Shopify (NASDAQ:SHOP) Trading 2.1% Higher – Still a Buy?

Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) shares were up 2.1% during mid-day trading on Monday . The company traded as high as $103.33 and last traded at $102.39. Approximately 9,888,286 shares traded hands during mid-day trading, a decline of 14% from the average daily volume of 11,550,774 shares. The stock had previously closed at $100.28.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on SHOP. Citizens Jmp reduced their price target on Shopify from $160.00 to $150.00 and set a “market outperform” rating for the company in a report on Wednesday, May 6th. Robert W. Baird set a $150.00 target price on Shopify in a research report on Wednesday, May 6th. UBS Group set a $130.00 target price on Shopify and gave the stock a “neutral” rating in a research report on Wednesday, May 6th. TD Securities raised Shopify from a “hold” rating to a “buy” rating and set a $159.00 price objective on the stock in a research note on Thursday, February 12th. Finally, Moffett Nathanson raised Shopify from a “neutral” rating to a “buy” rating and set a $150.00 target price on the stock in a research note on Monday, February 9th. Two equities research analysts have rated the stock with a Strong Buy rating, thirty-one have assigned a Buy rating and ten have given a Hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $158.42.

Shopify Stock Performance

The company has a market cap of $132.87 billion, a PE ratio of 101.38, a PEG ratio of 2.81 and a beta of 2.64. The stock has a fifty day moving average of $119.12 and a 200-day moving average of $138.15.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last released its quarterly earnings results on Tuesday, May 5th. The software maker reported $999.00 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 analyst estimates of $3.08 billion. Shopify had a return on equity of 12.07% and a net margin of 10.77%. As a group, equities analysts anticipate that Shopify Inc. will post 1.36 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Knights of Columbus Asset Advisors LLC purchased a new stake in shares of Shopify in the third quarter worth about $4,110,000. Principal Financial Group Inc. boosted its position in Shopify by 16.3% during the third quarter. Principal Financial Group Inc. now owns 450,895 shares of the software maker’s stock worth $67,006,000 after purchasing an additional 63,300 shares in the last quarter. Triton Financial Group Inc acquired a new position in shares of Shopify during the third quarter valued at approximately $1,931,000. IQ EQ FUND MANAGEMENT IRELAND Ltd raised its holdings in shares of Shopify by 65.5% during the third quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 158,514 shares of the software maker’s stock valued at $23,557,000 after acquiring an additional 62,743 shares during the last quarter. Finally, M&T Bank Corp raised its holdings in shares of Shopify by 37.1% during the fourth quarter. M&T Bank Corp now owns 81,082 shares of the software maker’s stock valued at $13,051,000 after acquiring an additional 21,945 shares during the last quarter. 69.27% of the stock is owned by institutional investors and hedge funds.

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.