Shopify (NYSE:SHOP) Shares Gap Down to $77.05

Shopify Inc. (NYSE:SHOP) (TSE:SHOP)’s stock price gapped down before the market opened on Wednesday . The stock had previously closed at $77.05, but opened at $63.67. Shopify shares last traded at $61.97, with a volume of 25,075,439 shares traded.

Wall Street Analyst Weigh In

SHOP has been the topic of a number of research analyst reports. Citigroup cut their price target on shares of Shopify from $105.00 to $95.00 and set a “buy” rating on the stock in a report on Thursday. StockNews.com raised shares of Shopify from a “sell” rating to a “hold” rating in a research note on Wednesday, April 24th. Mizuho lowered their price target on Shopify from $75.00 to $65.00 and set a “neutral” rating for the company in a report on Thursday. Atb Cap Markets upgraded Shopify from a “sector perform” rating to an “outperform” rating in a report on Wednesday. Finally, JMP Securities upgraded Shopify from a “market perform” rating to an “outperform” rating and set a $80.00 target price for the company in a report on Thursday. One research analyst has rated the stock with a sell rating, seventeen have given a hold rating and eighteen have given a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $76.86.

Shopify Stock Performance

The company has a debt-to-equity ratio of 0.10, a quick ratio of 6.99 and a current ratio of 6.99. The firm’s 50 day moving average is $74.48 and its 200-day moving average is $73.70. The company has a market cap of $80.37 billion, a PE ratio of 694.11 and a beta of 2.20.

Shopify (NYSE:SHOP) (TSE:SHOP) last released its quarterly earnings data on Tuesday, February 13th. The software maker reported $0.26 earnings per share for the quarter, topping analysts’ consensus estimates of $0.22 by $0.04. Shopify had a return on equity of 4.48% and a net margin of 1.87%. The company had revenue of $2.14 billion for the quarter, compared to analyst estimates of $2.07 billion. On average, research analysts anticipate that Shopify Inc. will post 0.59 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Shopify

Several large investors have recently made changes to their positions in SHOP. Pinnacle Wealth Planning Services Inc. grew its stake in shares of Shopify by 26.6% in the first quarter. Pinnacle Wealth Planning Services Inc. now owns 4,080 shares of the software maker’s stock valued at $315,000 after buying an additional 856 shares in the last quarter. Bright Financial Advisors Inc. acquired a new position in shares of Shopify in the first quarter valued at approximately $252,000. GM Advisory Group LLC increased its stake in Shopify by 50.8% during the 1st quarter. GM Advisory Group LLC now owns 11,157 shares of the software maker’s stock worth $861,000 after buying an additional 3,757 shares during the period. Trillium Asset Management LLC purchased a new position in Shopify in the 1st quarter valued at approximately $6,178,000. Finally, Orion Portfolio Solutions LLC grew its stake in shares of Shopify by 3.2% in the first quarter. Orion Portfolio Solutions LLC now owns 38,473 shares of the software maker’s stock worth $2,969,000 after acquiring an additional 1,201 shares in the last quarter. 69.27% of the stock is currently owned by institutional investors and hedge funds.

About Shopify

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.