Shopify (NYSE:SHOP) Stock Price Up 5% - Here's What Happened

Shopify Inc. (NYSE:SHOP - Get Free Report) TSE: SHOP shares rose 5% on Friday . The company traded as high as $95.83 and last traded at $95.15. Approximately 2,761,364 shares were traded during trading, a decline of 68% from the average daily volume of 8,523,351 shares. The stock had previously closed at $90.59.

Wall Street Analyst Weigh In

SHOP has been the topic of a number of research analyst reports. Canaccord Genuity Group boosted their price objective on shares of Shopify from $125.00 to $140.00 and gave the company a "buy" rating in a report on Wednesday, February 12th. JMP Securities reissued a "market outperform" rating and set a $120.00 price objective on shares of Shopify in a report on Thursday, December 12th. TD Securities boosted their price objective on shares of Shopify from $100.00 to $130.00 and gave the company a "hold" rating in a report on Wednesday, February 12th. Piper Sandler boosted their price objective on shares of Shopify from $94.00 to $104.00 and gave the company a "neutral" rating in a report on Wednesday, February 12th. Finally, CIBC boosted their price objective on shares of Shopify from $135.00 to $160.00 and gave the company an "outperform" rating in a report on Wednesday, February 12th. One 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 given a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $126.31.

Remove Ads

Shopify Stock Performance

The company has a market cap of $122.86 billion, a PE ratio of 61.22, a PEG ratio of 4.82 and a beta of 2.60. The firm's 50 day moving average is $110.88 and its 200-day moving average is $98.59.

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 (EPS) for the quarter, missing the consensus estimate of $0.44 by ($0.10). Shopify had a net margin of 22.74% and a return on equity of 12.00%. On average, analysts predict that Shopify Inc. will post 1.12 EPS for the current year.

Institutional Trading of Shopify

Large investors have recently bought and sold shares of the business. Allianz SE purchased a new stake in Shopify during the 4th quarter valued at about $27,000. PFG Private Wealth Management LLC grew its stake in shares of Shopify by 3,657.1% in the 4th quarter. PFG Private Wealth Management LLC now owns 263 shares of the software maker's stock valued at $28,000 after buying an additional 256 shares during the period. Fourth Dimension Wealth LLC purchased a new stake in shares of Shopify in the 4th quarter valued at approximately $30,000. Mark Sheptoff Financial Planning LLC grew its stake in shares of Shopify by 50.0% in the 4th quarter. Mark Sheptoff Financial Planning LLC now owns 300 shares of the software maker's stock valued at $32,000 after buying an additional 100 shares during the period. Finally, Brooklyn Investment Group purchased a new stake in shares of Shopify in the 3rd quarter valued at approximately $33,000. 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.