Shopify (NYSE:SHOP) Stock Price Up 6.8% - Time to Buy?

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

Analysts Set New Price Targets

Several equities analysts recently issued reports on the company. Piper Sandler boosted their price objective on Shopify from $67.00 to $94.00 and gave the company a "neutral" rating in a research report on Wednesday, November 13th. Atb Cap Markets lowered Shopify from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, November 12th. Loop Capital raised shares of Shopify from a "hold" rating to a "buy" rating and boosted their price target for the stock from $110.00 to $140.00 in a research report on Friday, December 6th. KeyCorp upped their price objective on Shopify from $80.00 to $130.00 and gave the stock an "overweight" rating in a research note on Wednesday, November 13th. Finally, Wells Fargo & Company raised their target price on shares of Shopify from $90.00 to $120.00 and gave the company an "overweight" rating in a research note on Wednesday, November 13th. One equities research analyst has rated the stock with a sell rating, fifteen have assigned 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, Shopify currently has a consensus rating of "Moderate Buy" and an average price target of $100.32.

Shopify Stock Down 2.1 %

The company has a market capitalization of $150.79 billion, a P/E ratio of 109.07, a price-to-earnings-growth ratio of 2.45 and a beta of 2.46. 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 firm's fifty day moving average is $110.36 and its 200-day moving average is $88.80.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Global Retirement Partners LLC grew its position in Shopify by 5.3% during the 4th quarter. Global Retirement Partners LLC now owns 11,219 shares of the software maker's stock worth $1,193,000 after acquiring an additional 568 shares during the last quarter. Bank of Jackson Hole Trust bought a new stake in shares of Shopify during the fourth quarter worth about $687,000. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors increased its stake in shares of Shopify by 105.8% in the fourth quarter. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors now owns 5,715 shares of the software maker's stock valued at $608,000 after buying an additional 2,938 shares during the period. Kestra Investment Management LLC acquired a new stake in Shopify during the 4th quarter worth approximately $64,000. Finally, Venturi Wealth Management LLC increased its position in Shopify by 37.0% in the 4th quarter. Venturi Wealth Management LLC now owns 16,892 shares of the software maker's stock valued at $1,796,000 after acquiring an additional 4,562 shares during the period. 69.27% of the stock is currently owned by institutional investors and hedge funds.

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.