Shopify (NYSE:SHOP) Shares Up 6.2% - Time to Buy?

Shopify Inc. (NYSE:SHOP - Get Free Report) TSE: SHOP's stock price rose 6.2% on Wednesday . The stock traded as high as $100.96 and last traded at $99.83. Approximately 6,466,815 shares changed hands during mid-day trading, a decline of 24% from the average daily volume of 8,536,557 shares. The stock had previously closed at $94.01.

Analyst Ratings Changes

SHOP has been the topic of several analyst reports. Scotiabank lifted their target price on shares of Shopify from $115.00 to $120.00 and gave the company a "sector perform" rating in a report on Wednesday, February 12th. ATB Capital lifted their target price on shares of Shopify from $145.00 to $170.00 and gave the company a "sector perform" rating in a report on Wednesday, February 12th. Wells Fargo & Company lifted their target price on shares of Shopify from $120.00 to $135.00 and gave the company an "overweight" rating in a report on Wednesday, February 12th. Barclays boosted their price objective on shares of Shopify from $93.00 to $100.00 and gave the stock an "equal weight" rating in a report on Wednesday, February 12th. Finally, TD Securities boosted their price objective on shares of Shopify from $100.00 to $130.00 and gave the stock a "hold" rating in a report on Wednesday, February 12th. One research analyst has rated the stock with a sell rating, fifteen have issued 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 data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $126.31.

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Shopify Stock Performance

The stock's fifty day moving average is $110.04 and its two-hundred day moving average is $99.33. The firm has a market cap of $135.04 billion, a price-to-earnings ratio of 67.29, a PEG ratio of 4.82 and a beta of 2.60.

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

Hedge Funds Weigh In On Shopify

Institutional investors and hedge funds have recently bought and sold shares of the stock. Members Wealth LLC bought a new position in shares of Shopify during the 4th quarter valued at about $177,000. Lansforsakringar Fondforvaltning AB publ bought a new position in shares of Shopify during the 4th quarter valued at about $29,322,000. Centaurus Financial Inc. boosted its position in shares of Shopify by 15.4% during the 4th quarter. Centaurus Financial Inc. now owns 1,496 shares of the software maker's stock valued at $159,000 after purchasing an additional 200 shares in the last quarter. Cim LLC bought a new position in shares of Shopify during the 4th quarter valued at about $1,313,000. Finally, Total Wealth Planning & Management Inc. bought a new position in shares of Shopify during the 4th quarter valued at about $232,000. Institutional investors own 69.27% of the company's stock.

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.