Shopify (NYSE:SHOP) Shares Gap Down – What’s Next?

Shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) gapped down prior to trading on Thursday . The stock had previously closed at $100.65, but opened at $87.33. Shopify shares last traded at $85.61, with a volume of 6,076,652 shares changing hands.

Wall Street Analysts Forecast Growth

Several research firms recently commented on SHOP. JMP Securities reiterated a “market outperform” rating and issued a $120.00 price objective on shares of Shopify in a research report on Thursday, December 12th. TD Securities upped their price target on shares of Shopify from $100.00 to $130.00 and gave the company a “hold” rating in a report on Wednesday, February 12th. Morgan Stanley raised their price objective on shares of Shopify from $126.00 to $144.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 12th. Cantor Fitzgerald restated a “neutral” rating and set a $120.00 price objective on shares of Shopify in a research report on Wednesday, February 12th. Finally, DA Davidson increased their target price on Shopify from $130.00 to $150.00 and gave the company a “buy” rating in a report on Wednesday, February 12th. One research analyst has rated the stock with a sell rating, fifteen have issued a hold rating, twenty-four have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Shopify has an average rating of “Moderate Buy” and an average price target of $126.31.

Shopify Stock Down 16.3 %

The company has a market cap of $109.13 billion, a P/E ratio of 54.37, a P/E/G ratio of 4.82 and a beta of 2.81. The business has a 50-day moving average price of $109.77 and a two-hundred day moving average price of $101.33.

Shopify (NYSE:SHOP) (TSE:SHOP) last released 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 net margin of 22.74% and a return on equity of 12.00%. As a group, sell-side analysts expect that Shopify Inc. will post 1.12 EPS for the current fiscal year.

Institutional Trading of Shopify

A number of hedge funds have recently modified their holdings of SHOP. Members Wealth LLC acquired a new position in shares of Shopify in the fourth quarter valued at approximately $177,000. Lansforsakringar Fondforvaltning AB publ bought a new position in Shopify during the 4th quarter worth $29,322,000. Centaurus Financial Inc. lifted its holdings in shares of Shopify by 15.4% during the fourth quarter. Centaurus Financial Inc. now owns 1,496 shares of the software maker’s stock worth $159,000 after buying an additional 200 shares in the last quarter. Cim LLC bought a new stake in shares of Shopify in the fourth quarter valued at about $1,313,000. Finally, Total Wealth Planning & Management Inc. acquired a new position in shares of Shopify in the fourth quarter valued at about $232,000. 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.