Shopify (NASDAQ:SHOP) Trading Up 2.9% – Here’s What Happened

Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP)’s stock price was up 2.9% during trading on Friday . The company traded as high as $101.45 and last traded at $100.28. Approximately 15,672,731 shares changed hands during mid-day trading, an increase of 35% from the average daily volume of 11,571,366 shares. The stock had previously closed at $97.42.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on SHOP shares. Royal Bank Of Canada reaffirmed an “outperform” rating and issued a $170.00 target price on shares of Shopify in a report on Wednesday, May 6th. KeyCorp reaffirmed an “overweight” rating and issued a $160.00 target price on shares of Shopify in a report on Wednesday, February 11th. Mizuho raised shares of Shopify from a “neutral” rating to an “outperform” rating and set a $150.00 target price for the company in a report on Thursday, February 12th. Evercore set a $135.00 target price on shares of Shopify in a report on Wednesday, February 11th. Finally, ATB Cormark Capital Markets raised shares of Shopify from a “sector perform” rating to an “outperform” rating in a report on Tuesday, February 10th. Two equities research 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 stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $158.42.

Shopify Stock Up 2.9%

The stock has a market capitalization of $130.13 billion, a PE ratio of 99.29, a PEG ratio of 2.81 and a beta of 2.64. The firm’s fifty day moving average is $119.12 and its 200-day moving average is $138.41.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last posted its quarterly 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. The firm had revenue of $3.17 billion during the quarter, compared to analysts’ expectations of $3.08 billion. Shopify had a net margin of 10.77% and a return on equity of 12.07%. On average, analysts expect that Shopify Inc. will post 1.36 EPS for the current year.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in SHOP. Kingdom Financial Group LLC. purchased a new position in Shopify in the fourth quarter valued at about $26,000. Curio Wealth LLC purchased a new position in Shopify in the fourth quarter valued at about $27,000. Mowery & Schoenfeld Wealth Management LLC purchased a new position in Shopify in the fourth quarter valued at about $29,000. Lloyd Advisory Services LLC. purchased a new position in Shopify in the fourth quarter valued at about $31,000. Finally, Lodestone Wealth Management LLC purchased a new position in Shopify in the fourth quarter valued at about $31,000. 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.