Shopify (NASDAQ:SHOP) Trading 2.9% Higher – Here’s Why

Shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) shot up 2.9% on Friday . The company traded as high as $101.45 and last traded at $100.28. 15,672,731 shares were traded during trading, an increase of 35% from the average session volume of 11,571,366 shares. The stock had previously closed at $97.42.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on the company. KeyCorp reissued an “overweight” rating and issued a $160.00 price objective on shares of Shopify in a research note on Wednesday, February 11th. Wells Fargo & Company cut their price target on Shopify from $166.00 to $144.00 and set an “overweight” rating for the company in a report on Wednesday, May 6th. Truist Financial set a $150.00 price target on shares of Shopify and gave the stock a “buy” rating in a research report on Tuesday, February 17th. Oppenheimer reissued an “outperform” rating and set a $175.00 price objective on shares of Shopify in a report on Wednesday, May 6th. Finally, Citigroup lowered their price objective on shares of Shopify from $163.00 to $156.00 and set a “buy” rating for the company in a research report on Wednesday, May 6th. Two investment analysts have rated the stock with a Strong Buy rating, thirty-one have issued a Buy rating and ten have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, Shopify presently has a consensus rating of “Moderate Buy” and a consensus price target of $158.42.

Shopify Trading Up 2.9%

The company has a market capitalization of $130.13 billion, a price-to-earnings ratio of 99.29, a PEG ratio of 2.67 and a beta of 2.64. The company has a 50 day moving average price of $119.70 and a 200 day moving average price of $138.67.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last issued its quarterly earnings results on Tuesday, May 5th. The software maker reported $999.00 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.22 by $998.78. The business had revenue of $3.17 billion for the quarter, compared to analyst estimates of $3.08 billion. Shopify had a return on equity of 12.07% and a net margin of 10.77%. Equities analysts predict that Shopify Inc. will post 1.36 earnings per share for the current year.

Institutional Investors Weigh In On Shopify

Several institutional investors have recently modified their holdings of the business. Knights of Columbus Asset Advisors LLC bought a new position in Shopify during the third quarter worth about $4,110,000. Principal Financial Group Inc. increased its holdings in shares of Shopify by 16.3% in the third quarter. Principal Financial Group Inc. now owns 450,895 shares of the software maker’s stock worth $67,006,000 after acquiring an additional 63,300 shares in the last quarter. Triton Financial Group Inc acquired a new stake in shares of Shopify during the third quarter worth about $1,931,000. IQ EQ FUND MANAGEMENT IRELAND Ltd lifted its holdings in shares of Shopify by 65.5% during the 3rd quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 158,514 shares of the software maker’s stock valued at $23,557,000 after purchasing an additional 62,743 shares in the last quarter. Finally, M&T Bank Corp lifted its holdings in shares of Shopify by 37.1% during the 4th quarter. M&T Bank Corp now owns 81,082 shares of the software maker’s stock valued at $13,051,000 after purchasing an additional 21,945 shares in the last quarter. Institutional investors and hedge funds own 69.27% of the company’s stock.

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.