Shopify (NYSE:SHOP) Shares Up 5% – Here’s What Happened

Shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) shot up 5% on Friday . The company traded as high as $95.83 and last traded at $95.15. 2,761,364 shares changed hands during mid-day trading, a decline of 68% from the average session volume of 8,523,351 shares. The stock had previously closed at $90.59.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on SHOP. Morgan Stanley raised their target price on Shopify from $126.00 to $144.00 and gave the company an “overweight” rating in a report on Wednesday, February 12th. Oppenheimer lifted their price target on Shopify from $130.00 to $150.00 and gave the stock an “outperform” rating in a report on Wednesday, February 12th. Jefferies Financial Group lifted their price target on Shopify from $110.00 to $130.00 and gave the stock a “hold” rating in a report on Tuesday, February 18th. Piper Sandler lifted their price target on Shopify from $94.00 to $104.00 and gave the stock a “neutral” rating in a report on Wednesday, February 12th. Finally, Citigroup lifted their price target on Shopify from $143.00 to $175.00 and gave the stock a “buy” rating in a report on Tuesday, February 11th. One equities research analyst has rated the stock with a sell rating, fifteen have issued a hold rating, twenty-four have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $126.31.

Shopify Stock Up 4.7 %

The company has a 50-day moving average of $110.88 and a 200 day moving average of $98.59. The firm has a market capitalization of $122.86 billion, a PE ratio of 61.22, a PEG ratio of 4.82 and a beta of 2.60.

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

Institutional Investors Weigh In On Shopify

Several hedge funds have recently added to or reduced their stakes in SHOP. GSA Capital Partners LLP bought a new stake in Shopify during the third quarter worth about $1,011,000. Aptus Capital Advisors LLC lifted its stake in Shopify by 5.5% during the third quarter. Aptus Capital Advisors LLC now owns 6,059 shares of the software maker’s stock worth $486,000 after purchasing an additional 315 shares during the last quarter. Oppenheimer & Co. Inc. lifted its stake in Shopify by 26.4% during the third quarter. Oppenheimer & Co. Inc. now owns 33,609 shares of the software maker’s stock worth $2,693,000 after purchasing an additional 7,027 shares during the last quarter. Zions Bancorporation N.A. lifted its stake in Shopify by 678.2% during the third quarter. Zions Bancorporation N.A. now owns 2,537 shares of the software maker’s stock worth $203,000 after purchasing an additional 2,211 shares during the last quarter. Finally, OneDigital Investment Advisors LLC lifted its stake in Shopify by 12.8% during the third quarter. OneDigital Investment Advisors LLC now owns 19,370 shares of the software maker’s stock worth $1,552,000 after purchasing an additional 2,191 shares during the last quarter. Institutional investors own 69.27% of the company’s stock.

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.