Shopify (NASDAQ:SHOP) Shares Up 8.5% – Time to Buy?

Shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) rose 8.5% on Tuesday . The stock traded as high as $128.82 and last traded at $128.46. Approximately 9,622,367 shares changed hands during mid-day trading, a decline of 6% from the average daily volume of 10,222,488 shares. The stock had previously closed at $118.40.

Wall Street Analysts Forecast Growth

SHOP has been the subject of several analyst reports. ATB Capital raised shares of Shopify from a “sector perform” rating to an “outperform” rating in a research report on Tuesday. Truist Financial set a $155.00 price target on Shopify and gave the company a “hold” rating in a research report on Tuesday, November 4th. Wolfe Research raised Shopify from a “hold” rating to an “outperform” rating in a research note on Tuesday, January 6th. Cantor Fitzgerald reissued a “neutral” rating and set a $181.00 price objective (up from $156.00) on shares of Shopify in a research report on Wednesday, November 5th. Finally, BMO Capital Markets dropped their target price on shares of Shopify from $190.00 to $150.00 and set an “outperform” rating for the company in a research report on Monday. Twenty-seven equities research analysts have rated the stock with a Buy rating and seventeen have issued 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 target price of $170.21.

Shopify Stock Performance

The stock has a fifty day simple moving average of $153.73 and a 200 day simple moving average of $151.23. The firm has a market cap of $164.93 billion, a P/E ratio of 93.84, a price-to-earnings-growth ratio of 3.30 and a beta of 2.83.

Institutional Trading of Shopify

A number of large investors have recently made changes to their positions in the stock. Vanguard Group Inc. grew its holdings in Shopify by 1.5% during the 4th quarter. Vanguard Group Inc. now owns 50,670,627 shares of the software maker’s stock valued at $8,158,643,000 after buying an additional 743,803 shares in the last quarter. Jennison Associates LLC boosted its position in shares of Shopify by 64.3% during the third quarter. Jennison Associates LLC now owns 18,923,431 shares of the software maker’s stock worth $2,812,211,000 after acquiring an additional 7,403,821 shares during the last quarter. Norges Bank bought a new position in shares of Shopify during the fourth quarter worth $2,611,797,000. Loomis Sayles & Co. L P grew its stake in Shopify by 1.3% during the second quarter. Loomis Sayles & Co. L P now owns 14,622,787 shares of the software maker’s stock valued at $1,686,738,000 after acquiring an additional 191,824 shares in the last quarter. Finally, Geode Capital Management LLC increased its holdings in Shopify by 6.2% in the 4th quarter. Geode Capital Management LLC now owns 12,601,476 shares of the software maker’s stock valued at $2,043,365,000 after acquiring an additional 737,892 shares during the last quarter. 69.27% of the stock is currently owned by institutional investors.

About Shopify

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.