Shopify (NASDAQ:SHOP) Trading Up 4.7% – Here’s Why

Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) shares rose 4.7% during trading on Thursday . The company traded as high as $126.00 and last traded at $125.93. Approximately 11,979,035 shares traded hands during trading, a decline of 11% from the average daily volume of 13,442,428 shares. The stock had previously closed at $120.31.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the stock. Citizens Jmp lowered their target price on shares of Shopify from $200.00 to $160.00 and set a “market outperform” rating for the company in a research note on Thursday, February 12th. Moffett Nathanson raised Shopify from a “neutral” rating to a “buy” rating and set a $150.00 target price for the company in a research note on Monday, February 9th. Wolfe Research raised shares of Shopify from a “hold” rating to an “outperform” rating in a research report on Tuesday, January 6th. Jefferies Financial Group set a $125.00 price objective on shares of Shopify and gave the company a “hold” rating in a research report on Monday, February 16th. Finally, Citigroup reaffirmed a “buy” rating and issued a $172.00 target price (down from $195.00) on shares of Shopify in a research note on Friday, February 13th. 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. Based on data from MarketBeat.com, Shopify presently has a consensus rating of “Moderate Buy” and an average price target of $162.64.

Shopify Price Performance

The firm has a 50-day moving average of $143.35 and a 200 day moving average of $149.98. The stock has a market capitalization of $163.94 billion, a price-to-earnings ratio of 135.41, a PEG ratio of 4.26 and a beta of 2.83.

Hedge Funds Weigh In On Shopify

A number of institutional investors have recently bought and sold shares of the business. Twin Peaks Wealth Advisors LLC lifted its holdings in Shopify by 1.7% during the 3rd quarter. Twin Peaks Wealth Advisors LLC now owns 3,448 shares of the software maker’s stock valued at $512,000 after purchasing an additional 59 shares during the last quarter. Accurate Wealth Management LLC raised its position in shares of Shopify by 2.0% in the third quarter. Accurate Wealth Management LLC now owns 3,438 shares of the software maker’s stock valued at $526,000 after purchasing an additional 67 shares during the period. Moloney Securities Asset Management LLC lifted its stake in shares of Shopify by 1.8% during the 3rd quarter. Moloney Securities Asset Management LLC now owns 3,951 shares of the software maker’s stock worth $587,000 after buying an additional 70 shares during the last quarter. Rothschild Investment LLC lifted its stake in shares of Shopify by 47.5% during the 2nd quarter. Rothschild Investment LLC now owns 233 shares of the software maker’s stock worth $27,000 after buying an additional 75 shares during the last quarter. Finally, Sivia Capital Partners LLC boosted its holdings in shares of Shopify by 0.9% during the 3rd quarter. Sivia Capital Partners LLC now owns 8,265 shares of the software maker’s stock worth $1,228,000 after buying an additional 75 shares during the period. Institutional investors and hedge funds 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.