Shopify (NYSE:SHOP) Stock Price Up 1.5% - Time to Buy?

Shopify Inc. (NYSE:SHOP - Get Free Report) TSE: SHOP shares shot up 1.5% during trading on Wednesday . The stock traded as high as $104.17 and last traded at $103.24. 1,835,617 shares were traded during trading, a decline of 77% from the average session volume of 7,947,263 shares. The stock had previously closed at $101.73.

Analysts Set New Price Targets

SHOP has been the topic of a number of recent analyst reports. New Street Research initiated coverage on shares of Shopify in a report on Friday, January 10th. They issued a "neutral" rating and a $115.00 price target on the stock. Mizuho upped their price target on Shopify from $68.00 to $105.00 and gave the stock a "neutral" rating in a research report on Wednesday, November 13th. Wells Fargo & Company raised their price objective on Shopify from $120.00 to $135.00 and gave the stock an "overweight" rating in a research report on Wednesday, February 12th. TD Securities raised their price target on Shopify from $100.00 to $130.00 and gave the stock a "hold" rating in a report on Wednesday, February 12th. Finally, Cantor Fitzgerald reiterated a "neutral" rating and issued a $120.00 target price on shares of Shopify in a research note on Wednesday, February 12th. One investment analyst has rated the stock with a sell rating, fifteen have issued 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.com, Shopify currently has a consensus rating of "Moderate Buy" and an average target price of $126.31.

Shopify Stock Up 0.3 %

The firm has a 50-day moving average of $112.57 and a two-hundred day moving average of $97.59. The stock has a market capitalization of $137.84 billion, a price-to-earnings ratio of 68.60, a price-to-earnings-growth ratio of 4.82 and a beta of 2.47.

Shopify (NYSE:SHOP - Get Free Report) TSE: SHOP last posted 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%. As a group, sell-side analysts predict that Shopify Inc. will post 1.12 EPS for the current year.

Institutional Investors Weigh In On Shopify

Large investors have recently bought and sold shares of the business. LRI Investments LLC boosted its holdings in Shopify by 9.8% during the fourth quarter. LRI Investments LLC now owns 889 shares of the software maker's stock valued at $94,000 after acquiring an additional 79 shares during the period. Tidemark LLC raised its position in Shopify by 3.6% in 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 in the last quarter. Howland Capital Management LLC lifted its stake in Shopify by 2.0% during 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 during the period. Trust Co. of Vermont boosted its holdings in Shopify by 9.9% during 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 in the last quarter. Finally, First United Bank & Trust grew its stake in shares of Shopify by 2.2% in the 4th quarter. First United Bank & Trust now owns 4,590 shares of the software maker's stock valued at $488,000 after purchasing an additional 100 shares during the period. 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.