Shopify (NASDAQ:SHOP) Stock Price Up 2.8% – Time to Buy?

Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP)’s share price was up 2.8% during mid-day trading on Wednesday . The company traded as high as $123.77 and last traded at $120.24. Approximately 10,120,875 shares were traded during mid-day trading, a decline of 25% from the average daily volume of 13,467,149 shares. The stock had previously closed at $116.93.

Analyst Upgrades and Downgrades

Several brokerages recently commented on SHOP. DZ Bank raised shares of Shopify from a “hold” rating to a “strong-buy” rating in a research note on Monday, February 16th. Needham & Company LLC reissued a “buy” rating and issued a $180.00 price target on shares of Shopify in a report on Thursday, February 12th. Royal Bank Of Canada set a $170.00 price target on shares of Shopify and gave the stock an “outperform” rating in a report on Thursday, February 12th. Scotiabank upgraded 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 report on Thursday, January 8th. Finally, Jefferies Financial Group set a $125.00 target price on Shopify and gave the stock a “hold” rating in a research report on Monday, February 16th. Two analysts have rated the stock with a Strong Buy rating, thirty-one have assigned a Buy rating and ten have issued a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $162.64.

Shopify Stock Up 2.8%

The stock has a 50-day simple moving average of $144.18 and a two-hundred day simple moving average of $150.19. The firm has a market cap of $156.53 billion, a PE ratio of 129.29, a P/E/G ratio of 4.27 and a beta of 2.83.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of SHOP. Vanguard Group Inc. grew its holdings in shares of Shopify by 1.5% during the 4th quarter. Vanguard Group Inc. now owns 50,670,627 shares of the software maker’s stock valued at $8,158,643,000 after purchasing an additional 743,803 shares during the last quarter. Jennison Associates LLC boosted its position in Shopify by 64.3% during the third quarter. Jennison Associates LLC now owns 18,923,431 shares of the software maker’s stock valued at $2,812,211,000 after buying an additional 7,403,821 shares during the period. Norges Bank bought a new position in shares of Shopify during the fourth quarter valued at about $2,611,797,000. Loomis Sayles & Co. L P increased its holdings in shares of Shopify by 1.3% in the second quarter. Loomis Sayles & Co. L P now owns 14,622,787 shares of the software maker’s stock worth $1,686,738,000 after buying an additional 191,824 shares during the period. Finally, Invesco Ltd. lifted its stake in shares of Shopify by 9.8% in the 4th quarter. Invesco Ltd. now owns 14,026,193 shares of the software maker’s stock valued at $2,257,796,000 after acquiring an additional 1,252,074 shares during the last quarter. 69.27% of the stock is currently owned by institutional investors.

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.