Shopify (NASDAQ:SHOP) Shares Down 3.1% – Here’s What Happened

Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) shares fell 3.1% during trading on Tuesday . The stock traded as low as $128.27 and last traded at $129.36. 6,910,602 shares were traded during mid-day trading, a decline of 47% from the average session volume of 13,013,301 shares. The stock had previously closed at $133.50.

Analyst Ratings Changes

SHOP has been the topic of a number of recent research reports. Piper Sandler initiated coverage on Shopify in a report on Thursday. They issued an “overweight” rating and a $165.00 target price on the stock. Zacks Research lowered shares of Shopify from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, November 12th. Cantor Fitzgerald reiterated a “neutral” rating and issued a $126.00 price objective (down from $181.00) on shares of Shopify in a research note on Thursday, February 12th. Deutsche Bank Aktiengesellschaft reissued a “buy” rating and issued a $175.00 price objective on shares of Shopify in a report on Thursday, February 12th. Finally, Mizuho raised shares of Shopify from a “neutral” rating to an “outperform” rating and set a $150.00 target price for the company in a report on Thursday, February 12th. Two investment analysts have rated the stock with a Strong Buy rating, thirty-two have issued a Buy rating and ten have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $163.38.

Shopify Stock Down 2.6%

The stock has a market cap of $164.15 billion, a P/E ratio of 135.58, a P/E/G ratio of 4.64 and a beta of 2.83. The firm has a 50 day moving average price of $135.29 and a 200 day moving average price of $148.89.

Hedge Funds Weigh In On Shopify

Several large investors have recently added to or reduced their stakes in SHOP. Rubicon Advisors GP purchased a new position in shares of Shopify during the 4th quarter valued at $835,000. Corient Private Wealth LLC raised its holdings in Shopify by 1.2% during the fourth quarter. Corient Private Wealth LLC now owns 120,775 shares of the software maker’s stock valued at $19,446,000 after acquiring an additional 1,398 shares during the period. Bayban purchased a new position in shares of Shopify in the fourth quarter valued at about $129,000. Pure Financial Advisors LLC boosted its stake in shares of Shopify by 11.7% in the fourth quarter. Pure Financial Advisors LLC now owns 4,322 shares of the software maker’s stock worth $696,000 after acquiring an additional 454 shares during the period. Finally, Rehmann Capital Advisory Group grew its position in shares of Shopify by 63.4% during the fourth quarter. Rehmann Capital Advisory Group now owns 2,430 shares of the software maker’s stock worth $392,000 after purchasing an additional 943 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.