Shopify (NYSE:SHOP) Shares Down 4.1%

Shopify Inc. (NYSE:SHOP) (TSE:SHOP) dropped 4.1% during trading on Monday . The stock traded as low as $48.56 and last traded at $52.22. Approximately 6,250,599 shares traded hands during trading, a decline of 37% from the average daily volume of 9,965,314 shares. The stock had previously closed at $54.43.

Analyst Upgrades and Downgrades

SHOP has been the subject of several recent analyst reports. Scotiabank reduced their price objective on shares of Shopify from $80.00 to $75.00 and set a “sector perform” rating for the company in a research note on Thursday, May 9th. Loop Capital dropped their target price on shares of Shopify from $90.00 to $80.00 and set a “hold” rating on the stock in a research report on Monday, April 15th. Canaccord Genuity Group dropped their target price on shares of Shopify from $90.00 to $80.00 and set a “buy” rating on the stock in a research report on Thursday, May 9th. Royal Bank of Canada dropped their target price on shares of Shopify from $100.00 to $85.00 and set an “outperform” rating on the stock in a research report on Thursday, May 9th. Finally, Bank of America raised shares of Shopify from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $78.00 to $82.00 in a research report on Tuesday, July 16th. One investment analyst has rated the stock with a sell rating, fifteen have given a hold rating and twenty-three have given a buy rating to the company. According to data from MarketBeat.com, Shopify has a consensus rating of “Moderate Buy” and a consensus target price of $77.62.

Shopify Price Performance

The company has a quick ratio of 7.14, a current ratio of 7.14 and a debt-to-equity ratio of 0.10. The stock’s 50-day simple moving average is $63.09 and its two-hundred day simple moving average is $70.45. The company has a market capitalization of $67.44 billion, a price-to-earnings ratio of -307.18, a PEG ratio of 3.36 and a beta of 2.30.

Shopify (NYSE:SHOP) (TSE:SHOP) last issued its earnings results on Wednesday, May 8th. The software maker reported $0.12 EPS for the quarter, beating analysts’ consensus estimates of $0.08 by $0.04. The business had revenue of $1.86 billion during the quarter, compared to analysts’ expectations of $1.84 billion. Shopify had a negative net margin of 2.82% and a positive return on equity of 7.36%. Equities research analysts predict that Shopify Inc. will post 0.62 earnings per share for the current year.

Institutional Investors Weigh In On Shopify

A number of hedge funds have recently modified their holdings of SHOP. Private Wealth Management Group LLC acquired a new stake in shares of Shopify in the fourth quarter valued at about $26,000. DSM Capital Partners LLC purchased a new stake in shares of Shopify in the fourth quarter valued at about $28,000. Jones Financial Companies Lllp purchased a new stake in shares of Shopify in the fourth quarter valued at about $28,000. Your Advocates Ltd. LLP grew its holdings in shares of Shopify by 4,344.4% in the fourth quarter. Your Advocates Ltd. LLP now owns 400 shares of the software maker’s stock valued at $31,000 after purchasing an additional 391 shares during the period. Finally, Cultivar Capital Inc. purchased a new stake in shares of Shopify in the second quarter valued at about $33,000. 69.27% of the stock is currently owned by institutional investors and hedge funds.

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.