Shopify (NYSE:SHOP) Shares Down 1.5%

Shopify Inc. (NYSE:SHOP) (TSE:SHOP)’s share price fell 1.5% during trading on Wednesday . The company traded as low as $73.15 and last traded at $73.39. 836,680 shares traded hands during trading, a decline of 92% from the average session volume of 10,131,853 shares. The stock had previously closed at $74.53.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the stock. KeyCorp started coverage on shares of Shopify in a research note on Thursday, July 25th. They issued an “overweight” rating and a $80.00 target price for the company. Atb Cap Markets upgraded Shopify from a “sector perform” rating to an “outperform” rating in a research report on Wednesday, May 8th. Benchmark reiterated a “hold” rating on shares of Shopify in a report on Tuesday, August 6th. Citigroup cut their price objective on shares of Shopify from $97.00 to $90.00 and set a “buy” rating for the company in a research report on Thursday, August 8th. Finally, Bank of America upgraded Shopify from a “neutral” rating to a “buy” rating and upped their price target for the stock from $78.00 to $82.00 in a research note on Tuesday, July 16th. One investment analyst has rated the stock with a sell rating, fifteen have assigned a hold rating, twenty-three have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Shopify presently has an average rating of “Moderate Buy” and a consensus price target of $77.30.

Shopify Price Performance

The firm has a market capitalization of $95.43 billion, a price-to-earnings ratio of -435.71, a P/E/G ratio of 2.50 and a beta of 2.30. The company has a quick ratio of 7.32, a current ratio of 7.32 and a debt-to-equity ratio of 0.10. The stock’s 50 day moving average price is $66.29 and its two-hundred day moving average price is $69.10.

Shopify (NYSE:SHOP) (TSE:SHOP) last posted its quarterly earnings results on Wednesday, August 7th. The software maker reported $0.26 earnings per share for the quarter, topping analysts’ consensus estimates of $0.20 by $0.06. The company had revenue of $2.05 billion during the quarter, compared to the consensus estimate of $2.01 billion. Shopify had a return on equity of 10.88% and a net margin of 16.40%. The business’s quarterly revenue was up 20.7% on a year-over-year basis. During the same period last year, the business earned ($0.08) EPS. Analysts anticipate that Shopify Inc. will post 0.76 EPS for the current fiscal year.

Institutional Investors Weigh In On Shopify

Several institutional investors and hedge funds have recently modified their holdings of the business. Capital World Investors boosted its stake in shares of Shopify by 26.2% during the 1st quarter. Capital World Investors now owns 49,764,809 shares of the software maker’s stock worth $3,840,332,000 after acquiring an additional 10,340,040 shares in the last quarter. Vanguard Group Inc. lifted its stake in shares of Shopify by 1.7% in the first quarter. Vanguard Group Inc. now owns 42,881,355 shares of the software maker’s stock worth $3,309,154,000 after buying an additional 713,064 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its holdings in shares of Shopify by 21.2% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 34,239,525 shares of the software maker’s stock worth $2,642,265,000 after buying an additional 5,982,434 shares during the period. GQG Partners LLC grew its stake in Shopify by 197.9% in the 1st quarter. GQG Partners LLC now owns 20,901,980 shares of the software maker’s stock valued at $1,613,006,000 after buying an additional 13,885,473 shares during the last quarter. Finally, Capital International Investors raised its holdings in Shopify by 3.4% in the 1st quarter. Capital International Investors now owns 16,392,141 shares of the software maker’s stock worth $1,264,982,000 after acquiring an additional 542,503 shares during the period. Institutional investors and hedge funds 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.