Shopify (NYSE:SHOP) Trading 0.8% Higher – Time to Buy?

Shopify Inc. (NYSE:SHOP) (TSE:SHOP) traded up 0.8% during mid-day trading on Friday . The stock traded as high as $102.72 and last traded at $102.67. 2,309,825 shares changed hands during mid-day trading, a decline of 73% from the average session volume of 8,573,479 shares. The stock had previously closed at $101.85.

Analysts Set New Price Targets

Several analysts have issued reports on the stock. Wells Fargo & Company upped their price target on shares of Shopify from $120.00 to $135.00 and gave the company an “overweight” rating in a report on Wednesday, February 12th. Phillip Securities downgraded shares of Shopify from a “strong-buy” rating to a “moderate buy” rating in a report on Monday, February 17th. New Street Research assumed coverage on shares of Shopify in a report on Friday, January 10th. They issued a “neutral” rating and a $115.00 price target on the stock. Canaccord Genuity Group upped their price objective on shares of Shopify from $125.00 to $140.00 and gave the company a “buy” rating in a research note on Wednesday, February 12th. Finally, DA Davidson upped their price objective on shares of Shopify from $130.00 to $150.00 and gave the company a “buy” rating in a research note on Wednesday, February 12th. One analyst has rated the stock with a sell rating, fifteen have assigned a hold rating, twenty-four have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Shopify presently has an average rating of “Moderate Buy” and a consensus price target of $126.31.

Shopify Trading Up 2.4 %

The business’s 50-day simple moving average is $110.04 and its two-hundred day simple moving average is $99.53. The company has a market capitalization of $135.04 billion, a PE ratio of 67.29, a PEG ratio of 4.82 and a beta of 2.60.

Shopify (NYSE:SHOP) (TSE:SHOP) last posted its quarterly earnings data on Tuesday, February 11th. The software maker reported $0.34 earnings per share for the quarter, missing analysts’ consensus estimates of $0.44 by ($0.10). Shopify had a net margin of 22.74% and a return on equity of 12.00%. On average, analysts forecast that Shopify Inc. will post 1.12 EPS for the current year.

Hedge Funds Weigh In On Shopify

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Allianz SE purchased a new position in Shopify in the 4th quarter valued at about $27,000. PFG Private Wealth Management LLC lifted its position in shares of Shopify by 3,657.1% during the fourth quarter. PFG Private Wealth Management LLC now owns 263 shares of the software maker’s stock worth $28,000 after purchasing an additional 256 shares during the last quarter. Fourth Dimension Wealth LLC bought a new position in shares of Shopify during the fourth quarter worth about $30,000. Mark Sheptoff Financial Planning LLC lifted its position in shares of Shopify by 50.0% during the fourth quarter. Mark Sheptoff Financial Planning LLC now owns 300 shares of the software maker’s stock worth $32,000 after purchasing an additional 100 shares during the last quarter. Finally, Brooklyn Investment Group bought a new position in shares of Shopify during the third quarter worth about $33,000. 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.