Shopify (NYSE:SHOP) Shares Up 6.8% - Here's Why

Shares of Shopify Inc. (NYSE:SHOP - Get Free Report) TSE: SHOP traded up 6.8% on Tuesday . The stock traded as high as $112.39 and last traded at $114.72. 1,703,084 shares changed hands during mid-day trading, a decline of 68% from the average session volume of 5,243,067 shares. The stock had previously closed at $107.38.

Wall Street Analyst Weigh In

A number of research firms have recently commented on SHOP. Scotiabank upped their price objective on shares of Shopify from $75.00 to $80.00 and gave the company a "sector perform" rating in a research note on Thursday, October 24th. Piper Sandler lifted their target price on Shopify from $67.00 to $94.00 and gave the stock a "neutral" rating in a report on Wednesday, November 13th. Royal Bank of Canada reiterated an "outperform" rating and issued a $130.00 price objective on shares of Shopify in a research note on Wednesday, January 22nd. Oppenheimer raised their price target on shares of Shopify from $90.00 to $130.00 and gave the stock an "outperform" rating in a report on Wednesday, November 13th. Finally, KeyCorp upped their price target on Shopify from $80.00 to $130.00 and gave the stock an "overweight" rating in a research note on Wednesday, November 13th. One analyst has rated the stock with a sell rating, fifteen have issued a hold rating, twenty-three have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Shopify has an average rating of "Moderate Buy" and a consensus target price of $100.32.

Shopify Trading Up 9.3 %

The company has a debt-to-equity ratio of 0.09, a quick ratio of 7.10 and a current ratio of 7.10. The stock has a fifty day moving average of $109.40 and a 200 day moving average of $87.52. The company has a market capitalization of $151.63 billion, a P/E ratio of 109.67, a PEG ratio of 2.24 and a beta of 2.46.

Institutional Trading of Shopify

Institutional investors have recently made changes to their positions in the business. Brooklyn Investment Group bought a new position in Shopify during the third quarter valued at approximately $33,000. Rosenberg Matthew Hamilton grew its holdings in shares of Shopify by 41.3% in the third quarter. Rosenberg Matthew Hamilton now owns 455 shares of the software maker's stock valued at $36,000 after purchasing an additional 133 shares in the last quarter. New Wave Wealth Advisors LLC bought a new stake in Shopify in the fourth quarter worth $39,000. Mather Group LLC. increased its position in Shopify by 84.8% in the fourth quarter. Mather Group LLC. now owns 401 shares of the software maker's stock worth $43,000 after purchasing an additional 184 shares during the last quarter. Finally, Truvestments Capital LLC purchased a new stake in Shopify during the third quarter valued at $45,000. Hedge funds and other institutional investors own 69.27% of the company's stock.

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.