Shopify (NASDAQ:SHOP) Stock Price Down 4.1% – Here’s What Happened

Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) shares traded down 4.1% during trading on Friday . The stock traded as low as $118.56 and last traded at $120.73. 9,774,673 shares were traded during trading, a decline of 27% from the average session volume of 13,349,008 shares. The stock had previously closed at $125.94.

Wall Street Analyst Weigh In

Several brokerages have weighed in on SHOP. UBS Group dropped their price objective on Shopify from $165.00 to $145.00 and set a “neutral” rating for the company in a report on Thursday, February 12th. Scotiabank raised Shopify from a “sector perform” rating to an “outperform” rating and boosted their price target for the company from $165.00 to $200.00 in a research note on Thursday, January 8th. Canaccord Genuity Group set a $165.00 price objective on shares of Shopify and gave the stock a “buy” rating in a research note on Thursday, February 12th. Mizuho upgraded shares of Shopify from a “neutral” rating to an “outperform” rating and set a $150.00 target price for the company in a research report on Thursday, February 12th. Finally, Phillip Securities upgraded shares of Shopify from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, February 18th. 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’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $162.64.

Shopify Trading Down 4.1%

The stock has a market capitalization of $157.17 billion, a price-to-earnings ratio of 129.82, a PEG ratio of 4.38 and a beta of 2.83. The company’s 50-day simple moving average is $142.53 and its 200-day simple moving average is $149.82.

Institutional Trading of Shopify

Institutional investors have recently added to or reduced their stakes in the stock. Strategic Investment Solutions Inc. IL bought a new position in Shopify during the 4th quarter worth approximately $80,000. Tempo Wealth LLC acquired a new stake in shares of Shopify during the fourth quarter worth $1,257,000. Thryve Wealth Management LLC acquired a new stake in shares of Shopify during the fourth quarter worth $445,000. MidFirst Bank bought a new position in Shopify during the fourth quarter worth $589,000. Finally, DGS Capital Management LLC lifted its holdings in Shopify by 17.1% in the fourth quarter. DGS Capital Management LLC now owns 1,775 shares of the software maker’s stock valued at $286,000 after buying an additional 259 shares during the period. 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.