Shopify (NYSE:SHOP) Shares Up 1.5% – Time to Buy?

Shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) were up 1.5% on Wednesday . The company traded as high as $104.17 and last traded at $103.24. Approximately 1,835,617 shares were traded during mid-day trading, a decline of 77% from the average daily volume of 7,947,263 shares. The stock had previously closed at $101.73.

Wall Street Analysts Forecast Growth

SHOP has been the subject of a number of research reports. Mizuho upped their target price on shares of Shopify from $68.00 to $105.00 and gave the stock a “neutral” rating in a report on Wednesday, November 13th. Benchmark raised shares of Shopify from a “hold” rating to a “buy” rating and set a $150.00 price objective for the company in a research note on Monday, February 10th. Piper Sandler raised their target price on shares of Shopify from $94.00 to $104.00 and gave the stock a “neutral” rating in a research note on Wednesday, February 12th. Atb Cap Markets lowered Shopify from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, November 12th. Finally, New Street Research started coverage on Shopify in a report on Friday, January 10th. They issued a “neutral” rating and a $115.00 price target for the company. One 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 issued a strong buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $126.31.

Shopify Price Performance

The company’s 50 day simple moving average is $112.65 and its 200 day simple moving average is $97.53. The firm has a market cap of $135.53 billion, a price-to-earnings ratio of 67.53, a P/E/G ratio of 4.82 and a beta of 2.47.

Shopify (NYSE:SHOP) (TSE:SHOP) last released 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, analysts forecast that Shopify Inc. will post 1.12 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Robeco Institutional Asset Management B.V. raised its holdings in shares of Shopify by 1.5% in the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 210,668 shares of the software maker’s stock valued at $16,883,000 after purchasing an additional 3,035 shares in the last quarter. Roman Butler Fullerton & Co. purchased a new position in Shopify in the third quarter valued at $214,000. Asset Management One Co. Ltd. raised its stake in Shopify by 61.7% in the third quarter. Asset Management One Co. Ltd. now owns 99,620 shares of the software maker’s stock valued at $7,984,000 after buying an additional 37,996 shares in the last quarter. QRG Capital Management Inc. purchased a new stake in Shopify during the 3rd quarter worth about $227,000. Finally, World Equity Group Inc. acquired a new position in shares of Shopify during the 3rd quarter worth about $351,000. Hedge funds and other 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.