Shopify (TSE:SHOP) Shares Cross Below 50 Day Moving Average – What’s Next?

Shopify Inc. (TSE:SHOP) shares crossed below its 50-day moving average during trading on Thursday . The stock has a 50-day moving average of C$168.23 and traded as low as C$161.46. Shopify shares last traded at C$164.88, with a volume of 1,610,288 shares trading hands.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on SHOP shares. ATB Cormark Capital Markets upgraded Shopify from a “sector perform” rating to an “outperform” rating and set a C$250.00 target price for the company in a report on Tuesday, February 10th. Wells Fargo & Company lowered their target price on Shopify from $191.00 to $166.00 and set an “overweight” rating for the company in a report on Monday, April 6th. Two analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, Shopify presently has an average rating of “Moderate Buy” and a consensus price target of C$209.67.

Shopify Price Performance

The company has a market cap of C$225.70 billion, a P/E ratio of 184.55, a PEG ratio of 0.87 and a beta of 1.68. The company has a fifty day moving average price of C$168.23 and a two-hundred day moving average price of C$196.54. The company has a debt-to-equity ratio of 2.66, a quick ratio of 5.74 and a current ratio of 5.92.

Shopify (TSE:SHOP) last announced its quarterly earnings data on Wednesday, February 11th. The company reported C$0.78 earnings per share for the quarter. Shopify had a return on equity of 10.12% and a net margin of 10.70%.The company had revenue of C$4.88 billion during the quarter. On average, sell-side analysts anticipate that Shopify Inc. will post 1.9256156 earnings per share for the current fiscal year.

About Shopify

Shopify is the leading global commerce company that provides essential internet infrastructure for commerce, offering trusted tools to start, scale, market, and run a retail business of any size. Shopify makes commerce better for everyone with a platform and services that are engineered for speed, customization, reliability, and security, while delivering a better shopping experience for consumers online, in store, and everywhere in between. Shopify powers millions of businesses in more than 175 countries and is trusted by brands such as BarkBox, Vuori, BevMo, Carrier, JB Hi-Fi, Meta, ButcherBox, SKIMS, Supreme, and many more.