Shopify (NYSE:SHOP) Stock Price Down 1.5%

Shopify Inc. (NYSE:SHOP) (TSE:SHOP)’s stock price dropped 1.5% during mid-day trading on Monday . The company traded as low as $62.13 and last traded at $62.24. Approximately 2,512,960 shares traded hands during trading, a decline of 75% from the average daily volume of 10,059,925 shares. The stock had previously closed at $63.16.

Analyst Ratings Changes

SHOP has been the topic of a number of analyst reports. TD Securities reduced their price target on Shopify from $80.00 to $72.00 and set a “hold” rating on the stock in a research report on Thursday, May 9th. JPMorgan Chase & Co. began coverage on Shopify in a report on Tuesday, June 11th. They issued an “overweight” rating and a $74.00 target price on the stock. Wolfe Research began coverage on Shopify in a report on Tuesday, July 16th. They issued an “outperform” rating and a $80.00 target price on the stock. Canaccord Genuity Group reduced their target price on Shopify from $90.00 to $80.00 and set a “buy” rating on the stock in a report on Thursday, May 9th. Finally, Scotiabank reduced their target price on Shopify from $80.00 to $75.00 and set a “sector perform” rating on the stock in a report on Thursday, May 9th. One equities research analyst has rated the stock with a sell rating, fifteen have assigned a hold rating and twenty-two have issued a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $77.44.

Shopify Stock Performance

The company has a 50-day moving average price of $62.78 and a two-hundred day moving average price of $71.83. The company has a current ratio of 7.14, a quick ratio of 7.14 and a debt-to-equity ratio of 0.10. The stock has a market capitalization of $80.79 billion, a P/E ratio of -366.12, a price-to-earnings-growth ratio of 3.67 and a beta of 2.30.

Shopify (NYSE:SHOP) (TSE:SHOP) last posted its quarterly earnings data on Wednesday, May 8th. The software maker reported $0.12 earnings per share for the quarter, topping the consensus estimate of $0.08 by $0.04. Shopify had a positive return on equity of 7.36% and a negative net margin of 2.82%. The firm had revenue of $1.86 billion during the quarter, compared to analyst estimates of $1.84 billion. On average, equities analysts forecast that Shopify Inc. will post 0.62 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the business. GQG Partners LLC increased its position in Shopify by 197.9% in the 1st quarter. GQG Partners LLC now owns 20,901,980 shares of the software maker’s stock valued at $1,613,006,000 after buying an additional 13,885,473 shares in the last quarter. Norges Bank bought a new stake in Shopify in the 4th quarter valued at about $1,049,089,000. Capital World Investors increased its position in Shopify by 26.2% in the 1st quarter. Capital World Investors now owns 49,764,809 shares of the software maker’s stock valued at $3,840,332,000 after buying an additional 10,340,040 shares in the last quarter. Price T Rowe Associates Inc. MD increased its position in Shopify by 21.2% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 34,239,525 shares of the software maker’s stock valued at $2,642,265,000 after buying an additional 5,982,434 shares in the last quarter. Finally, Toronto Dominion Bank increased its position in Shopify by 214.5% in the 1st quarter. Toronto Dominion Bank now owns 2,909,052 shares of the software maker’s stock valued at $224,492,000 after buying an additional 1,983,996 shares in the last quarter. 69.27% of the stock is owned by 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.