Shopify (NYSE:SHOP) Sees Large Volume Increase on Analyst Upgrade

Shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) saw an uptick in trading volume on Tuesday after Citigroup raised their price target on the stock from $143.00 to $175.00. Citigroup currently has a buy rating on the stock. 8,170,996 shares traded hands during 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.

SHOP has been the topic of a number of other research reports. New Street Research initiated coverage on shares of Shopify in a report on Friday, January 10th. They issued a “neutral” rating and a $115.00 price objective on the stock. Mizuho upped their price target on Shopify from $68.00 to $105.00 and gave the stock a “neutral” rating in a research note on Wednesday, November 13th. Wells Fargo & Company lifted their price objective on Shopify from $90.00 to $120.00 and gave the company an “overweight” rating in a research note on Wednesday, November 13th. Royal Bank of Canada reissued an “outperform” rating and issued a $130.00 target price on shares of Shopify in a research note on Wednesday, January 22nd. Finally, Scotiabank lifted their price target on Shopify from $75.00 to $80.00 and gave the stock a “sector perform” rating in a research report on Thursday, October 24th. One research analyst has rated the stock with a sell rating, fourteen have assigned a hold rating, twenty-four have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Shopify has a consensus rating of “Moderate Buy” and a consensus price target of $103.80.

Institutional Investors Weigh In On Shopify

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Baillie Gifford & Co. raised its position in shares of Shopify by 14.7% during the 3rd quarter. Baillie Gifford & Co. now owns 63,366,308 shares of the software maker’s stock valued at $5,078,176,000 after purchasing an additional 8,131,160 shares during the period. Vanguard Group Inc. increased its stake in Shopify by 1.7% in the 4th quarter. Vanguard Group Inc. now owns 47,080,112 shares of the software maker’s stock worth $5,010,721,000 after buying an additional 781,162 shares in the last quarter. FMR LLC raised its holdings in Shopify by 16.1% during the third quarter. FMR LLC now owns 42,306,077 shares of the software maker’s stock valued at $3,389,637,000 after acquiring an additional 5,869,795 shares during the period. The Manufacturers Life Insurance Company lifted its position in shares of Shopify by 6.3% in the third quarter. The Manufacturers Life Insurance Company now owns 8,211,511 shares of the software maker’s stock valued at $658,248,000 after acquiring an additional 484,561 shares in the last quarter. Finally, National Bank of Canada FI boosted its stake in shares of Shopify by 28.0% in the third quarter. National Bank of Canada FI now owns 7,408,880 shares of the software maker’s stock worth $593,588,000 after acquiring an additional 1,621,981 shares during the period. 69.27% of the stock is owned by hedge funds and other institutional investors.

Shopify Price Performance

The firm has a 50-day moving average of $111.05 and a 200-day moving average of $91.37. The company has a debt-to-equity ratio of 0.09, a current ratio of 7.10 and a quick ratio of 7.10. The stock has a market cap of $160.19 billion, a PE ratio of 115.87, a PEG ratio of 2.49 and a beta of 2.47.

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