Shopify (NYSE:SHOP) Trading 1.9% Higher - What's Next?

Shopify Inc. (NYSE:SHOP - Get Free Report) TSE: SHOP's share price traded up 1.9% during mid-day trading on Thursday . The company traded as high as $104.19 and last traded at $103.43. 2,918,835 shares changed hands during trading, a decline of 66% from the average session volume of 8,569,427 shares. The stock had previously closed at $101.54.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on SHOP shares. JMP Securities restated a "market outperform" rating and issued a $120.00 target price on shares of Shopify in a research report on Thursday, December 12th. Moffett Nathanson boosted their price objective 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. Piper Sandler upped their target price on Shopify from $94.00 to $104.00 and gave the stock a "neutral" rating in a research note on Wednesday, February 12th. Wedbush reiterated an "outperform" rating and issued a $125.00 price target on shares of Shopify in a research note on Tuesday, February 11th. Finally, Canaccord Genuity Group boosted their price target on Shopify from $125.00 to $140.00 and gave the stock a "buy" rating in a report on Wednesday, February 12th. One research 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 given a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $126.31.

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Shopify Stock Up 2.4 %

The stock has a market cap of $135.04 billion, a P/E ratio of 67.29, a P/E/G ratio of 4.82 and a beta of 2.60. The company has a 50-day simple moving average of $110.04 and a two-hundred day simple moving average of $99.53.

Shopify (NYSE:SHOP - Get Free Report) TSE: SHOP last posted its quarterly earnings results on Tuesday, February 11th. The software maker reported $0.34 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%. As a group, sell-side analysts forecast that Shopify Inc. will post 1.12 earnings per share for the current fiscal year.

Institutional Trading of Shopify

A number of institutional investors have recently modified their holdings of SHOP. Thrivent Financial for Lutherans grew its position in shares of Shopify by 100.6% in the 3rd quarter. Thrivent Financial for Lutherans now owns 88,409 shares of the software maker's stock worth $7,086,000 after buying an additional 44,345 shares during the last quarter. Pathstone Holdings LLC lifted its holdings in Shopify by 3.8% in the third quarter. Pathstone Holdings LLC now owns 68,800 shares of the software maker's stock worth $5,514,000 after buying an additional 2,487 shares during the period. Moors & Cabot Inc. lifted its stake in shares of Shopify by 79.0% in the 3rd quarter. Moors & Cabot Inc. now owns 6,582 shares of the software maker's stock valued at $527,000 after purchasing an additional 2,905 shares during the period. Charles Schwab Investment Management Inc. boosted its position in shares of Shopify by 6.0% during the third quarter. Charles Schwab Investment Management Inc. now owns 2,416,436 shares of the software maker's stock valued at $193,802,000 after purchasing an additional 136,530 shares in the last quarter. Finally, Raymond James Trust N.A. grew its stake in Shopify by 121.3% in the third quarter. Raymond James Trust N.A. now owns 24,813 shares of the software maker's stock worth $1,989,000 after purchasing an additional 13,600 shares during the period. 69.27% of the stock is currently 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.