Shopify (NYSE:SHOP) Shares Gap Down - Here's Why
Shopify (NYSE:SHOP) shares gapped down from $102.52 to $99.15 before trading on Friday, last trading at $97.41. Analysts have mixed ratings, with Cantor Fitzgerald maintaining a "neutral" rating and a $120 target, while Barclays raised their target to $100. Wedbush set a $125 target, and Benchmark upgraded to a "buy" with a $150 target. The stock has a market cap of $127.88 billion and reported a $0.34 EPS, missing estimates. Institutional investors hold 69.27% of shares, indicating strong interest despite recent price fluctuations.
Shares of Shopify Inc. (NYSE:SHOP - Get Free Report) TSE: SHOP gapped down prior to trading on Friday . The stock had previously closed at $102.52, but opened at $99.15. Shopify shares last traded at $97.41, with a volume of 2,513,552 shares changing hands.
Wall Street Analysts Forecast Growth
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SHOP has been the topic of several recent analyst reports. Cantor Fitzgerald reiterated a "neutral" rating and issued a $120.00 price target on shares of Shopify in a research note on Wednesday, February 12th. Barclays increased their target price on shares of Shopify from $93.00 to $100.00 and gave the stock an "equal weight" rating in a report on Wednesday, February 12th. Wedbush reaffirmed an "outperform" rating and set a $125.00 price target on shares of Shopify in a report on Tuesday, February 11th. Benchmark raised shares of Shopify from a "hold" rating to a "buy" rating and set a $150.00 price objective for the company in a research note on Monday, February 10th. Finally, Evercore ISI raised their target price on shares of Shopify from $125.00 to $140.00 and gave the company an "outperform" rating in a research report on Wednesday, February 12th. One equities research analyst has rated the stock with a sell rating, fifteen have issued a hold rating, twenty-four have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $126.31.
View Our Latest Research Report on SHOP
Shopify Price Performance
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The company has a fifty day moving average price of $110.35 and a 200 day moving average price of $100.35. The stock has a market cap of $127.88 billion, a P/E ratio of 63.84, a P/E/G ratio of 4.82 and a beta of 2.60.
Shopify (NYSE:SHOP - Get Free Report) TSE: SHOP last announced its quarterly earnings results on Tuesday, February 11th. The software maker reported $0.34 EPS for the quarter, missing analysts' consensus estimates of $0.44 by ($0.10). Shopify had a net margin of 22.74% and a return on equity of 12.00%. As a group, sell-side analysts expect that Shopify Inc. will post 1.12 earnings per share for the current fiscal year.
Hedge Funds Weigh In On Shopify
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Large investors have recently added to or reduced their stakes in the business. Cerity Partners LLC boosted its position in shares of Shopify by 35.8% during the third quarter. Cerity Partners LLC now owns 85,993 shares of the software maker's stock valued at $6,891,000 after buying an additional 22,667 shares during the last quarter. Centaurus Financial Inc. purchased a new position in Shopify during the 3rd quarter worth $104,000. Dynamic Technology Lab Private Ltd bought a new stake in shares of Shopify in the 3rd quarter worth $660,000. Brown Brothers Harriman & Co. bought a new stake in shares of Shopify in the 3rd quarter worth $274,000. Finally, Truvestments Capital LLC purchased a new stake in shares of Shopify in the third quarter valued at about $45,000. Institutional investors own 69.27% of the company's stock.
About Shopify
(Get Free Report)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.
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