Shopify (NYSE:SHOP) Shares Gap Down to $77.05

Shopify Inc. (NYSE:SHOP) (TSE:SHOP) gapped down prior to trading on Wednesday . The stock had previously closed at $77.05, but opened at $63.67. Shopify shares last traded at $61.97, with a volume of 25,075,439 shares trading hands.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on SHOP shares. Royal Bank of Canada restated an “outperform” rating and set a $100.00 target price on shares of Shopify in a report on Wednesday, February 14th. Needham & Company LLC reaffirmed a “hold” rating on shares of Shopify in a research note on Tuesday, April 16th. DA Davidson boosted their price target on Shopify from $86.00 to $90.00 and gave the stock a “buy” rating in a report on Wednesday, February 14th. Morgan Stanley raised shares of Shopify from an “equal weight” rating to an “overweight” rating and boosted their target price for the company from $74.00 to $85.00 in a research note on Friday, April 19th. Finally, ATB Capital raised their target price on shares of Shopify from $105.00 to $110.00 and gave the stock a “sector perform” rating in a research report on Wednesday, February 14th. Two equities research analysts have rated the stock with a sell rating, nineteen have assigned a hold rating and seventeen have issued a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $79.00.

Shopify Stock Down 19.5 %

The firm has a 50 day moving average of $74.74 and a 200-day moving average of $73.78. The company has a debt-to-equity ratio of 0.10, a current ratio of 6.99 and a quick ratio of 6.99. The stock has a market capitalization of $79.81 billion, a P/E ratio of 695.41 and a beta of 2.20.

Shopify (NYSE:SHOP) (TSE:SHOP) last issued its earnings results on Tuesday, February 13th. The software maker reported $0.26 EPS for the quarter, beating analysts’ consensus estimates of $0.22 by $0.04. Shopify had a return on equity of 4.48% and a net margin of 1.87%. The business had revenue of $2.14 billion during the quarter, compared to analyst estimates of $2.07 billion. On average, equities research analysts expect that Shopify Inc. will post 0.59 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Shopify

Several institutional investors have recently added to or reduced their stakes in the stock. Baillie Gifford & Co. lifted its holdings in shares of Shopify by 2.3% in the fourth quarter. Baillie Gifford & Co. now owns 64,164,758 shares of the software maker’s stock valued at $4,998,476,000 after purchasing an additional 1,419,749 shares in the last quarter. Vanguard Group Inc. lifted its stake in shares of Shopify by 3.0% during the 4th quarter. Vanguard Group Inc. now owns 42,168,291 shares of the software maker’s stock worth $3,284,910,000 after buying an additional 1,242,067 shares during the last quarter. Capital World Investors grew its stake in Shopify by 28.7% in the 4th quarter. Capital World Investors now owns 39,424,769 shares of the software maker’s stock valued at $3,071,197,000 after buying an additional 8,789,411 shares during the last quarter. Capital International Investors raised its holdings in Shopify by 9.7% in the 4th quarter. Capital International Investors now owns 15,849,638 shares of the software maker’s stock valued at $1,235,534,000 after acquiring an additional 1,399,562 shares during the period. Finally, Norges Bank bought a new stake in shares of Shopify during the fourth quarter worth approximately $1,049,089,000. 69.27% of the stock is owned by 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.