Shopify (NASDAQ:SHOP) Trading 2.1% Higher – Time to Buy?

Shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) traded up 2.1% on Thursday . The company traded as high as $97.96 and last traded at $97.42. 16,097,046 shares traded hands during mid-day trading, an increase of 40% from the average session volume of 11,519,907 shares. The stock had previously closed at $95.40.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the company. Barclays set a $126.00 target price on Shopify and gave the company an “equal weight” rating in a report on Wednesday, May 6th. Truist Financial set a $150.00 price objective on Shopify and gave the stock a “buy” rating in a research note on Tuesday, February 17th. Phillip Securities raised Shopify from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, February 18th. Benchmark decreased their price objective on Shopify from $195.00 to $145.00 and set a “buy” rating on the stock in a research note on Tuesday, February 10th. Finally, Piper Sandler reaffirmed an “overweight” rating and issued a $150.00 price objective (down from $165.00) on shares of Shopify in a research note on Tuesday, May 5th. Two equities research analysts have rated the stock with a Strong Buy rating, thirty-one have issued a Buy rating and ten have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $158.42.

Shopify Price Performance

The firm has a 50-day moving average of $119.12 and a 200-day moving average of $138.41. The stock has a market cap of $130.13 billion, a PE ratio of 99.29, a PEG ratio of 2.73 and a beta of 2.64.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last released its earnings results on Tuesday, May 5th. The software maker reported $999.00 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.22 by $998.78. Shopify had a return on equity of 12.07% and a net margin of 10.77%.The firm had revenue of $3.17 billion during the quarter, compared to analysts’ expectations of $3.08 billion. Equities analysts forecast that Shopify Inc. will post 1.36 EPS for the current fiscal year.

Institutional Trading of Shopify

Several institutional investors have recently made changes to their positions in the business. Kingdom Financial Group LLC. bought a new stake in Shopify in the 4th quarter worth approximately $26,000. Curio Wealth LLC bought a new stake in Shopify in the 4th quarter worth approximately $27,000. Mowery & Schoenfeld Wealth Management LLC bought a new stake in Shopify in the 4th quarter worth approximately $29,000. Lloyd Advisory Services LLC. bought a new stake in Shopify in the 4th quarter worth approximately $31,000. Finally, Lodestone Wealth Management LLC bought a new stake in Shopify in the 4th quarter worth approximately $31,000. Hedge funds and other institutional investors own 69.27% of the company’s stock.

Shopify Company Profile

Shopify is a Canadian commerce technology company that provides a cloud-based platform for businesses to create, manage and scale online and physical retail stores. Its core offering is a software-as-a-service e-commerce platform that enables merchants to build customizable storefronts, manage product catalogs, process orders, and handle inventory. Shopify also supports omnichannel selling through integrated point-of-sale (POS) systems for in-person transactions.

Beyond storefront software, Shopify offers a range of merchant services and tools designed to simplify commerce operations.