Shopify (NYSE:SHOP) Stock Passes Above 50-Day Moving Average – Should You Sell?

Shopify Inc. (NYSE:SHOP) (TSE:SHOP) shares passed above its fifty day moving average during trading on Wednesday . The stock has a fifty day moving average of $103.34 and traded as high as $107.31. Shopify shares last traded at $106.33, with a volume of 3,765,368 shares.

Analyst Ratings Changes

SHOP has been the topic of several research reports. Mizuho upped their price target on Shopify from $68.00 to $105.00 and gave the company a “neutral” rating in a research report on Wednesday, November 13th. JMP Securities reissued a “market outperform” rating and set a $120.00 target price on shares of Shopify in a report on Thursday, December 12th. Canaccord Genuity Group lifted their price target on shares of Shopify from $80.00 to $125.00 and gave the company a “buy” rating in a report on Wednesday, November 13th. Royal Bank of Canada increased their price objective on shares of Shopify from $100.00 to $130.00 and gave the stock an “outperform” rating in a research note on Wednesday, November 13th. Finally, Cantor Fitzgerald restated a “neutral” rating and issued a $70.00 target price on shares of Shopify in a research note on Monday, October 7th. One equities research analyst has rated the stock with a sell rating, sixteen have given a hold rating, twenty-three have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $99.03.

Shopify Price Performance

The stock has a 50-day moving average of $103.34 and a two-hundred day moving average of $82.28. The firm has a market cap of $137.39 billion, a price-to-earnings ratio of 99.37, a price-to-earnings-growth ratio of 2.98 and a beta of 2.46. The company has a current ratio of 7.10, a quick ratio of 7.10 and a debt-to-equity ratio of 0.09.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Oliver Lagore Vanvalin Investment Group boosted its stake in Shopify by 100.0% in the 2nd quarter. Oliver Lagore Vanvalin Investment Group now owns 400 shares of the software maker’s stock worth $26,000 after purchasing an additional 200 shares during the period. Hazlett Burt & Watson Inc. acquired a new stake in shares of Shopify in the second quarter worth $33,000. Brooklyn Investment Group purchased a new position in shares of Shopify during the third quarter valued at $33,000. Rosenberg Matthew Hamilton raised its position in Shopify by 41.3% during the third quarter. Rosenberg Matthew Hamilton now owns 455 shares of the software maker’s stock valued at $36,000 after buying an additional 133 shares during the period. Finally, Truvestments Capital LLC purchased a new stake in Shopify in the 3rd quarter worth about $45,000. 69.27% of the stock is currently 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.