Shopify (NYSE:SHOP) Shares Down 7% – Here’s What Happened

Shopify Inc. (NYSE:SHOP) (TSE:SHOP) shares were down 7% during trading on Monday . The company traded as low as $91.90 and last traded at $93.08. Approximately 5,321,507 shares traded hands during trading, a decline of 37% from the average daily volume of 8,465,835 shares. The stock had previously closed at $100.13.

Analyst Ratings Changes

Several equities research analysts recently weighed in on the stock. The Goldman Sachs Group lifted their target price on Shopify from $135.00 to $150.00 and gave the stock a “buy” rating in a research report on Wednesday, February 12th. Canaccord Genuity Group lifted their price objective on Shopify from $125.00 to $140.00 and gave the stock a “buy” rating in a report on Wednesday, February 12th. Barclays upped their target price on Shopify from $93.00 to $100.00 and gave the company an “equal weight” rating in a research note on Wednesday, February 12th. TD Securities lifted their price target on shares of Shopify from $100.00 to $130.00 and gave the stock a “hold” rating in a research note on Wednesday, February 12th. Finally, Atb Cap Markets cut shares of Shopify from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, November 12th. One equities research analyst has rated the stock with a sell rating, fifteen have assigned a hold rating, twenty-four have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $126.31.

Shopify Trading Down 7.6 %

The business has a 50 day moving average price of $112.26 and a 200 day moving average price of $98.11. The company has a market capitalization of $119.76 billion, a P/E ratio of 59.67, 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 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%. On average, analysts forecast that Shopify Inc. will post 1.12 EPS for the current fiscal year.

Institutional Trading of Shopify

A number of large investors have recently bought and sold shares of the business. Allianz SE bought a new stake in shares of Shopify during the fourth quarter worth $27,000. PFG Private Wealth Management LLC lifted its holdings in shares of Shopify by 3,657.1% in the fourth 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 in the last quarter. Fourth Dimension Wealth LLC bought a new position in shares of Shopify during the fourth quarter worth about $30,000. Mark Sheptoff Financial Planning LLC raised its position in 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 buying an additional 100 shares during the last quarter. Finally, Brooklyn Investment Group acquired a new position in Shopify during the 3rd quarter worth approximately $33,000. 69.27% of the stock is owned by 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.