22.74%. Equities research analysts expect that Shopify will post 1.12 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Norges Bank bought a new position in Shopify during the fourth quarter valued at about $1,542,262,000. Arrowstreet Capital Limited Partnership boosted its position in Shopify by 79.8% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 16,487,579 shares of the software maker's stock worth $1,752,834,000 after purchasing an additional 7,316,862 shares during the period. Alliancebernstein L.P. increased its stake in shares of Shopify by 631.3% in the fourth quarter. Alliancebernstein L.P. now owns 4,459,580 shares of the software maker's stock worth $474,187,000 after purchasing an additional 3,849,796 shares in the last quarter. Marshall Wace LLP increased its stake in shares of Shopify by 623.8% in the fourth quarter. Marshall Wace LLP now owns 1,870,891 shares of the software maker's stock worth $198,932,000 after purchasing an additional 2,228,091 shares in the last quarter. Finally, Durable Capital Partners LP raised its position in shares of Shopify by 86.9% in the fourth quarter. Durable Capital Partners LP now owns 3,950,348 shares of the software maker's stock valued at $420,041,000 after purchasing an additional 1,836,294 shares during the period. 69.27% of the stock is currently owned by hedge funds and other 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.