Shopify (NYSE:SHOP) Stock Price Down 4% – Time to Sell?

Shopify Inc. (NYSE:SHOP) (TSE:SHOP) was down 4% during mid-day trading on Friday . The stock traded as low as $96.59 and last traded at $98.42. Approximately 3,799,790 shares changed hands during trading, a decline of 56% from the average daily volume of 8,619,245 shares. The stock had previously closed at $102.52.

Wall Street Analyst Weigh In

Several research firms have recently commented on SHOP. Benchmark raised Shopify from a “hold” rating to a “buy” rating and set a $150.00 price target for the company in a research report on Monday, February 10th. Oppenheimer raised their price target on shares of Shopify from $130.00 to $150.00 and gave the company an “outperform” rating in a report on Wednesday, February 12th. Truist Financial lifted their price objective on shares of Shopify from $110.00 to $120.00 and gave the stock a “hold” rating in a research report on Wednesday, February 12th. New Street Research assumed coverage on shares of Shopify in a research note on Friday, January 10th. They issued a “neutral” rating and a $115.00 target price for the company. Finally, Piper Sandler upped their price target on Shopify from $94.00 to $104.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 12th. 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. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $126.31.

Shopify Stock Performance

The stock has a market capitalization of $124.96 billion, a PE ratio of 62.27, a price-to-earnings-growth ratio of 4.82 and a beta of 2.60. The stock’s 50 day moving average is $110.21 and its two-hundred day moving average is $100.78.

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%. Equities research analysts expect that Shopify Inc. will post 1.12 EPS for the current fiscal year.

Institutional Investors Weigh In On Shopify

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. LRI Investments LLC boosted its position in Shopify by 9.8% during the fourth quarter. LRI Investments LLC now owns 889 shares of the software maker’s stock worth $94,000 after acquiring an additional 79 shares during the last quarter. Tidemark LLC boosted its holdings in shares of Shopify by 3.6% during the 4th quarter. Tidemark LLC now owns 2,592 shares of the software maker’s stock worth $276,000 after purchasing an additional 90 shares during the last quarter. Howland Capital Management LLC grew its position in shares of Shopify by 2.0% in the fourth quarter. Howland Capital Management LLC now owns 4,949 shares of the software maker’s stock valued at $526,000 after purchasing an additional 99 shares in the last quarter. Trust Co. of Vermont increased its holdings in shares of Shopify by 9.9% in the fourth quarter. Trust Co. of Vermont now owns 1,114 shares of the software maker’s stock valued at $118,000 after purchasing an additional 100 shares during the last quarter. Finally, First United Bank & Trust lifted its position in Shopify by 2.2% during the fourth quarter. First United Bank & Trust now owns 4,590 shares of the software maker’s stock worth $488,000 after buying an additional 100 shares in the last quarter. Institutional investors and hedge funds 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.