Shopify (NYSE:SHOP) Shares Gap Up to $57.02

Shopify Inc. (NYSE:SHOP - Get Free Report) TSE: SHOP's stock price gapped up before the market opened on Wednesday . The stock had previously closed at $57.02, but opened at $58.88. Shopify shares last traded at $59.01, with a volume of 3,539,675 shares traded.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on SHOP shares. Scotiabank lowered their target price on Shopify from $80.00 to $75.00 and set a "sector perform" rating on the stock in a research report on Thursday, May 9th. Loop Capital lowered their target price on Shopify from $90.00 to $80.00 and set a "hold" rating on the stock in a research report on Monday, April 15th. Needham & Company LLC reaffirmed a "hold" rating on shares of Shopify in a research report on Thursday, May 9th. Citigroup lowered their target price on Shopify from $105.00 to $95.00 and set a "buy" rating on the stock in a research report on Thursday, May 9th. Finally, UBS Group upped their target price on Shopify from $75.00 to $80.00 and gave the stock a "neutral" rating in a research report on Wednesday, February 14th. One research analyst has rated the stock with a sell rating, sixteen have assigned a hold rating and nineteen have issued a buy rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $77.06.

Shopify Price Performance

The business has a 50-day moving average price of $71.09 and a 200 day moving average price of $74.26. The stock has a market cap of $75.67 billion, a PE ratio of -345.41, a PEG ratio of 2.39 and a beta of 2.20. The company has a current ratio of 7.14, a quick ratio of 7.14 and a debt-to-equity ratio of 0.10.

Institutional Trading of Shopify

A number of institutional investors have recently added to or reduced their stakes in the stock. Baillie Gifford & Co. lifted its holdings in Shopify by 2.3% during the 4th quarter. Baillie Gifford & Co. now owns 64,164,758 shares of the software maker's stock worth $4,998,476,000 after purchasing an additional 1,419,749 shares in the last quarter. Capital World Investors lifted its holdings in Shopify by 26.2% during the 1st 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 in the last quarter. Vanguard Group Inc. lifted its holdings in Shopify by 1.7% during the 1st quarter. Vanguard Group Inc. now owns 42,881,355 shares of the software maker's stock worth $3,309,154,000 after purchasing an additional 713,064 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its holdings in Shopify by 21.2% during the 1st 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 in the last quarter. Finally, GQG Partners LLC raised its holdings in shares of 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 acquiring an additional 13,885,473 shares in the last quarter. Hedge funds and other institutional investors own 69.27% of the company's stock.

Shopify Company Profile

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.