Shares of Shopify Inc. (NYSE:SHOP – Get Rating) (TSE:SHOP) gapped down before the market opened on Tuesday after Citigroup lowered their price target on the stock from $43.20 to $37.00. The stock had previously closed at $36.71, but opened at $34.89. Shopify shares last traded at $31.37, with a volume of 1,121,138 shares trading hands.
Several other research analysts also recently commented on SHOP. National Bankshares set a $75.00 price objective on shares of Shopify and gave the company an “outperform” rating in a report on Thursday, June 30th. Piper Sandler dropped their price objective on shares of Shopify from $60.00 to $38.00 and set an “overweight” rating for the company in a report on Monday, July 18th. Loop Capital dropped their price objective on shares of Shopify from $66.00 to $46.00 in a report on Tuesday, May 3rd. Deutsche Bank Aktiengesellschaft decreased their target price on shares of Shopify from $90.00 to $55.00 in a research report on Monday, May 2nd. Finally, Wells Fargo & Company decreased their target price on shares of Shopify from $55.00 to $40.00 and set an “overweight” rating on the stock in a research report on Monday, July 18th. Two investment analysts have rated the stock with a sell rating, eighteen have issued a hold rating and twenty have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $83.55.
Institutional Inflows and Outflows
Hedge funds have recently modified their holdings of the stock. Western Pacific Wealth Management LP acquired a new stake in shares of Shopify in the 4th quarter worth $26,000. Gradient Investments LLC raised its position in Shopify by 978.9% during the second quarter. Gradient Investments LLC now owns 820 shares of the software maker’s stock worth $26,000 after acquiring an additional 744 shares during the last quarter. CVA Family Office LLC raised its position in Shopify by 1,680.0% during the second quarter. CVA Family Office LLC now owns 890 shares of the software maker’s stock worth $28,000 after acquiring an additional 840 shares during the last quarter. Amplius Wealth Advisors LLC acquired a new position in Shopify during the fourth quarter worth about $31,000. Finally, M&R Capital Management Inc. raised its position in Shopify by 900.0% during the second quarter. M&R Capital Management Inc. now owns 1,000 shares of the software maker’s stock worth $31,000 after acquiring an additional 900 shares during the last quarter. 62.60% of the stock is owned by hedge funds and other institutional investors.
Shopify Trading Down 15.7 %
The company has a debt-to-equity ratio of 0.12, a current ratio of 11.84 and a quick ratio of 11.84. The company has a market cap of $38.97 billion, a price-to-earnings ratio of 245.36 and a beta of 1.84. The business’s 50-day simple moving average is $41.11 and its 200-day simple moving average is $59.18.
Shopify (NYSE:SHOP – Get Rating) (TSE:SHOP) last issued its quarterly earnings results on Thursday, May 5th. The software maker reported ($0.07) EPS for the quarter, missing analysts’ consensus estimates of ($0.04) by ($0.03). The firm had revenue of $1.20 billion for the quarter, compared to analysts’ expectations of $1.24 billion. Shopify had a return on equity of 1.94% and a net margin of 3.77%. The business’s quarterly revenue was up 21.7% compared to the same quarter last year. During the same quarter last year, the firm earned $0.13 earnings per share. Research analysts predict that Shopify Inc. will post -0.45 earnings per share for the current fiscal year.
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, 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.