Shopify (NYSE:SHOP) Shares Up 5.7% – Here’s Why

Shopify Inc. (NYSE:SHOP) (TSE:SHOP)’s share price rose 5.7% on Monday . The stock traded as high as $110.42 and last traded at $110.12. Approximately 3,782,541 shares were traded during mid-day trading, a decline of 56% from the average daily volume of 8,584,875 shares. The stock had previously closed at $104.21.

Analysts Set New Price Targets

SHOP has been the topic of a number of research analyst reports. JMP Securities restated a “market outperform” rating and issued a $120.00 target price on shares of Shopify in a research report on Thursday, December 12th. UBS Group boosted their price objective on shares of Shopify from $110.00 to $125.00 and gave the company a “neutral” rating in a report on Wednesday, February 12th. Barclays increased their target price on shares of Shopify from $93.00 to $100.00 and gave the stock an “equal weight” rating in a research note on Wednesday, February 12th. Deutsche Bank Aktiengesellschaft boosted their price target on shares of Shopify from $125.00 to $150.00 and gave the company a “buy” rating in a research note on Wednesday, February 12th. Finally, ATB Capital raised their price target on Shopify from $145.00 to $170.00 and gave the stock a “sector perform” 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 issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $126.31.

Shopify Price Performance

The company has a market cap of $142.34 billion, a PE ratio of 70.92, a PEG ratio of 4.82 and a beta of 2.60. The stock has a 50 day simple moving average of $110.36 and a two-hundred day simple moving average of $100.31.

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

Hedge Funds Weigh In On Shopify

A number of hedge funds and other institutional investors have recently made changes to their positions in SHOP. Great Valley Advisor Group Inc. grew its stake in shares of Shopify by 16.2% in the 3rd quarter. Great Valley Advisor Group Inc. now owns 13,966 shares of the software maker’s stock valued at $1,119,000 after purchasing an additional 1,952 shares during the last quarter. Cerity Partners LLC grew its position in Shopify by 35.8% in the 3rd quarter. Cerity Partners LLC now owns 85,993 shares of the software maker’s stock valued at $6,891,000 after buying an additional 22,667 shares during the last quarter. Centaurus Financial Inc. purchased a new position in Shopify in the 3rd quarter valued at $104,000. Dynamic Technology Lab Private Ltd acquired a new position in Shopify in the 3rd quarter valued at $660,000. Finally, Brown Brothers Harriman & Co. purchased a new position in Shopify during the 3rd quarter worth $274,000. 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.