Shopify (NYSE:SHOP) Stock Crosses Above 50 Day Moving Average - Here's What Happened

Shares of Shopify Inc. (NYSE:SHOP - Get Free Report) TSE: SHOP passed above its 50-day moving average during trading on Wednesday . The stock has a 50-day moving average of $103.34 and traded as high as $107.31. Shopify shares last traded at $106.33, with a volume of 3,765,368 shares trading hands.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the company. Barclays increased their price target on Shopify from $70.00 to $93.00 and gave the stock an "equal weight" rating in a report on Wednesday, November 13th. JMP Securities restated a "market outperform" rating and issued a $120.00 target price on shares of Shopify in a research note on Thursday, December 12th. Mizuho boosted their price target on shares of Shopify from $68.00 to $105.00 and gave the stock a "neutral" rating in a research note on Wednesday, November 13th. Royal Bank of Canada increased their price target on shares of Shopify from $100.00 to $130.00 and gave the stock an "outperform" rating in a report on Wednesday, November 13th. Finally, Scotiabank lifted their price objective on Shopify from $75.00 to $80.00 and gave the company a "sector perform" rating in a report on Thursday, October 24th. One equities research analyst has rated the stock with a sell rating, sixteen have given a hold rating, twenty-three have assigned a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, Shopify currently has a consensus rating of "Moderate Buy" and a consensus target price of $99.03.

Shopify Price Performance

The stock has a market cap of $138.94 billion, a PE ratio of 100.50, a price-to-earnings-growth ratio of 2.98 and a beta of 2.46. The company has a quick ratio of 7.10, a current ratio of 7.10 and a debt-to-equity ratio of 0.09. The company's fifty day moving average is $103.89 and its 200 day moving average is $82.45.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the stock. Swiss National Bank grew its holdings in Shopify by 0.9% during the 3rd quarter. Swiss National Bank now owns 3,657,800 shares of the software maker's stock valued at $293,507,000 after purchasing an additional 33,300 shares in the last quarter. Teachers Retirement System of The State of Kentucky boosted its position in Shopify by 29.3% in the 3rd quarter. Teachers Retirement System of The State of Kentucky now owns 342,030 shares of the software maker's stock valued at $27,409,000 after buying an additional 77,500 shares during the last quarter. Oppenheimer & Co. Inc. grew its stake in shares of Shopify by 26.4% during the third quarter. Oppenheimer & Co. Inc. now owns 33,609 shares of the software maker's stock valued at $2,693,000 after acquiring an additional 7,027 shares in the last quarter. Nations Financial Group Inc. IA ADV grew its stake in shares of Shopify by 4.6% during the third quarter. Nations Financial Group Inc. IA ADV now owns 4,756 shares of the software maker's stock valued at $381,000 after acquiring an additional 209 shares in the last quarter. Finally, Wahed Invest LLC increased its position in shares of Shopify by 18.4% during the third quarter. Wahed Invest LLC now owns 57,624 shares of the software maker's stock worth $4,618,000 after acquiring an additional 8,960 shares during the last quarter. 69.27% of the stock is owned by hedge funds and other 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.