Shopify Inc (NYSE:SHOP) (TSE:SHOP) shares fell 6.3% on Tuesday . The stock traded as low as $295.30 and last traded at $299.69, 3,060,211 shares traded hands during mid-day trading. An increase of 60% from the average session volume of 1,916,595 shares. The stock had previously closed at $319.73.
Several research firms have weighed in on SHOP. Mackie increased their price target on shares of Shopify from $280.00 to $360.00 and gave the stock a “buy” rating in a research report on Monday, July 15th. Canaccord Genuity increased their price target on shares of Shopify from $360.00 to $385.00 and gave the stock a “buy” rating in a research report on Thursday, August 1st. Pi Financial began coverage on shares of Shopify in a research report on Thursday, October 10th. They issued a “buy” rating and a $492.00 price target on the stock. Robert W. Baird raised their price objective on shares of Shopify from $370.00 to $410.00 and gave the company an “outperform” rating in a research report on Monday, September 9th. Finally, William Blair restated a “hold” rating on shares of Shopify in a research report on Tuesday, September 10th. Three equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and fifteen have given a buy rating to the stock. Shopify currently has an average rating of “Hold” and a consensus target price of $341.67.
The company has a debt-to-equity ratio of 0.05, a quick ratio of 11.44 and a current ratio of 11.44. The company has a market capitalization of $34.34 billion, a P/E ratio of -530.07 and a beta of 1.19. The business’s fifty day simple moving average is $328.54 and its 200-day simple moving average is $306.93.
A number of hedge funds and other institutional investors have recently made changes to their positions in SHOP. New Capital Management LP bought a new stake in Shopify in the 3rd quarter valued at $31,000. Aperio Group LLC purchased a new position in shares of Shopify in the 2nd quarter worth $37,000. Advisors Preferred LLC purchased a new position in shares of Shopify in the 2nd quarter worth $39,000. Ropes Wealth Advisors LLC grew its stake in shares of Shopify by 41.0% in the 2nd quarter. Ropes Wealth Advisors LLC now owns 148 shares of the software maker’s stock worth $44,000 after buying an additional 43 shares in the last quarter. Finally, Doyle Wealth Management purchased a new position in shares of Shopify in the 2nd quarter worth $44,000. Institutional investors own 59.17% of the company’s stock.
About Shopify (NYSE:SHOP)
Shopify Inc provides a cloud-based multi-channel commerce platform for small and medium-sized businesses in the United States, the United Kingdom, Canada, Australia, and internationally. Its platform provides merchants with a single view of business and customers in various sales channels, including Web and mobile storefronts, physical retail locations, social media storefronts, and marketplaces; and enables to manage products and inventory, process orders and payments, ship orders, build customer relationships, leverage analytics and reporting, and access financing.
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