Shopify (NYSE:SHOP) Shares Gap Down - Time to Sell?

Shopify Inc. (NYSE:SHOP - Get Free Report) TSE: SHOP gapped down before the market opened on Thursday . The stock had previously closed at $100.65, but opened at $87.33. Shopify shares last traded at $85.61, with a volume of 6,076,652 shares trading hands.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on SHOP. Truist Financial raised their target price on shares of Shopify from $110.00 to $120.00 and gave the stock a "hold" rating in a report on Wednesday, February 12th. ATB Capital boosted their price objective on Shopify from $145.00 to $170.00 and gave the company a "sector perform" rating in a report on Wednesday, February 12th. Deutsche Bank Aktiengesellschaft raised their target price on Shopify from $125.00 to $150.00 and gave the stock a "buy" rating in a report on Wednesday, February 12th. Robert W. Baird boosted their price target on Shopify from $126.00 to $135.00 and gave the company an "outperform" rating in a report on Wednesday, February 12th. Finally, Morgan Stanley raised their price objective on shares of Shopify from $126.00 to $144.00 and gave the stock an "overweight" rating in a research note 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 issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Shopify presently has an average rating of "Moderate Buy" and a consensus target price of $126.31.

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Shopify Trading Up 2.5 %

The stock has a market capitalization of $102.06 billion, a PE ratio of 50.85, a PEG ratio of 4.82 and a beta of 2.82. The business's 50-day moving average is $108.67 and its two-hundred day moving average is $101.59.

Shopify (NYSE:SHOP - Get Free Report) TSE: SHOP last released its quarterly earnings results on Tuesday, February 11th. The software maker reported $0.34 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, analysts predict that Shopify Inc. will post 1.12 EPS for the current year.

Institutional Trading of Shopify

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Allianz SE bought a new stake in shares of Shopify in the fourth quarter worth $27,000. PFG Private Wealth Management LLC increased its position in shares of Shopify by 3,657.1% in the 4th quarter. PFG Private Wealth Management LLC now owns 263 shares of the software maker's stock worth $28,000 after purchasing an additional 256 shares during the last quarter. Fourth Dimension Wealth LLC acquired a new stake in shares of Shopify in the 4th quarter valued at about $30,000. Mark Sheptoff Financial Planning LLC lifted its position in shares of Shopify by 50.0% during the fourth quarter. Mark Sheptoff Financial Planning LLC now owns 300 shares of the software maker's stock worth $32,000 after purchasing an additional 100 shares during the last quarter. Finally, New Wave Wealth Advisors LLC acquired a new position in Shopify in the fourth quarter worth about $39,000. 69.27% of the stock is 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.