Shopify (NYSE:SHOP) Trading 3.6% Higher

Shopify Inc. (NYSE:SHOP) (TSE:SHOP)’s share price rose 3.6% on Thursday . The stock traded as high as $74.57 and last traded at $74.15. Approximately 3,108,777 shares traded hands during mid-day trading, a decline of 70% from the average daily volume of 10,374,341 shares. The stock had previously closed at $71.59.

Analysts Set New Price Targets

Several research firms have recently commented on SHOP. Wells Fargo & Company raised their price target on Shopify from $75.00 to $80.00 and gave the stock an “overweight” rating in a research report on Thursday, August 8th. Moffett Nathanson cut shares of Shopify from a “buy” rating to a “neutral” rating and dropped their price objective for the company from $74.00 to $65.00 in a report on Thursday, June 6th. Barclays raised their price target on shares of Shopify from $63.00 to $65.00 and gave the company an “equal weight” rating in a research report on Thursday, August 8th. Evercore ISI upped their price objective on Shopify from $75.00 to $80.00 and gave the stock an “outperform” rating in a research report on Thursday, August 8th. Finally, JMP Securities reiterated a “market outperform” rating and issued a $80.00 price objective on shares of Shopify in a research note on Thursday, August 8th. One research analyst has rated the stock with a sell rating, fifteen have given a hold rating, twenty-three have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $77.24.

Shopify Trading Up 4.6 %

The stock has a market capitalization of $96.46 billion, a PE ratio of -436.18, a price-to-earnings-growth ratio of 2.83 and a beta of 2.30. The company has a debt-to-equity ratio of 0.10, a quick ratio of 7.32 and a current ratio of 7.32. The business’s 50-day moving average is $64.00 and its two-hundred day moving average is $69.66.

Shopify (NYSE:SHOP) (TSE:SHOP) last issued its earnings results on Wednesday, August 7th. The software maker reported $0.26 earnings per share for the quarter, beating the consensus estimate of $0.20 by $0.06. The business had revenue of $2.05 billion for the quarter, compared to the consensus estimate of $2.01 billion. Shopify had a net margin of 16.40% and a return on equity of 10.88%. The business’s quarterly revenue was up 20.7% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.08) earnings per share. As a group, equities research analysts anticipate that Shopify Inc. will post 0.63 earnings per share for the current year.

Hedge Funds Weigh In On Shopify

A number of large investors have recently modified their holdings of the business. Tradition Wealth Management LLC raised its position in Shopify by 7.5% in the fourth quarter. Tradition Wealth Management LLC now owns 2,007 shares of the software maker’s stock worth $156,000 after acquiring an additional 140 shares in the last quarter. Willis Johnson & Associates Inc. increased its holdings in shares of Shopify by 5.8% in the 1st quarter. Willis Johnson & Associates Inc. now owns 2,728 shares of the software maker’s stock valued at $211,000 after purchasing an additional 149 shares in the last quarter. Nations Financial Group Inc. IA ADV lifted its stake in shares of Shopify by 3.2% in the fourth quarter. Nations Financial Group Inc. IA ADV now owns 4,839 shares of the software maker’s stock valued at $377,000 after purchasing an additional 150 shares during the period. Valley National Advisers Inc. lifted its stake in shares of Shopify by 11.4% in the first quarter. Valley National Advisers Inc. now owns 1,482 shares of the software maker’s stock valued at $114,000 after purchasing an additional 152 shares during the period. Finally, Cherry Creek Investment Advisors Inc. boosted its holdings in Shopify by 1.3% during the first quarter. Cherry Creek Investment Advisors Inc. now owns 12,718 shares of the software maker’s stock worth $981,000 after buying an additional 158 shares in the last quarter. 69.27% of the stock is owned by hedge funds and other institutional investors.

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.