Shopify (NYSE:SHOP) Stock Price Up 5% – Here’s Why

Shopify Inc. (NYSE:SHOP) (TSE:SHOP) shot up 5% during mid-day trading on Friday . The company traded as high as $95.83 and last traded at $95.15. 2,761,364 shares traded 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 Ratings Changes

Several research firms recently issued reports on SHOP. Royal Bank of Canada increased their target price on Shopify from $130.00 to $145.00 and gave the stock an “outperform” rating in a research note on Wednesday, February 12th. Jefferies Financial Group boosted their price objective on shares of Shopify from $110.00 to $130.00 and gave the stock a “hold” rating in a research report on Tuesday, February 18th. Scotiabank raised their price target on Shopify from $115.00 to $120.00 and gave the stock a “sector perform” rating in a report on Wednesday, February 12th. JPMorgan Chase & Co. lifted their target price on Shopify from $121.00 to $124.00 and gave the company an “overweight” rating in a research note on Wednesday, February 12th. Finally, Oppenheimer raised their price objective on shares of Shopify from $130.00 to $150.00 and gave the company an “outperform” rating in a research report on Wednesday, February 12th. 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. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $126.31.

Shopify Price Performance

The stock has a market cap of $122.66 billion, a P/E ratio of 61.10, a PEG ratio of 4.82 and a beta of 2.60. The stock’s fifty day simple moving average is $111.17 and its 200-day simple moving average is $98.29.

Shopify (NYSE:SHOP) (TSE:SHOP) last issued its earnings results on Tuesday, February 11th. The software maker reported $0.34 earnings per share 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%. Analysts forecast that Shopify Inc. will post 1.12 EPS for the current year.

Hedge Funds Weigh In On Shopify

Large investors have recently bought and sold shares of the stock. Allianz SE acquired a new stake in Shopify in the 4th quarter valued at about $27,000. PFG Private Wealth Management LLC grew its stake in Shopify by 3,657.1% during the 4th quarter. PFG Private Wealth Management LLC now owns 263 shares of the software maker’s stock valued at $28,000 after acquiring an additional 256 shares in the last quarter. Fourth Dimension Wealth LLC purchased a new stake in shares of Shopify in the fourth quarter worth approximately $30,000. Mark Sheptoff Financial Planning LLC boosted its stake in shares of Shopify by 50.0% during the 4th quarter. Mark Sheptoff Financial Planning LLC now owns 300 shares of the software maker’s stock valued at $32,000 after buying an additional 100 shares during the period. Finally, Brooklyn Investment Group acquired a new position in Shopify in the 3rd quarter worth about $33,000. Institutional investors and hedge funds own 69.27% of the company’s stock.

Shopify Company Profile

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.