Shopify (NYSE:SHOP) Shares Down 1.8%

Shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) dropped 1.8% on Tuesday . The stock traded as low as $65.72 and last traded at $66.13. Approximately 2,031,625 shares traded hands during mid-day trading, a decline of 80% from the average daily volume of 10,091,731 shares. The stock had previously closed at $67.34.

Wall Street Analysts Forecast Growth

SHOP has been the subject of several analyst reports. BNP Paribas upgraded Shopify from an “underperform” rating to an “outperform” rating in a research report on Thursday, May 2nd. Moffett Nathanson cut Shopify from a “buy” rating to a “neutral” rating and cut their price objective for the company from $74.00 to $65.00 in a report on Thursday, June 6th. Deutsche Bank Aktiengesellschaft lowered their target price on shares of Shopify from $95.00 to $80.00 and set a “buy” rating on the stock in a report on Thursday, May 9th. Wells Fargo & Company cut their price target on shares of Shopify from $85.00 to $75.00 and set an “overweight” rating for the company in a report on Thursday, May 9th. Finally, The Goldman Sachs Group boosted their price target on shares of Shopify from $67.00 to $74.00 and gave the company a “buy” rating in a research report on Tuesday, May 28th. One investment analyst has rated the stock with a sell rating, sixteen have given a hold rating and twenty-one have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $76.42.

Shopify Price Performance

The company has a market capitalization of $84.18 billion, a price-to-earnings ratio of -384.24, a price-to-earnings-growth ratio of 3.38 and a beta of 2.30. The company has a 50-day moving average price of $63.38 and a 200-day moving average price of $72.44. The company has a debt-to-equity ratio of 0.10, a quick ratio of 7.14 and a current ratio of 7.14.

Shopify (NYSE:SHOP) (TSE:SHOP) last issued its quarterly earnings data on Wednesday, May 8th. The software maker reported $0.12 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.08 by $0.04. The firm had revenue of $1.86 billion during the quarter, compared to analysts’ expectations of $1.84 billion. Shopify had a negative net margin of 2.82% and a positive return on equity of 7.36%. On average, equities research analysts expect that Shopify Inc. will post 0.61 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Private Wealth Management Group LLC bought a new position in shares of Shopify during the 4th quarter valued at about $26,000. SJS Investment Consulting Inc. raised its holdings in Shopify by 59.1% during the 4th quarter. SJS Investment Consulting Inc. now owns 350 shares of the software maker’s stock worth $27,000 after buying an additional 130 shares during the period. DSM Capital Partners LLC bought a new position in Shopify in the fourth quarter valued at approximately $28,000. Jones Financial Companies Lllp acquired a new position in shares of Shopify in the fourth quarter valued at approximately $28,000. Finally, Your Advocates Ltd. LLP increased its position in shares of Shopify by 4,344.4% during the fourth quarter. Your Advocates Ltd. LLP now owns 400 shares of the software maker’s stock worth $31,000 after acquiring an additional 391 shares in the last quarter. 69.27% of the stock is 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.