Shopify (NYSE:SHOP) Shares Down 1.8%

Shopify Inc. (NYSE:SHOP) (TSE:SHOP)’s stock price traded down 1.8% during mid-day trading on Wednesday . The stock traded as low as $64.80 and last traded at $64.96. 1,516,950 shares changed hands during mid-day trading, a decline of 85% from the average session volume of 10,060,602 shares. The stock had previously closed at $66.13.

Analyst Ratings Changes

Several research analysts have recently issued reports on the company. TD Securities reduced their price objective on Shopify from $80.00 to $72.00 and set a “hold” rating for the company in a research note on Thursday, May 9th. DA Davidson reduced their price objective on Shopify from $90.00 to $84.00 and set a “buy” rating for the company in a research note on Thursday, May 9th. Citigroup raised their price objective on Shopify from $95.00 to $96.00 and gave the stock a “buy” rating in a research note on Wednesday, June 26th. Piper Sandler upgraded Shopify from an “underweight” rating to a “neutral” rating and set a $63.00 price target for the company in a research report on Thursday, May 9th. Finally, Mizuho reduced their price target on Shopify from $75.00 to $65.00 and set a “neutral” rating for the company in a research report on Thursday, May 9th. One equities research analyst has rated the stock with a sell rating, sixteen have assigned a hold rating and twenty-one have issued a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $76.42.

Shopify Trading Down 0.6 %

The company has a 50 day moving average of $63.25 and a 200-day moving average of $72.39. The company has a debt-to-equity ratio of 0.10, a quick ratio of 7.14 and a current ratio of 7.14. The stock has a market cap of $83.62 billion, a price-to-earnings ratio of -385.94, a price-to-earnings-growth ratio of 3.30 and a beta of 2.30.

Shopify (NYSE:SHOP) (TSE:SHOP) last posted its earnings results on Wednesday, May 8th. The software maker reported $0.12 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.08 by $0.04. Shopify had a positive return on equity of 7.36% and a negative net margin of 2.82%. The firm had revenue of $1.86 billion for the quarter, compared to analyst estimates of $1.84 billion. On average, research analysts anticipate that Shopify Inc. will post 0.61 earnings per share for the current year.

Institutional Investors Weigh In On Shopify

A number of hedge funds have recently bought and sold shares of the stock. Hexagon Capital Partners LLC increased its holdings in shares of Shopify by 49.4% in the 2nd quarter. Hexagon Capital Partners LLC now owns 931 shares of the software maker’s stock valued at $61,000 after acquiring an additional 308 shares during the last quarter. Wolff Wiese Magana LLC increased its holdings in shares of Shopify by 190.0% in the 2nd quarter. Wolff Wiese Magana LLC now owns 2,822 shares of the software maker’s stock valued at $186,000 after acquiring an additional 1,849 shares during the last quarter. Opal Wealth Advisors LLC purchased a new position in shares of Shopify in the 2nd quarter valued at about $84,000. Capital Investment Advisors LLC increased its holdings in shares of Shopify by 78.4% in the 2nd quarter. Capital Investment Advisors LLC now owns 5,557 shares of the software maker’s stock valued at $367,000 after acquiring an additional 2,442 shares during the last quarter. Finally, Dixon Mitchell Investment Counsel Inc. purchased a new position in shares of Shopify in the 2nd quarter valued at about $6,327,000. Institutional investors and hedge funds own 69.27% of the company’s stock.

Shopify Company Profile

Shopify Inc, a commerce company, provides a commerce platform and services in Canada, the United States, Europe, the Middle East, Africa, the Asia Pacific, Australia, China, and Latin America. The company's platform enables merchants to displays, manages, markets, and sells its products through various sales channels, including web and mobile storefronts, physical retail locations, pop-up shops, social media storefronts, native mobile apps, buy buttons, and marketplaces; and enables to manage products and inventory, process orders and payments, fulfill and ship orders, new buyers and build customer relationships, source products, leverage analytics and reporting, manage cash, payments and transactions, and access financing.