Shopify (NYSE:SHOP) Shares Down 0.3%

Shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) dropped 0.3% during trading on Monday . The company traded as low as $68.91 and last traded at $69.11. Approximately 2,735,977 shares were traded during trading, a decline of 74% from the average daily volume of 10,372,558 shares. The stock had previously closed at $69.30.

Analysts Set New Price Targets

A number of research firms have commented on SHOP. Atb Cap Markets raised shares of Shopify from a “sector perform” rating to an “outperform” rating in a research report on Wednesday, May 8th. StockNews.com upgraded Shopify from a “sell” rating to a “hold” rating in a report on Wednesday, April 24th. Morgan Stanley raised their target price on Shopify from $80.00 to $85.00 and gave the company an “overweight” rating in a report on Thursday. Benchmark reaffirmed a “hold” rating on shares of Shopify in a research report on Tuesday, August 6th. Finally, Bank of America raised shares of Shopify from a “neutral” rating to a “buy” rating and raised their price objective for the company from $78.00 to $82.00 in a research note on Tuesday, July 16th. One analyst has rated the stock with a sell rating, fifteen have issued a hold rating and twenty-three have given a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $77.24.

Shopify Price Performance

The stock has a market capitalization of $87.95 billion, a price-to-earnings ratio of -406.53, a PEG ratio of 3.14 and a beta of 2.30. The company has a debt-to-equity ratio of 0.10, a quick ratio of 7.14 and a current ratio of 7.14. The company has a fifty day simple moving average of $63.43 and a two-hundred day simple moving average of $69.81.

Shopify (NYSE:SHOP) (TSE:SHOP) last released its earnings results on Wednesday, August 7th. The software maker reported $0.26 earnings per share for the quarter, beating analysts’ consensus estimates of $0.20 by $0.06. The business had revenue of $2.05 billion during the quarter, compared to the consensus estimate of $2.01 billion. Shopify had a negative net margin of 2.82% and a positive return on equity of 7.36%. The company’s revenue for the quarter was up 20.7% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($0.08) EPS. As a group, equities research analysts expect that Shopify Inc. will post 0.62 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in SHOP. Allspring Global Investments Holdings LLC lifted its position in Shopify by 39.2% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 259,686 shares of the software maker’s stock valued at $20,230,000 after acquiring an additional 73,160 shares in the last quarter. Cerity Partners LLC raised its stake in shares of Shopify by 99.1% in the fourth quarter. Cerity Partners LLC now owns 45,582 shares of the software maker’s stock worth $3,551,000 after purchasing an additional 22,689 shares during the last quarter. Sapient Capital LLC purchased a new position in shares of Shopify during the fourth quarter valued at approximately $483,000. Tennessee Valley Asset Management Partners purchased a new position in Shopify during the 4th quarter worth $113,000. Finally, Clarius Group LLC increased its holdings in Shopify by 40.1% during the fourth quarter. Clarius Group LLC now owns 6,920 shares of the software maker’s stock worth $539,000 after buying an additional 1,980 shares during the last quarter. 69.27% of the stock is currently owned by institutional investors and hedge funds.

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.