Shopify (NYSE:SHOP) Stock Price Down 5.2% – Time to Sell?

Shopify Inc. (NYSE:SHOP) (TSE:SHOP) shares traded down 5.2% during trading on Thursday . The company traded as low as $89.10 and last traded at $91.50. 4,195,708 shares changed hands during trading, a decline of 51% from the average session volume of 8,529,045 shares. The stock had previously closed at $96.53.

Analysts Set New Price Targets

SHOP has been the subject of several research reports. Jefferies Financial Group boosted their target price on Shopify from $110.00 to $130.00 and gave the company a “hold” rating in a report on Tuesday, February 18th. Wells Fargo & Company boosted their price objective on Shopify from $120.00 to $135.00 and gave the company an “overweight” rating in a research note on Wednesday, February 12th. Mizuho raised their target price on shares of Shopify from $68.00 to $105.00 and gave the stock a “neutral” rating in a research report on Wednesday, November 13th. JMP Securities reiterated a “market outperform” rating and issued a $120.00 price target on shares of Shopify in a research report on Thursday, December 12th. Finally, Canaccord Genuity Group raised their price objective on shares of Shopify from $125.00 to $140.00 and gave the stock a “buy” rating in a research report on Wednesday, February 12th. One investment analyst has rated the stock with a sell rating, fifteen have issued a hold rating, twenty-four have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $126.31.

Shopify Trading Down 5.6 %

The company’s 50 day simple moving average is $111.51 and its 200-day simple moving average is $98.34. The company has a market capitalization of $118.05 billion, a price-to-earnings ratio of 59.06, a PEG ratio of 4.82 and a beta of 2.60.

Shopify (NYSE:SHOP) (TSE:SHOP) last issued its quarterly earnings results on Tuesday, February 11th. The software maker reported $0.34 earnings per share for the quarter, missing the consensus estimate of $0.44 by ($0.10). Shopify had a net margin of 22.74% and a return on equity of 12.00%. Sell-side analysts anticipate that Shopify Inc. will post 1.12 EPS for the current year.

Hedge Funds Weigh In On Shopify

Several large investors have recently added to or reduced their stakes in SHOP. LRI Investments LLC increased its stake in shares of Shopify by 9.8% during the 4th quarter. LRI Investments LLC now owns 889 shares of the software maker’s stock valued at $94,000 after acquiring an additional 79 shares during the last quarter. Tidemark LLC increased its position in Shopify by 3.6% during the fourth quarter. Tidemark LLC now owns 2,592 shares of the software maker’s stock worth $276,000 after purchasing an additional 90 shares during the last quarter. Howland Capital Management LLC raised its stake in Shopify by 2.0% during the fourth quarter. Howland Capital Management LLC now owns 4,949 shares of the software maker’s stock worth $526,000 after purchasing an additional 99 shares during the period. Trust Co. of Vermont boosted its holdings in shares of Shopify by 9.9% in the 4th quarter. Trust Co. of Vermont now owns 1,114 shares of the software maker’s stock valued at $118,000 after purchasing an additional 100 shares during the last quarter. Finally, First United Bank & Trust grew its stake in shares of Shopify by 2.2% during the 4th quarter. First United Bank & Trust now owns 4,590 shares of the software maker’s stock valued at $488,000 after buying an additional 100 shares during the period. 69.27% of the stock is currently 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.