Shopify (NASDAQ:SHOP) Shares Down 4.1% – Here’s Why

Shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) fell 4.1% during mid-day trading on Friday . The company traded as low as $118.56 and last traded at $120.73. 9,774,673 shares changed hands during trading, a decline of 27% from the average session volume of 13,349,008 shares. The stock had previously closed at $125.94.

Analyst Ratings Changes

Several research firms have recently weighed in on SHOP. BNP Paribas Exane initiated coverage on Shopify in a research report on Monday, November 24th. They set a “neutral” rating for the company. Oppenheimer reissued an “outperform” rating on shares of Shopify in a research report on Monday, December 1st. Evercore set a $135.00 price target on Shopify in a research report on Wednesday, February 11th. Barclays set a $130.00 price target on shares of Shopify and gave the stock an “equal weight” rating in a research note on Thursday, February 12th. Finally, DA Davidson increased their price objective on shares of Shopify from $185.00 to $195.00 and gave the stock a “buy” rating in a research note on Wednesday, November 5th. 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.com, Shopify currently has a consensus rating of “Moderate Buy” and a consensus price target of $162.64.

Shopify Price Performance

The stock has a market cap of $157.17 billion, a price-to-earnings ratio of 129.82, a P/E/G ratio of 4.38 and a beta of 2.83. The business has a 50-day simple moving average of $142.53 and a two-hundred day simple moving average of $149.82.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the stock. Kingdom Financial Group LLC. acquired a new position in shares of Shopify in the fourth quarter valued at approximately $26,000. Curio Wealth LLC acquired a new stake in shares of Shopify during the fourth quarter worth $27,000. Mowery & Schoenfeld Wealth Management LLC acquired a new position in shares of Shopify in the fourth quarter valued at about $29,000. Heartwood Wealth Advisors LLC acquired a new position in shares of Shopify in the third quarter valued at about $27,000. Finally, Lloyd Advisory Services LLC. bought a new position in Shopify during the fourth quarter worth about $31,000. Institutional investors and hedge funds own 69.27% of the company’s stock.

About Shopify

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.