Shopify (NASDAQ:SHOP) Stock Price Up 6.4% – What’s Next?

Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) traded up 6.4% during mid-day trading on Wednesday . The stock traded as high as $130.25 and last traded at $129.65. 11,326,305 shares were traded during mid-day trading, a decline of 14% from the average session volume of 13,173,888 shares. The stock had previously closed at $121.87.

Analyst Ratings Changes

Several research analysts recently commented on the company. Barclays set a $130.00 target price on Shopify and gave the stock an “equal weight” rating in a research note on Thursday, February 12th. DA Davidson boosted their price objective on Shopify from $185.00 to $195.00 and gave the stock a “buy” rating in a research report on Wednesday, November 5th. Robert W. Baird set a $160.00 target price on shares of Shopify in a report on Thursday, February 12th. Canaccord Genuity Group set a $165.00 price target on shares of Shopify and gave the stock a “buy” rating in a research note on Thursday, February 12th. Finally, TD Cowen upgraded shares of Shopify from a “hold” rating to a “buy” rating and set a $159.00 price target for the company in a report on Wednesday, February 11th. Two equities research analysts have rated the stock with a Strong Buy rating, thirty-one have given a Buy rating and ten have given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $162.64.

Shopify Stock Up 6.4%

The firm has a fifty day simple moving average of $139.60 and a 200-day simple moving average of $149.32. The company has a market cap of $168.78 billion, a PE ratio of 139.41, a price-to-earnings-growth ratio of 4.35 and a beta of 2.83.

Institutional Investors Weigh In On Shopify

Large investors have recently modified their holdings of the company. Kingdom Financial Group LLC. purchased a new position in Shopify during the 4th quarter worth $26,000. Financial Gravity Companies Inc. acquired a new stake in shares of Shopify during the second quarter worth about $27,000. Rothschild Investment LLC grew its holdings in shares of Shopify by 47.5% during the second quarter. Rothschild Investment LLC now owns 233 shares of the software maker’s stock worth $27,000 after buying an additional 75 shares during the last quarter. Heartwood Wealth Advisors LLC purchased a new position in shares of Shopify during the third quarter worth about $27,000. Finally, Curio Wealth LLC acquired a new position in Shopify in the 4th quarter valued at about $27,000. 69.27% of the stock is owned by institutional investors and hedge funds.

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.