Shopify (NYSE:SHOP) Trading Down 0%

Shopify Inc. (NYSE:SHOP) (TSE:SHOP) shares dropped 0% during trading on Thursday . The stock traded as low as $63.39 and last traded at $64.23. Approximately 1,746,832 shares traded hands during trading, a decline of 83% from the average daily volume of 10,403,427 shares. The stock had previously closed at $64.25.

Analysts Set New Price Targets

SHOP has been the subject of several research analyst reports. Needham & Company LLC restated a “hold” rating on shares of Shopify in a research report on Thursday, May 9th. Mizuho lowered their price target on Shopify from $75.00 to $65.00 and set a “neutral” rating for the company in a research report on Thursday, May 9th. Robert W. Baird lowered their price target on Shopify from $87.00 to $77.00 and set an “outperform” rating for the company in a research report on Thursday, May 9th. Atb Cap Markets upgraded Shopify from a “sector perform” rating to an “outperform” rating in a research report on Wednesday, May 8th. Finally, Scotiabank decreased their target price on Shopify from $80.00 to $75.00 and set a “sector perform” rating for the company in a report on Thursday, May 9th. One investment analyst has rated the stock with a sell rating, sixteen have given a hold rating and twenty-one have issued a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $76.39.

Shopify Price Performance

The company has a current ratio of 7.14, a quick ratio of 7.14 and a debt-to-equity ratio of 0.10. The business has a fifty day moving average price of $64.57 and a 200 day moving average price of $73.25.

Shopify (NYSE:SHOP) (TSE:SHOP) last announced its quarterly earnings results on Wednesday, May 8th. The software maker reported $0.12 earnings per share for the quarter, topping analysts’ consensus estimates of $0.08 by $0.04. Shopify had a negative net margin of 2.82% and a positive return on equity of 7.36%. The firm had revenue of $1.86 billion during the quarter, compared to analysts’ expectations of $1.84 billion. On average, analysts forecast that Shopify Inc. will post 0.61 earnings per share for the current fiscal year.

Institutional Trading of Shopify

Institutional investors have recently added to or reduced their stakes in the business. GQG Partners LLC boosted its position in Shopify by 197.9% in the 1st quarter. GQG Partners LLC now owns 20,901,980 shares of the software maker’s stock valued at $1,613,006,000 after buying an additional 13,885,473 shares during the last quarter. Norges Bank bought a new position in shares of Shopify during the fourth quarter worth about $1,049,089,000. Capital World Investors lifted its position in shares of Shopify by 26.2% during the first quarter. Capital World Investors now owns 49,764,809 shares of the software maker’s stock worth $3,840,332,000 after purchasing an additional 10,340,040 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its position in shares of Shopify by 21.2% during the first quarter. Price T Rowe Associates Inc. MD now owns 34,239,525 shares of the software maker’s stock worth $2,642,265,000 after purchasing an additional 5,982,434 shares during the last quarter. Finally, Toronto Dominion Bank lifted its position in shares of Shopify by 214.5% during the first quarter. Toronto Dominion Bank now owns 2,909,052 shares of the software maker’s stock worth $224,492,000 after purchasing an additional 1,983,996 shares during the last quarter. 69.27% of the stock is owned by hedge funds and other institutional investors.

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.