Shopify (NYSE:SHOP) Shares Down 7.8% - Time to Sell?

Shopify Inc. (NYSE:SHOP - Get Free Report) TSE: SHOP's share price fell 7.8% on Tuesday . The stock traded as low as $98.18 and last traded at $98.25. 4,853,845 shares changed hands during trading, a decline of 38% from the average session volume of 7,853,347 shares. The stock had previously closed at $106.58.

Analyst Upgrades and Downgrades

Several research firms have weighed in on SHOP. Mizuho lifted their price objective on Shopify from $68.00 to $105.00 and gave the company a "neutral" rating in a research report on Wednesday, November 13th. Evercore ISI lifted their target price on shares of Shopify from $125.00 to $140.00 and gave the company an "outperform" rating in a report on Wednesday, February 12th. Truist Financial lifted their target price on shares of Shopify from $110.00 to $120.00 and gave the company a "hold" rating in a report on Wednesday, February 12th. JPMorgan Chase & Co. lifted their target price on shares of Shopify from $121.00 to $124.00 and gave the company an "overweight" rating in a report on Wednesday, February 12th. Finally, Atb Cap Markets lowered shares of Shopify from a "strong-buy" rating to a "hold" rating in a report on Tuesday, November 12th. One analyst has rated the stock with a sell rating, fifteen have given a hold rating, twenty-four have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $126.31.

Shopify Stock Performance

The firm has a market capitalization of $137.77 billion, a P/E ratio of 68.65, a P/E/G ratio of 4.82 and a beta of 2.47. The stock's 50 day simple moving average is $112.57 and its 200 day simple moving average is $97.59.

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

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in SHOP. Robeco Institutional Asset Management B.V. raised its holdings in shares of Shopify by 1.5% in the third quarter. Robeco Institutional Asset Management B.V. now owns 210,668 shares of the software maker's stock worth $16,883,000 after buying an additional 3,035 shares during the last quarter. Roman Butler Fullerton & Co. purchased a new position in shares of Shopify in the third quarter worth $214,000. Asset Management One Co. Ltd. raised its holdings in shares of Shopify by 61.7% in the third quarter. Asset Management One Co. Ltd. now owns 99,620 shares of the software maker's stock worth $7,984,000 after buying an additional 37,996 shares during the last quarter. QRG Capital Management Inc. purchased a new position in shares of Shopify during the third quarter worth $227,000. Finally, World Equity Group Inc. purchased a new position in shares of Shopify during the third quarter worth $351,000. 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.