Shopify (NYSE:SHOP) Trading Down 2% - Time to Sell?

Shopify Inc. (NYSE:SHOP - Get Free Report) TSE: SHOP shares dropped 2% during mid-day trading on Thursday . The stock traded as low as $99.73 and last traded at $102.21. Approximately 2,997,948 shares traded hands during mid-day trading, a decline of 65% from the average daily volume of 8,602,015 shares. The stock had previously closed at $104.28.

Wall Street Analysts Forecast Growth

SHOP has been the topic of several research reports. DA Davidson upped their price objective on shares of Shopify from $130.00 to $150.00 and gave the company a "buy" rating in a report on Wednesday, February 12th. Wells Fargo & Company increased their price objective on shares of Shopify from $120.00 to $135.00 and gave the stock an "overweight" rating in a research report on Wednesday, February 12th. Wedbush reissued an "outperform" rating and set a $125.00 target price on shares of Shopify in a research report on Tuesday, February 11th. Truist Financial upped their price objective on shares of Shopify from $110.00 to $120.00 and gave the stock a "hold" rating in a research report on Wednesday, February 12th. Finally, Deutsche Bank Aktiengesellschaft boosted their price target on Shopify from $125.00 to $150.00 and gave the company a "buy" rating in a report on Wednesday, February 12th. One investment analyst has rated the stock with a sell rating, fifteen have assigned a hold rating, twenty-four have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Shopify has a consensus rating of "Moderate Buy" and an average price target of $126.31.

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Shopify Stock Down 5.9 %

The stock has a market cap of $124.96 billion, a PE ratio of 62.27, a price-to-earnings-growth ratio of 4.82 and a beta of 2.60. The firm has a fifty day moving average of $110.21 and a 200 day moving average of $100.78.

Shopify (NYSE:SHOP - Get Free Report) TSE: SHOP last announced its quarterly earnings data on Tuesday, February 11th. The software maker reported $0.34 earnings per share 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%. On average, equities research analysts forecast that Shopify Inc. will post 1.12 EPS for the current fiscal year.

Hedge Funds Weigh In On Shopify

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Jennison Associates LLC acquired a new position in shares of Shopify in the 4th quarter valued at about $132,323,000. Watts Gwilliam & Co. LLC grew its holdings in shares of Shopify by 53.0% during the fourth quarter. Watts Gwilliam & Co. LLC now owns 13,401 shares of the software maker's stock valued at $1,431,000 after buying an additional 4,641 shares in the last quarter. Teachers Retirement System of The State of Kentucky increased its stake 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 period. Wahed Invest LLC lifted its holdings in shares of Shopify by 18.4% during the 3rd quarter. Wahed Invest LLC now owns 57,624 shares of the software maker's stock valued at $4,618,000 after buying an additional 8,960 shares during the last quarter. Finally, Public Employees Retirement System of Ohio acquired a new position in Shopify during the third quarter worth $33,676,000. 69.27% of the stock is owned by hedge funds and other institutional investors.

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.