Shopify (NYSE:SHOP) Trading 0.8% Higher – Time to Buy?

Shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) rose 0.8% during trading on Friday . The stock traded as high as $102.72 and last traded at $102.67. Approximately 2,309,825 shares traded hands during trading, a decline of 73% from the average daily volume of 8,573,479 shares. The stock had previously closed at $101.85.

Wall Street Analyst Weigh In

SHOP has been the topic of several research reports. Moffett Nathanson increased their price objective on shares of Shopify from $86.00 to $99.00 and gave the stock a “neutral” rating in a research note on Tuesday, November 26th. CIBC raised their price target on shares of Shopify from $135.00 to $160.00 and gave the company an “outperform” rating in a research note on Wednesday, February 12th. Morgan Stanley raised their price target on shares of Shopify from $126.00 to $144.00 and gave the company an “overweight” rating in a research note on Wednesday, February 12th. Wedbush restated an “outperform” rating and issued a $125.00 price target on shares of Shopify in a research note on Tuesday, February 11th. Finally, Citigroup raised their price target on shares of Shopify from $143.00 to $175.00 and gave the company a “buy” rating in a research note on Tuesday, February 11th. One equities research analyst has rated the stock with a sell rating, fifteen have given a hold rating, twenty-four have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $126.31.

Shopify Trading Up 2.4 %

The stock has a market capitalization of $135.04 billion, a PE ratio of 67.29, a PEG ratio of 4.82 and a beta of 2.60. The firm’s 50-day simple moving average is $110.04 and its two-hundred day simple moving average is $99.53.

Shopify (NYSE:SHOP) (TSE:SHOP) last posted its quarterly earnings data 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%. As a group, research analysts expect that Shopify Inc. will post 1.12 earnings per share for the current year.

Hedge Funds Weigh In On Shopify

Institutional investors and hedge funds have recently modified their holdings of the stock. Allianz SE purchased a new position in shares of Shopify during the 4th quarter valued at $27,000. PFG Private Wealth Management LLC lifted its stake in shares of Shopify by 3,657.1% in the 4th quarter. PFG Private Wealth Management LLC now owns 263 shares of the software maker’s stock valued at $28,000 after purchasing an additional 256 shares during the last quarter. Fourth Dimension Wealth LLC acquired a new stake in shares of Shopify in the 4th quarter valued at $30,000. Mark Sheptoff Financial Planning LLC lifted its stake in shares of Shopify by 50.0% in the 4th quarter. Mark Sheptoff Financial Planning LLC now owns 300 shares of the software maker’s stock valued at $32,000 after purchasing an additional 100 shares during the last quarter. Finally, New Wave Wealth Advisors LLC acquired a new stake in shares of Shopify in the 4th quarter valued at $39,000. 69.27% of the stock is currently owned by hedge funds and other 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.