Shopify (NASDAQ:SHOP) Trading 4% Higher – Here’s What Happened

Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) shares rose 4% during trading on Wednesday . The stock traded as high as $105.12 and last traded at $105.01. Approximately 8,076,842 shares were traded during trading, a decline of 30% from the average daily volume of 11,521,815 shares. The stock had previously closed at $101.01.

Analysts Set New Price Targets

SHOP has been the subject of several analyst reports. Mizuho raised Shopify from a “neutral” rating to an “outperform” rating and set a $150.00 target price for the company in a research note on Thursday, February 12th. Arete Research set a $175.00 target price on Shopify in a research note on Monday, February 2nd. DZ Bank raised Shopify from a “hold” rating to a “strong-buy” rating in a research note on Monday, February 16th. DA Davidson lowered their target price on Shopify from $195.00 to $140.00 and set a “buy” rating for the company in a research note on Wednesday, May 6th. Finally, Truist Financial set a $150.00 target price on Shopify and gave the stock a “buy” rating in a research note on Tuesday, February 17th. Two investment analysts have rated the stock with a Strong Buy rating, thirty-one have given a Buy rating and ten have given a Hold rating to the company. According to MarketBeat, Shopify presently has an average rating of “Moderate Buy” and a consensus target price of $158.42.

Shopify Stock Performance

The firm has a market capitalization of $133.66 billion, a price-to-earnings ratio of 101.98, a PEG ratio of 2.94 and a beta of 2.64. The company has a 50-day moving average price of $116.82 and a 200-day moving average price of $136.09.

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

Hedge Funds Weigh In On Shopify

A number of large investors have recently modified their holdings of the business. Segall Bryant & Hamill LLC purchased a new position in shares of Shopify during the 1st quarter worth approximately $208,000. Wellington Grp LLC raised its stake in shares of Shopify by 49.3% during the 1st quarter. Wellington Grp LLC now owns 4,089 shares of the software maker’s stock worth $485,000 after buying an additional 1,351 shares in the last quarter. Norris Financial Group LLC purchased a new position in shares of Shopify during the 1st quarter worth approximately $1,586,000. Western Wealth Management LLC raised its stake in shares of Shopify by 94.9% during the 1st quarter. Western Wealth Management LLC now owns 6,745 shares of the software maker’s stock worth $800,000 after buying an additional 3,284 shares in the last quarter. Finally, Financial Avengers Inc. raised its stake in shares of Shopify by 0.4% during the 1st quarter. Financial Avengers Inc. now owns 47,560 shares of the software maker’s stock worth $5,642,000 after buying an additional 201 shares in the last quarter. 69.27% of the stock is owned by hedge funds and other institutional investors.

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.