Shopify (NYSE:SHOP) Shares Gap Up – Time to Buy?

Shopify Inc. (NYSE:SHOP) (TSE:SHOP)’s stock price gapped up before the market opened on Wednesday . The stock had previously closed at $94.01, but opened at $99.63. Shopify shares last traded at $99.66, with a volume of 3,106,628 shares traded.

Analysts Set New Price Targets

Several analysts have recently weighed in on SHOP shares. JMP Securities reissued a “market outperform” rating and set a $120.00 price objective on shares of Shopify in a report on Thursday, December 12th. UBS Group lifted their price objective on Shopify from $110.00 to $125.00 and gave the stock a “neutral” rating in a report on Wednesday, February 12th. Benchmark raised Shopify from a “hold” rating to a “buy” rating and set a $150.00 price objective on the stock in a report on Monday, February 10th. CIBC lifted their price objective on Shopify from $135.00 to $160.00 and gave the stock an “outperform” rating in a report on Wednesday, February 12th. Finally, Truist Financial lifted their price objective on Shopify from $110.00 to $120.00 and gave the stock a “hold” rating in a report on Wednesday, February 12th. One investment analyst has rated the stock with a sell rating, fifteen have assigned a hold rating, twenty-four have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $126.31.

Shopify Stock Up 0.3 %

The business has a 50-day moving average price of $110.03 and a two-hundred day moving average price of $99.12. The company has a market cap of $131.86 billion, a P/E ratio of 65.70, a P/E/G ratio of 4.82 and a beta of 2.60.

Shopify (NYSE:SHOP) (TSE:SHOP) last announced its quarterly earnings data 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 return on equity of 12.00% and a net margin of 22.74%. As a group, sell-side analysts expect that Shopify Inc. will post 1.12 EPS for the current fiscal year.

Institutional Investors Weigh In On Shopify

A number of institutional investors have recently made changes to their positions in the stock. LRI Investments LLC grew its stake in shares of Shopify by 9.8% during the fourth quarter. LRI Investments LLC now owns 889 shares of the software maker’s stock worth $94,000 after purchasing an additional 79 shares during the period. Tidemark LLC grew its stake in shares of Shopify by 3.6% during the fourth quarter. Tidemark LLC now owns 2,592 shares of the software maker’s stock worth $276,000 after purchasing an additional 90 shares during the period. Howland Capital Management LLC grew its stake in Shopify by 2.0% in the fourth quarter. Howland Capital Management LLC now owns 4,949 shares of the software maker’s stock valued at $526,000 after acquiring an additional 99 shares during the period. Trust Co. of Vermont grew its stake in Shopify by 9.9% in the fourth quarter. Trust Co. of Vermont now owns 1,114 shares of the software maker’s stock valued at $118,000 after acquiring an additional 100 shares during the period. Finally, First United Bank & Trust grew its stake in Shopify by 2.2% in the fourth quarter. First United Bank & Trust now owns 4,590 shares of the software maker’s stock valued at $488,000 after acquiring an additional 100 shares during the period. 69.27% of the stock is 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.