Shopify (NASDAQ:SHOP) Shares Up 8.5% – Still a Buy?

Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP)’s stock price rose 8.5% on Tuesday . The company traded as high as $128.82 and last traded at $128.46. Approximately 9,622,367 shares traded hands during trading, a decline of 6% from the average daily volume of 10,222,488 shares. The stock had previously closed at $118.40.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on SHOP shares. Cantor Fitzgerald restated a “neutral” rating and set a $181.00 price objective (up from $156.00) on shares of Shopify in a research report on Wednesday, November 5th. UBS Group set a $195.00 price target on Shopify in a report on Wednesday, December 3rd. Stifel Nicolaus set a $175.00 price objective on Shopify in a report on Tuesday, November 4th. National Bankshares boosted their target price on shares of Shopify from $180.00 to $200.00 and gave the company an “outperform” rating in a research report on Thursday, October 23rd. Finally, Barclays set a $140.00 price target on shares of Shopify and gave the stock an “equal weight” rating in a research report on Wednesday, November 5th. Twenty-seven equities research analysts have rated the stock with a Buy rating and seventeen have assigned a Hold rating to the company. According to MarketBeat, Shopify presently has an average rating of “Moderate Buy” and a consensus price target of $170.21.

Shopify Stock Performance

The company has a fifty day simple moving average of $153.73 and a 200 day simple moving average of $151.23. The stock has a market capitalization of $164.93 billion, a price-to-earnings ratio of 93.84, a P/E/G ratio of 3.30 and a beta of 2.83.

Hedge Funds Weigh In On Shopify

A number of institutional investors and hedge funds have recently modified their holdings of the business. Twin Peaks Wealth Advisors LLC increased its holdings in shares of Shopify by 1.7% in the 3rd quarter. Twin Peaks Wealth Advisors LLC now owns 3,448 shares of the software maker’s stock worth $512,000 after buying an additional 59 shares during the last quarter. Accurate Wealth Management LLC boosted its position in Shopify by 2.0% during the third quarter. Accurate Wealth Management LLC now owns 3,438 shares of the software maker’s stock valued at $526,000 after buying an additional 67 shares during the period. Moloney Securities Asset Management LLC increased its holdings in shares of Shopify by 1.8% in the third quarter. Moloney Securities Asset Management LLC now owns 3,951 shares of the software maker’s stock worth $587,000 after buying an additional 70 shares during the period. Rothschild Investment LLC lifted its stake in shares of Shopify by 47.5% in the 2nd quarter. Rothschild Investment LLC now owns 233 shares of the software maker’s stock valued at $27,000 after acquiring an additional 75 shares during the last quarter. Finally, Sivia Capital Partners LLC boosted its holdings in Shopify by 0.9% during the 3rd quarter. Sivia Capital Partners LLC now owns 8,265 shares of the software maker’s stock valued at $1,228,000 after acquiring an additional 75 shares during the period. 69.27% of the stock is currently owned by institutional investors.

About Shopify

Shopify is a Canadian commerce technology company that provides a cloud-based platform for businesses to create, manage and scale online and physical retail stores. Its core offering is a software-as-a-service e-commerce platform that enables merchants to build customizable storefronts, manage product catalogs, process orders, and handle inventory. Shopify also supports omnichannel selling through integrated point-of-sale (POS) systems for in-person transactions.

Beyond storefront software, Shopify offers a range of merchant services and tools designed to simplify commerce operations.