Shopify (NASDAQ:SHOP) Shares Down 3.4% – Should You Sell?

Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP)’s stock price dropped 3.4% during mid-day trading on Friday . The company traded as low as $128.01 and last traded at $130.20. Approximately 15,243,951 shares changed hands during mid-day trading, an increase of 16% from the average daily volume of 13,184,554 shares. The stock had previously closed at $134.79.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on SHOP shares. Moffett Nathanson upgraded shares of Shopify from a “neutral” rating to a “buy” rating and set a $150.00 price target on the stock in a research report on Monday, February 9th. Wolfe Research raised Shopify from a “hold” rating to an “outperform” rating in a research note on Tuesday, January 6th. Raymond James Financial restated a “market perform” rating on shares of Shopify in a research report on Monday, December 1st. TD Securities upgraded Shopify from a “hold” rating to a “buy” rating and set a $159.00 price target on the stock in a report on Thursday, February 12th. Finally, Wells Fargo & Company set a $191.00 price objective on Shopify and gave the stock an “overweight” rating in a report on Thursday, February 12th. Two research analysts have rated the stock with a Strong Buy rating, thirty-one have given a Buy rating and ten have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $162.64.

Shopify Trading Down 3.4%

The firm’s fifty day moving average price is $138.11 and its 200-day moving average price is $149.08. The company has a market cap of $169.50 billion, a price-to-earnings ratio of 140.00, a price-to-earnings-growth ratio of 4.72 and a beta of 2.83.

Institutional Investors Weigh In On Shopify

Several large investors have recently made changes to their positions in SHOP. Kingdom Financial Group LLC. acquired a new position in shares of Shopify during the 4th quarter worth approximately $26,000. Financial Gravity Companies Inc. bought a new position in Shopify during the second quarter worth $27,000. Rothschild Investment LLC raised its position in shares of Shopify by 47.5% in the second quarter. Rothschild Investment LLC now owns 233 shares of the software maker’s stock valued at $27,000 after purchasing an additional 75 shares during the period. Heartwood Wealth Advisors LLC acquired a new stake in shares of Shopify during the 3rd quarter worth about $27,000. Finally, Curio Wealth LLC acquired a new position in Shopify in the 4th quarter valued at about $27,000. Institutional investors own 69.27% of the company’s stock.

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.