Shopify (NYSE:SHOP) Shares Down 0.9%

Shopify Inc. (NYSE:SHOP) (TSE:SHOP) dropped 0.9% on Tuesday . The company traded as low as $72.86 and last traded at $74.29. Approximately 1,613,758 shares were traded during trading, a decline of 84% from the average daily volume of 10,170,088 shares. The stock had previously closed at $74.95.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the company. Morgan Stanley upped their target price on Shopify from $80.00 to $85.00 and gave the company an “overweight” rating in a research report on Thursday, August 8th. JPMorgan Chase & Co. upped their target price on shares of Shopify from $74.00 to $76.00 and gave the company an “overweight” rating in a research note on Tuesday, August 20th. BNP Paribas raised shares of Shopify from an “underperform” rating to an “outperform” rating in a research report on Thursday, May 2nd. CIBC lowered their price objective on Shopify from $100.00 to $85.00 and set an “outperformer” rating for the company in a report on Thursday, May 9th. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Shopify in a research report on Thursday, May 9th. One investment analyst has rated the stock with a sell rating, fifteen have assigned a hold rating, twenty-three have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Shopify currently has a consensus rating of “Moderate Buy” and a consensus target price of $77.30.

Shopify Stock Performance

The company has a market capitalization of $93.48 billion, a price-to-earnings ratio of -426.71, a P/E/G ratio of 2.50 and a beta of 2.30. The firm’s 50 day simple moving average is $65.94 and its 200-day simple moving average is $69.04. The company has a debt-to-equity ratio of 0.10, a quick ratio of 7.32 and a current ratio of 7.32.

Shopify (NYSE:SHOP) (TSE:SHOP) last announced its quarterly earnings data on Wednesday, August 7th. The software maker reported $0.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.20 by $0.06. Shopify had a return on equity of 10.88% and a net margin of 16.40%. The firm had revenue of $2.05 billion during the quarter, compared to the consensus estimate of $2.01 billion. During the same period in the prior year, the business earned ($0.08) EPS. The business’s revenue for the quarter was up 20.7% on a year-over-year basis. Analysts expect that Shopify Inc. will post 0.76 EPS for the current year.

Institutional Investors Weigh In On Shopify

Hedge funds and other institutional investors have recently made changes to their positions in the company. Souders Financial Advisors lifted its stake in shares of Shopify by 3.3% in the second quarter. Souders Financial Advisors now owns 11,522 shares of the software maker’s stock worth $761,000 after buying an additional 370 shares during the last quarter. Clearbridge Investments LLC lifted its position in shares of Shopify by 54.2% during the 2nd quarter. Clearbridge Investments LLC now owns 4,714,691 shares of the software maker’s stock worth $311,404,000 after purchasing an additional 1,657,251 shares during the last quarter. Truist Financial Corp lifted its position in shares of Shopify by 12.5% during the 2nd quarter. Truist Financial Corp now owns 550,550 shares of the software maker’s stock worth $36,364,000 after purchasing an additional 61,014 shares during the last quarter. Kimelman & Baird LLC bought a new stake in Shopify during the 2nd quarter valued at approximately $132,000. Finally, Connective Capital Management LLC acquired a new stake in Shopify in the 2nd quarter valued at approximately $1,163,000. 69.27% of the stock is owned by hedge funds and other institutional investors.

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.