Shopify (NYSE:SHOP) Shares Gap Down to $77.05

Shares of Shopify Inc. (NYSE:SHOP - Get Free Report) TSE: SHOP gapped down prior to trading on Wednesday . The stock had previously closed at $77.05, but opened at $63.67. Shopify shares last traded at $61.97, with a volume of 25,075,439 shares traded.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the stock. Piper Sandler reiterated an "underweight" rating and set a $63.00 target price on shares of Shopify in a research note on Thursday, April 11th. CIBC boosted their price target on Shopify from $82.00 to $100.00 and gave the company an "outperform" rating in a report on Wednesday, February 7th. ATB Capital raised their price objective on Shopify from $105.00 to $110.00 and gave the stock a "sector perform" rating in a research note on Wednesday, February 14th. Wells Fargo & Company cut their price objective on Shopify from $90.00 to $85.00 and set an "overweight" rating for the company in a research note on Wednesday, February 14th. Finally, Citigroup raised shares of Shopify from a "neutral" rating to a "buy" rating and increased their target price for the stock from $93.00 to $105.00 in a report on Monday, April 29th. Two equities research analysts have rated the stock with a sell rating, nineteen have issued a hold rating and seventeen have issued a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $79.00.

Shopify Stock Down 18.5 %

The company has a debt-to-equity ratio of 0.10, a current ratio of 6.99 and a quick ratio of 6.99. The business has a fifty day simple moving average of $74.74 and a 200 day simple moving average of $73.78. The firm has a market cap of $80.81 billion, a price-to-earnings ratio of 697.97 and a beta of 2.20.

Shopify (NYSE:SHOP - Get Free Report) TSE: SHOP last issued its earnings results on Tuesday, February 13th. The software maker reported $0.26 EPS for the quarter, beating analysts' consensus estimates of $0.22 by $0.04. Shopify had a net margin of 1.87% and a return on equity of 4.48%. The business had revenue of $2.14 billion during the quarter, compared to analysts' expectations of $2.07 billion. As a group, equities analysts forecast that Shopify Inc. will post 0.59 EPS for the current fiscal year.

Institutional Trading of Shopify

A number of hedge funds and other institutional investors have recently modified their holdings of SHOP. Verdence Capital Advisors LLC purchased a new stake in shares of Shopify during the 3rd quarter valued at approximately $364,000. Mirae Asset Global Investments Co. Ltd. lifted its stake in shares of Shopify by 4.1% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 690,280 shares of the software maker's stock valued at $37,669,000 after purchasing an additional 26,889 shares during the last quarter. Advisor Partners II LLC grew its holdings in shares of Shopify by 11.2% during the 3rd quarter. Advisor Partners II LLC now owns 21,260 shares of the software maker's stock worth $1,160,000 after purchasing an additional 2,136 shares during the period. TD Asset Management Inc increased its position in shares of Shopify by 4.4% during the 3rd quarter. TD Asset Management Inc now owns 7,104,095 shares of the software maker's stock worth $389,052,000 after purchasing an additional 299,788 shares during the last quarter. Finally, Portside Wealth Group LLC raised its holdings in Shopify by 15.4% in the 3rd quarter. Portside Wealth Group LLC now owns 9,283 shares of the software maker's stock valued at $507,000 after buying an additional 1,240 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.