Shopify (NASDAQ:SHOP) Trading Down 1.3% – Time to Sell?

Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP)’s stock price dropped 1.3% on Tuesday . The company traded as low as $100.72 and last traded at $101.01. Approximately 10,961,431 shares were traded during mid-day trading, a decline of 5% from the average daily volume of 11,525,864 shares. The stock had previously closed at $102.39.

Analyst Ratings Changes

SHOP has been the topic of a number of recent analyst reports. Wedbush dropped their price target on shares of Shopify from $185.00 to $160.00 and set an “outperform” rating on the stock in a report on Thursday, February 12th. Robert W. Baird set a $150.00 price objective on shares of Shopify in a research report on Wednesday, May 6th. Citigroup dropped their target price on shares of Shopify from $163.00 to $156.00 and set a “buy” rating on the stock in a report on Wednesday, May 6th. Benchmark cut their target price on shares of Shopify from $195.00 to $145.00 and set a “buy” rating for the company in a research report on Tuesday, February 10th. Finally, ATB Cormark Capital Markets upgraded shares of Shopify from a “sector perform” rating to an “outperform” rating in a research note on Tuesday, February 10th. Two analysts have rated the stock with a Strong Buy rating, thirty-one have given a Buy rating and ten have issued a Hold rating to the company’s stock. Based on data from MarketBeat, Shopify presently has a consensus rating of “Moderate Buy” and a consensus price target of $158.42.

Shopify Stock Down 1.3%

The business’s fifty day moving average is $118.47 and its 200-day moving average is $137.61. The company has a market cap of $131.08 billion, a PE ratio of 100.01, a P/E/G ratio of 2.81 and a beta of 2.64.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last released its quarterly earnings results on Tuesday, May 5th. The software maker reported $999.00 earnings per share for the quarter, topping the consensus estimate of $0.22 by $998.78. The business had revenue of $3.17 billion for the quarter, compared to the consensus estimate of $3.08 billion. Shopify had a net margin of 10.77% and a return on equity of 12.07%. Analysts forecast that Shopify Inc. will post 1.36 EPS for the current fiscal year.

Institutional Trading of Shopify

Hedge funds have recently bought and sold shares of the stock. Kingdom Financial Group LLC. purchased a new stake in Shopify in the 4th quarter worth approximately $26,000. Curio Wealth LLC purchased a new position in Shopify during the fourth quarter valued at approximately $27,000. Evolution Wealth Management Inc. boosted its position in shares of Shopify by 203.9% in the first quarter. Evolution Wealth Management Inc. now owns 231 shares of the software maker’s stock worth $27,000 after purchasing an additional 155 shares during the period. Graney & King LLC purchased a new stake in shares of Shopify in the first quarter worth $27,000. Finally, Mowery & Schoenfeld Wealth Management LLC purchased a new stake in shares of Shopify in the fourth quarter worth $29,000. Institutional investors own 69.27% of the company’s stock.

Shopify Company Profile

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.