Shopify (NYSE:SHOP) Shares Gap Up - Still a Buy?

Shopify Inc. (NYSE:SHOP - Get Free Report) TSE: SHOP's stock price gapped up before the market opened on Wednesday . The stock had previously closed at $94.01, but opened at $99.63. Shopify shares last traded at $99.66, with a volume of 3,106,628 shares changing hands.

Wall Street Analyst Weigh In

Several research firms have weighed in on SHOP. Truist Financial increased their price objective on Shopify from $110.00 to $120.00 and gave the stock a "hold" rating in a report on Wednesday, February 12th. New Street Research initiated coverage on Shopify in a research note on Friday, January 10th. They issued a "neutral" rating and a $115.00 price target for the company. Citigroup boosted their price objective on shares of Shopify from $143.00 to $175.00 and gave the company a "buy" rating in a research report on Tuesday, February 11th. TD Securities raised their target price on shares of Shopify from $100.00 to $130.00 and gave the stock a "hold" rating in a research report on Wednesday, February 12th. Finally, Moffett Nathanson boosted their price target on shares of Shopify from $86.00 to $99.00 and gave the company a "neutral" rating in a research report on Tuesday, November 26th. One research 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 given a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $126.31.

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Shopify Stock Up 2.4 %

The firm has a market cap 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 firm's fifty day simple moving average is $110.04 and its two-hundred day simple moving average is $99.53.

Shopify (NYSE:SHOP - Get Free Report) TSE: SHOP last issued 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%. As a group, analysts anticipate that Shopify Inc. 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 business. Allianz SE bought a new position in shares of Shopify during the fourth quarter worth $27,000. PFG Private Wealth Management LLC lifted its stake in 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 in the last quarter. Fourth Dimension Wealth LLC bought a new position in shares of Shopify during the 4th quarter valued at about $30,000. Mark Sheptoff Financial Planning LLC grew 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 valued at $32,000 after purchasing an additional 100 shares in the last quarter. Finally, Brooklyn Investment Group bought a new stake in shares of Shopify in the third quarter worth about $33,000. 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.