Shopify (NASDAQ:SHOP) Trading Up 4% – Here’s What Happened

Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP)’s stock price shot up 4% during mid-day trading on Thursday . The company traded as high as $135.96 and last traded at $134.79. 13,050,527 shares changed hands during trading, a decline of 1% from the average session volume of 13,145,515 shares. The stock had previously closed at $129.65.

Wall Street Analysts Forecast Growth

A number of research firms have commented on SHOP. TD Securities upgraded shares of Shopify from a “hold” rating to a “buy” rating and set a $159.00 target price on the stock in a research note 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. Scotiabank raised shares of Shopify from a “sector perform” rating to an “outperform” rating and increased their price objective for the stock from $165.00 to $200.00 in a research note on Thursday, January 8th. Benchmark decreased their price objective on shares of Shopify from $195.00 to $145.00 and set a “buy” rating on the stock in a research report on Tuesday, February 10th. Finally, Evercore set a $135.00 target price on shares of Shopify in a research note on Wednesday, February 11th. Two 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 stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $162.64.

Shopify Trading Down 3.4%

The firm has a market capitalization of $169.50 billion, a P/E ratio of 140.00, a P/E/G ratio of 4.91 and a beta of 2.83. The company has a 50 day simple moving average of $137.30 and a two-hundred day simple moving average of $148.99.

Hedge Funds Weigh In On Shopify

Hedge funds and other institutional investors have recently modified their holdings of the stock. Kingdom Financial Group LLC. purchased a new stake in Shopify in the 4th quarter worth $26,000. Financial Gravity Companies Inc. purchased a new position in shares of Shopify during the second quarter valued at about $27,000. Rothschild Investment LLC increased its holdings in shares of Shopify by 47.5% in the second quarter. Rothschild Investment LLC now owns 233 shares of the software maker’s stock worth $27,000 after purchasing an additional 75 shares during the last quarter. Heartwood Wealth Advisors LLC bought a new stake in shares of Shopify in the third quarter worth about $27,000. Finally, Curio Wealth LLC purchased a new stake in shares of Shopify in the fourth quarter worth about $27,000. Institutional investors own 69.27% of the company’s stock.

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.