Shopify (NASDAQ:SHOP) Trading 2.1% Higher – Still a Buy?

Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) traded up 2.1% during mid-day trading on Monday . The company traded as high as $103.33 and last traded at $102.39. 9,888,286 shares changed hands during trading, a decline of 14% from the average session volume of 11,550,774 shares. The stock had previously closed at $100.28.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on SHOP shares. Wells Fargo & Company reduced their price target on shares of Shopify from $166.00 to $144.00 and set an “overweight” rating for the company in a report on Wednesday, May 6th. Evercore set a $135.00 price objective on shares of Shopify in a research report on Wednesday, February 11th. Mizuho raised shares of Shopify from a “neutral” rating to an “outperform” rating and set a $150.00 price objective on the stock in a research report on Thursday, February 12th. Stifel Nicolaus set a $115.00 price target on shares of Shopify and gave the stock a “hold” rating in a research report on Wednesday, February 11th. Finally, Citigroup dropped their price objective on shares of Shopify from $163.00 to $156.00 and set a “buy” rating on the stock in a research report on Wednesday, May 6th. Two investment analysts have rated the stock with a Strong Buy rating, thirty-one have assigned a Buy rating and ten have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $158.42.

Shopify Stock Performance

The firm’s fifty day simple moving average is $119.12 and its 200-day simple moving average is $138.15. The stock has a market cap of $132.87 billion, a P/E ratio of 101.38, a price-to-earnings-growth ratio of 2.81 and a beta of 2.64.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last released its quarterly earnings data on Tuesday, May 5th. The software maker reported $999.00 earnings per share for the quarter, beating the consensus estimate of $0.22 by $998.78. The company had revenue of $3.17 billion during the quarter, compared to analyst estimates of $3.08 billion. Shopify had a net margin of 10.77% and a return on equity of 12.07%. Analysts predict that Shopify Inc. will post 1.36 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Shopify

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Twin Peaks Wealth Advisors LLC increased its position in shares of Shopify by 1.7% during the third quarter. Twin Peaks Wealth Advisors LLC now owns 3,448 shares of the software maker’s stock valued at $512,000 after buying an additional 59 shares during the period. Moloney Securities Asset Management LLC boosted its stake in Shopify by 1.8% in the third quarter. Moloney Securities Asset Management LLC now owns 3,951 shares of the software maker’s stock worth $587,000 after buying an additional 70 shares in the last quarter. Seros Financial LLC boosted its stake in shares of Shopify by 2.7% during the third quarter. Seros Financial LLC now owns 2,856 shares of the software maker’s stock valued at $424,000 after purchasing an additional 75 shares during the period. First Affirmative Financial Network boosted its stake in shares of Shopify by 3.4% during the third quarter. First Affirmative Financial Network now owns 2,275 shares of the software maker’s stock valued at $338,000 after purchasing an additional 75 shares during the period. Finally, TBH Global Asset Management LLC boosted its stake in shares of Shopify by 1.2% during the fourth quarter. TBH Global Asset Management LLC now owns 6,438 shares of the software maker’s stock valued at $1,036,000 after purchasing an additional 75 shares during the period. 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.