Shopify (NYSE:SHOP) Sees Strong Trading Volume on Analyst Upgrade

Shopify Inc. (NYSE:SHOP) (TSE:SHOP) saw an uptick in trading volume on Tuesday after CIBC raised their price target on the stock from $135.00 to $160.00. CIBC currently has an outperform rating on the stock. 8,170,996 shares changed hands during mid-day trading, an increase of 23% from the previous session’s volume of 6,665,544 shares.The stock last traded at $117.68 and had previously closed at $119.90.

A number of other research analysts also recently issued reports on the stock. Benchmark raised shares of Shopify from a “hold” rating to a “buy” rating and set a $150.00 price objective on the stock in a research report on Monday. Moffett Nathanson boosted their target price on shares of Shopify from $86.00 to $99.00 and gave the stock a “neutral” rating in a research report on Tuesday, November 26th. Deutsche Bank Aktiengesellschaft boosted their target price on shares of Shopify from $125.00 to $150.00 and gave the stock a “buy” rating in a research report on Wednesday. JMP Securities reissued a “market outperform” rating and set a $120.00 target price on shares of Shopify in a research report on Thursday, December 12th. Finally, Mizuho boosted their target price on shares of Shopify from $68.00 to $105.00 and gave the stock a “neutral” rating in a research report on Wednesday, November 13th. One equities research analyst has rated the stock with a sell rating, fourteen have given a hold rating, twenty-five have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $125.14.

Hedge Funds Weigh In On Shopify

A number of large investors have recently added to or reduced their stakes in SHOP. Norges Bank acquired a new position in Shopify during the fourth quarter worth $1,542,262,000. Baillie Gifford & Co. raised its position in Shopify by 14.7% during the third quarter. Baillie Gifford & Co. now owns 63,366,308 shares of the software maker’s stock worth $5,078,176,000 after acquiring an additional 8,131,160 shares during the period. Arrowstreet Capital Limited Partnership raised its position in Shopify by 79.8% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 16,487,579 shares of the software maker’s stock worth $1,752,834,000 after acquiring an additional 7,316,862 shares during the period. FMR LLC raised its position in Shopify by 16.1% during the third quarter. FMR LLC now owns 42,306,077 shares of the software maker’s stock worth $3,389,637,000 after acquiring an additional 5,869,795 shares during the period. Finally, Alliancebernstein L.P. raised its position in Shopify by 631.3% during the fourth quarter. Alliancebernstein L.P. now owns 4,459,580 shares of the software maker’s stock worth $474,187,000 after acquiring an additional 3,849,796 shares during the period. 69.27% of the stock is currently owned by institutional investors and hedge funds.

Shopify Price Performance

The company has a quick ratio of 7.10, a current ratio of 7.10 and a debt-to-equity ratio of 0.09. The stock’s 50-day simple moving average is $111.29 and its two-hundred day simple moving average is $91.82. The company has a market capitalization of $155.65 billion, a price-to-earnings ratio of 112.58, a PEG ratio of 2.49 and a beta of 2.47.

Shopify (NYSE:SHOP) (TSE:SHOP) last released its earnings results on Tuesday, February 11th. The software maker reported $0.34 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.44 by ($0.10). Shopify had a return on equity of 11.60% and a net margin of 16.84%. Equities research analysts predict that Shopify Inc. will post 0.91 earnings per share for the current year.

Shopify Company Profile

Shopify Inc, a commerce company, provides a commerce platform and services in Canada, the United States, Europe, the Middle East, Africa, the Asia Pacific, Australia, China, and Latin America. The company’s platform enables merchants to displays, manages, markets, and sells its products through various sales channels, including web and mobile storefronts, physical retail locations, pop-up shops, social media storefronts, native mobile apps, buy buttons, and marketplaces; and enables to manage products and inventory, process orders and payments, fulfill and ship orders, new buyers and build customer relationships, source products, leverage analytics and reporting, manage cash, payments and transactions, and access financing.