Shopify (NYSE:SHOP) Stock Price Down 3.6% - Here's Why

Shopify Inc. (NYSE:SHOP - Get Free Report) TSE: SHOP was down 3.6% during mid-day trading on Tuesday . The company traded as low as $93.60 and last traded at $93.11. Approximately 1,163,235 shares traded hands during mid-day trading, a decline of 86% from the average daily volume of 8,515,375 shares. The stock had previously closed at $96.59.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the stock. Robert W. Baird boosted their target price on shares of Shopify from $126.00 to $135.00 and gave the stock an "outperform" rating in a report on Wednesday, February 12th. Benchmark upgraded Shopify from a "hold" rating to a "buy" rating and set a $150.00 price objective for the company in a report on Monday, February 10th. Piper Sandler raised their target price on Shopify from $94.00 to $104.00 and gave the stock a "neutral" rating in a research report on Wednesday, February 12th. Oppenheimer upped their price target on Shopify from $130.00 to $150.00 and gave the company an "outperform" rating in a research report on Wednesday, February 12th. Finally, JPMorgan Chase & Co. raised their price objective on Shopify from $121.00 to $124.00 and gave the stock an "overweight" rating in a research report on Wednesday, February 12th. One equities research 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 issued a strong buy rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $126.31.

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Shopify Trading Up 2.4 %

The company has a market capitalization of $135.04 billion, a PE ratio of 67.29, a P/E/G ratio of 4.82 and a beta of 2.60. The stock's fifty day moving average is $110.03 and its two-hundred day moving average is $99.12.

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 analysts' consensus estimates of $0.44 by ($0.10). Shopify had a net margin of 22.74% and a return on equity of 12.00%. As a group, analysts anticipate that Shopify Inc. will post 1.12 EPS for the current fiscal year.

Institutional Trading of Shopify

Several hedge funds have recently made changes to their positions in the company. LRI Investments LLC increased its holdings in Shopify by 9.8% in the 4th quarter. LRI Investments LLC now owns 889 shares of the software maker's stock worth $94,000 after acquiring an additional 79 shares during the last quarter. Tidemark LLC boosted its position in Shopify by 3.6% during the fourth quarter. Tidemark LLC now owns 2,592 shares of the software maker's stock worth $276,000 after purchasing an additional 90 shares during the period. Howland Capital Management LLC increased its stake in shares of Shopify by 2.0% in the fourth quarter. Howland Capital Management LLC now owns 4,949 shares of the software maker's stock worth $526,000 after purchasing an additional 99 shares in the last quarter. Trust Co. of Vermont raised its position in shares of Shopify by 9.9% in the fourth quarter. Trust Co. of Vermont now owns 1,114 shares of the software maker's stock valued at $118,000 after purchasing an additional 100 shares during the period. Finally, First United Bank & Trust lifted its stake in shares of Shopify by 2.2% during the 4th quarter. First United Bank & Trust now owns 4,590 shares of the software maker's stock valued at $488,000 after buying an additional 100 shares in the last quarter. 69.27% of the stock is currently owned by institutional investors.

About Shopify

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.