Shopify (NYSE:SHOP) Stock Price Down 7% – Time to Sell?

Shopify Inc. (NYSE:SHOP) (TSE:SHOP)’s stock price dropped 7% during mid-day trading on Monday . The company traded as low as $91.90 and last traded at $93.08. Approximately 5,321,507 shares traded hands during mid-day trading, a decline of 37% from the average daily volume of 8,465,835 shares. The stock had previously closed at $100.13.

Analyst Ratings Changes

A number of research analysts have commented on SHOP shares. Cantor Fitzgerald reiterated a “neutral” rating and set a $120.00 price objective on shares of Shopify in a research note on Wednesday, February 12th. Loop Capital upgraded Shopify from a “hold” rating to a “buy” rating and lifted their price target for the stock from $110.00 to $140.00 in a research note on Friday, December 6th. New Street Research began coverage on Shopify in a research note on Friday, January 10th. They set a “neutral” rating and a $115.00 price objective on the stock. Morgan Stanley increased their target price on Shopify from $126.00 to $144.00 and gave the stock an “overweight” rating in a report on Wednesday, February 12th. Finally, Deutsche Bank Aktiengesellschaft boosted their price target on Shopify from $125.00 to $150.00 and gave the company a “buy” rating in a report on Wednesday, February 12th. One research analyst has rated the stock with a sell rating, fifteen have issued a hold rating, twenty-four have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $126.31.

Shopify Trading Up 0.0 %

The firm has a market capitalization of $120.15 billion, a P/E ratio of 59.86, a P/E/G ratio of 4.82 and a beta of 2.60. The business’s fifty day moving average is $111.70 and its 200 day moving average is $98.36.

Shopify (NYSE:SHOP) (TSE:SHOP) last released its quarterly earnings data on Tuesday, February 11th. The software maker reported $0.34 earnings per share for the quarter, missing the consensus estimate of $0.44 by ($0.10). Shopify had a return on equity of 12.00% and a net margin of 22.74%. As a group, sell-side analysts predict that Shopify Inc. will post 1.12 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Jennison Associates LLC acquired a new position in Shopify in the 4th quarter worth approximately $132,323,000. Swiss National Bank boosted its position in shares of Shopify by 0.9% in the third quarter. Swiss National Bank now owns 3,657,800 shares of the software maker’s stock worth $293,507,000 after buying an additional 33,300 shares during the period. Watts Gwilliam & Co. LLC boosted its position in shares of Shopify by 53.0% in the fourth quarter. Watts Gwilliam & Co. LLC now owns 13,401 shares of the software maker’s stock worth $1,431,000 after buying an additional 4,641 shares during the period. Teachers Retirement System of The State of Kentucky grew its holdings in shares of Shopify by 29.3% during the third quarter. Teachers Retirement System of The State of Kentucky now owns 342,030 shares of the software maker’s stock valued at $27,409,000 after buying an additional 77,500 shares in the last quarter. Finally, Oppenheimer & Co. Inc. raised its position in Shopify by 26.4% during the third quarter. Oppenheimer & Co. Inc. now owns 33,609 shares of the software maker’s stock valued at $2,693,000 after buying an additional 7,027 shares during the period. 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.