Shopify (NASDAQ:SHOP) Stock Price Up 6.4% – What’s Next?
by Michael Walen · The Markets DailyShopify Inc. (NASDAQ:SHOP – Get Free Report) (TSE:SHOP)’s stock price rose 6.4% during trading on Wednesday . The stock traded as high as $130.25 and last traded at $129.65. Approximately 11,326,305 shares were traded during mid-day trading, a decline of 14% from the average daily volume of 13,173,888 shares. The stock had previously closed at $121.87.
Wall Street Analysts Forecast Growth
SHOP has been the topic of a number of recent analyst reports. Arete Research set a $175.00 price objective on Shopify in a research report on Monday, February 2nd. Truist Financial set a $150.00 target price on Shopify and gave the stock a “buy” rating in a research note on Tuesday, February 17th. Citizens Jmp lowered their price target on Shopify from $200.00 to $160.00 and set a “market outperform” rating on the stock in a report on Thursday, February 12th. TD Cowen upgraded Shopify from a “hold” rating to a “buy” rating and set a $159.00 price target for the company in a research report on Wednesday, February 11th. Finally, Wedbush cut their price objective on Shopify from $185.00 to $160.00 and set an “outperform” rating for the company in a report on Thursday, February 12th. Two research analysts have rated the stock with a Strong Buy rating, thirty-one have assigned a Buy rating and ten have given a Hold rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $162.64.
Check Out Our Latest Research Report on SHOP
Shopify Trading Down 3.4%
The stock has a market capitalization of $169.50 billion, a PE ratio of 140.00, a PEG ratio of 4.72 and a beta of 2.83. The business has a fifty day moving average price of $138.11 and a 200-day moving average price of $149.08.
Institutional Inflows and Outflows
Large investors have recently made changes to their positions in the business. Kingdom Financial Group LLC. bought a new position in shares of Shopify during the 4th quarter valued at $26,000. Financial Gravity Companies Inc. purchased a new stake in Shopify during the second quarter valued at about $27,000. Rothschild Investment LLC grew its stake in shares of Shopify by 47.5% during the second quarter. Rothschild Investment LLC now owns 233 shares of the software maker’s stock valued at $27,000 after buying an additional 75 shares during the last quarter. Heartwood Wealth Advisors LLC bought a new position in shares of Shopify during the third quarter valued at about $27,000. Finally, Curio Wealth LLC purchased a new position in shares of Shopify in the fourth quarter worth about $27,000. 69.27% of the stock is owned by hedge funds and other institutional investors.
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.