Shopify (NYSE:SHOP) Shares Gap Down - Here's What Happened

Shopify Inc. (NYSE:SHOP - Get Free Report) TSE: SHOP's stock price gapped down prior to trading on Friday . The stock had previously closed at $102.52, but opened at $99.15. Shopify shares last traded at $97.41, with a volume of 2,513,552 shares.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on SHOP shares. Wells Fargo & Company upped their price target on shares of Shopify from $120.00 to $135.00 and gave the company an "overweight" rating in a report on Wednesday, February 12th. Wedbush reaffirmed an "outperform" rating and issued a $125.00 price objective on shares of Shopify in a research note on Tuesday, February 11th. Phillip Securities lowered Shopify from a "strong-buy" rating to a "moderate buy" rating in a research report on Monday, February 17th. The Goldman Sachs Group lifted their price target on shares of Shopify from $135.00 to $150.00 and gave the stock a "buy" rating in a report on Wednesday, February 12th. Finally, Barclays raised their price target on Shopify from $93.00 to $100.00 and gave the stock an "equal weight" rating in a report on Wednesday, February 12th. One analyst has rated the stock with a sell rating, fifteen have given a hold rating, twenty-four have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $126.31.

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Shopify Trading Down 6.9 %

The stock's 50 day moving average is $110.21 and its 200 day moving average is $100.98. The stock has a market capitalization of $123.63 billion, a price-to-earnings ratio of 61.60, a PEG ratio of 4.82 and a beta of 2.60.

Shopify (NYSE:SHOP - Get Free Report) TSE: SHOP last issued its quarterly earnings data on Tuesday, February 11th. The software maker reported $0.34 earnings per share (EPS) 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%. On average, sell-side analysts anticipate that Shopify Inc. will post 1.12 EPS for the current year.

Hedge Funds Weigh In On Shopify

Several hedge funds and other institutional investors have recently modified their holdings of SHOP. Norges Bank purchased a new stake in Shopify during the fourth quarter worth approximately $1,542,262,000. Arrowstreet Capital Limited Partnership boosted its position in Shopify by 79.8% during the 4th 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 holdings in Shopify by 631.3% in the 4th quarter. Alliancebernstein L.P. now owns 4,459,580 shares of the software maker's stock valued at $474,187,000 after purchasing an additional 3,849,796 shares in the last quarter. Marshall Wace LLP raised its position in Shopify by 623.8% in the fourth quarter. Marshall Wace LLP now owns 1,870,891 shares of the software maker's stock valued at $198,932,000 after purchasing an additional 2,228,091 shares during the period. Finally, Durable Capital Partners LP boosted 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 worth $420,041,000 after buying an additional 1,836,294 shares during the period. 69.27% of the stock is owned by institutional investors and hedge funds.

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.