Shopify (NASDAQ:SHOP) Shares Down 1.1% – Here’s What Happened

Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP)’s stock price was down 1.1% during trading on Monday . The stock traded as low as $114.37 and last traded at $119.38. Approximately 8,139,832 shares were traded during trading, a decline of 38% from the average daily volume of 13,226,631 shares. The stock had previously closed at $120.73.

Analyst Ratings Changes

Several equities analysts recently issued reports on SHOP shares. Canaccord Genuity Group set a $165.00 target price on Shopify and gave the company a “buy” rating in a research report on Thursday, February 12th. Moffett Nathanson raised Shopify from a “neutral” rating to a “buy” rating and set a $150.00 price objective on the stock in a report on Monday, February 9th. ATB Cormark Capital Markets upgraded Shopify from a “sector perform” rating to an “outperform” rating in a research note on Tuesday, February 10th. TD Securities upgraded Shopify from a “hold” rating to a “buy” rating and set a $159.00 target price on the stock in a research report on Thursday, February 12th. Finally, Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and issued a $175.00 price target on shares of Shopify in a report on Thursday, February 12th. Two research analysts have rated the stock with a Strong Buy rating, thirty-one have given a Buy rating and ten have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $162.64.

Shopify Price Performance

The company has a market capitalization of $168.78 billion, a price-to-earnings ratio of 112.84, a P/E/G ratio of 4.44 and a beta of 2.83. The stock has a fifty day simple moving average of $139.60 and a 200-day simple moving average of $149.32.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. increased its position in shares of Shopify by 1.5% during the fourth quarter. Vanguard Group Inc. now owns 50,670,627 shares of the software maker’s stock worth $8,158,643,000 after purchasing an additional 743,803 shares in the last quarter. Jennison Associates LLC grew its holdings in shares of Shopify by 64.3% during the third quarter. Jennison Associates LLC now owns 18,923,431 shares of the software maker’s stock worth $2,812,211,000 after buying an additional 7,403,821 shares in the last quarter. Norges Bank acquired a new stake in shares of Shopify in the fourth quarter valued at about $2,611,797,000. Loomis Sayles & Co. L P raised its position 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 valued at $1,686,738,000 after buying an additional 191,824 shares during the last quarter. Finally, Invesco Ltd. lifted its stake in shares of Shopify by 9.8% in the fourth quarter. Invesco Ltd. now owns 14,026,193 shares of the software maker’s stock worth $2,257,796,000 after buying an additional 1,252,074 shares in the last quarter. Hedge funds and other institutional investors own 69.27% of the company’s stock.

Shopify Company Profile

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.