Shopify (NASDAQ:SHOP) Trading 4.7% Higher – Should You Buy?

Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP)’s stock price rose 4.7% during mid-day trading on Thursday . The company traded as high as $126.00 and last traded at $125.93. Approximately 11,979,035 shares traded hands during mid-day trading, a decline of 11% from the average daily volume of 13,442,428 shares. The stock had previously closed at $120.31.

Analyst Ratings Changes

SHOP has been the topic of several recent analyst reports. Jefferies Financial Group set a $125.00 price target on Shopify and gave the stock a “hold” rating in a research report on Monday, February 16th. ATB Cormark Capital Markets raised Shopify from a “sector perform” rating to an “outperform” rating in a research report on Tuesday, February 10th. Needham & Company LLC reiterated a “buy” rating and issued a $180.00 price objective on shares of Shopify in a research report on Thursday, February 12th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Shopify in a report on Monday, December 29th. Finally, DZ Bank raised Shopify from a “hold” rating to a “strong-buy” rating in a report on Monday, February 16th. Two analysts have rated the stock with a Strong Buy rating, thirty-one have assigned a Buy rating and ten have issued a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $162.64.

Shopify Stock Performance

The stock has a market cap of $163.94 billion, a price-to-earnings ratio of 135.41, a PEG ratio of 4.26 and a beta of 2.83. The firm’s 50-day simple moving average is $143.35 and its two-hundred day simple moving average is $149.98.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of SHOP. Tempo Wealth LLC acquired a new stake in Shopify in the fourth quarter worth about $1,257,000. Thryve Wealth Management LLC acquired a new position in Shopify during the 4th quarter valued at about $445,000. MidFirst Bank bought a new position in shares of Shopify in the 4th quarter valued at about $589,000. DGS Capital Management LLC grew its position in shares of Shopify by 17.1% during the 4th quarter. DGS Capital Management LLC now owns 1,775 shares of the software maker’s stock worth $286,000 after buying an additional 259 shares during the period. Finally, Investment Insight Wealth Management LLC bought a new stake in shares of Shopify during the fourth quarter worth approximately $3,643,000. 69.27% of the stock is currently owned by institutional investors.

Shopify Company Profile

Shopify is a Canadian commerce technology company that provides a cloud-based platform for businesses to create, manage and scale online and physical retail stores. Its core offering is a software-as-a-service e-commerce platform that enables merchants to build customizable storefronts, manage product catalogs, process orders, and handle inventory. Shopify also supports omnichannel selling through integrated point-of-sale (POS) systems for in-person transactions.

Beyond storefront software, Shopify offers a range of merchant services and tools designed to simplify commerce operations.