Shopify (NYSE:SHOP) Shares Up 1.2% - Here's What Happened

Shopify Inc. (NYSE:SHOP - Get Free Report) TSE: SHOP's share price was up 1.2% during mid-day trading on Tuesday . The company traded as high as $95.11 and last traded at $93.83. Approximately 3,123,125 shares traded hands during trading, a decline of 63% from the average daily volume of 8,486,888 shares. The stock had previously closed at $92.75.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on the company. UBS Group increased their price objective on Shopify from $110.00 to $125.00 and gave the stock a "neutral" rating in a report on Wednesday, February 12th. Piper Sandler boosted their price objective on Shopify from $94.00 to $104.00 and gave the stock a "neutral" rating in a report on Wednesday, February 12th. Moffett Nathanson upped their price target on shares of Shopify from $86.00 to $99.00 and gave the company a "neutral" rating in a research report on Tuesday, November 26th. Truist Financial lifted their price target on Shopify from $110.00 to $120.00 and gave the company a "hold" rating in a report on Wednesday, February 12th. Finally, Oppenheimer raised their price target on shares of Shopify from $130.00 to $150.00 and gave the stock an "outperform" rating in a report on Wednesday, February 12th. One investment 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 stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $126.31.

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Shopify Trading Up 4.5 %

The business's fifty day simple moving average is $111.70 and its 200-day simple moving average is $98.36. The firm has a market cap of $125.73 billion, a P/E ratio of 62.89, a PEG ratio of 4.82 and a beta of 2.60.

Shopify (NYSE:SHOP - Get Free Report) TSE: SHOP last issued 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 return on equity of 12.00% and a net margin of 22.74%. As a group, research analysts expect that Shopify Inc. will post 1.12 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in SHOP. Baillie Gifford & Co. boosted its stake in shares of Shopify by 14.7% in the 3rd quarter. Baillie Gifford & Co. now owns 63,366,308 shares of the software maker's stock valued at $5,078,176,000 after purchasing an additional 8,131,160 shares in the last quarter. Capital World Investors raised its holdings in Shopify by 0.9% in the 4th quarter. Capital World Investors now owns 53,102,707 shares of the software maker's stock worth $5,646,455,000 after purchasing an additional 496,982 shares in the last quarter. Vanguard Group Inc. lifted its holdings in Shopify by 1.7% in the fourth quarter. Vanguard Group Inc. now owns 47,080,112 shares of the software maker's stock worth $5,010,721,000 after buying an additional 781,162 shares during the period. FMR LLC lifted its stake in shares of Shopify by 3.4% in the 4th quarter. FMR LLC now owns 43,732,077 shares of the software maker's stock valued at $4,653,054,000 after purchasing an additional 1,426,000 shares during the period. Finally, Capital International Investors boosted its holdings in shares of Shopify by 2.7% during the 4th quarter. Capital International Investors now owns 36,516,305 shares of the software maker's stock valued at $3,883,039,000 after buying an additional 968,026 shares in the last quarter. 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.