Shopify (NYSE:SHOP) Stock Price Up 4%

Shopify Inc. (NYSE:SHOP - Get Free Report) TSE: SHOP's share price shot up 4% on Wednesday . The stock traded as high as $60.11 and last traded at $59.29. 9,506,857 shares changed hands during trading, a decline of 8% from the average session volume of 10,330,556 shares. The stock had previously closed at $57.02.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on SHOP. Benchmark restated a "hold" rating on shares of Shopify in a research note on Tuesday, May 7th. Loop Capital decreased their price target on shares of Shopify from $90.00 to $80.00 and set a "hold" rating on the stock in a research note on Monday, April 15th. Roth Capital upped their price target on shares of Shopify from $85.00 to $89.00 and gave the company a "buy" rating in a research note on Wednesday, February 14th. TD Securities decreased their price target on shares of Shopify from $80.00 to $72.00 and set a "hold" rating on the stock in a research note on Thursday, May 9th. Finally, Needham & Company LLC reiterated a "hold" rating on shares of Shopify in a research note on Thursday, May 9th. One equities 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. According to data from MarketBeat.com, Shopify has a consensus rating of "Moderate Buy" and an average target price of $77.06.

Shopify Stock Performance

The company has a debt-to-equity ratio of 0.10, a current ratio of 7.14 and a quick ratio of 7.14. The company's 50-day moving average price is $71.49 and its two-hundred day moving average price is $74.37. The company has a market capitalization of $75.67 billion, a price-to-earnings ratio of -348.71, a PEG ratio of 2.39 and a beta of 2.20.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the stock. Yousif Capital Management LLC lifted its stake in shares of Shopify by 1.8% in the third quarter. Yousif Capital Management LLC now owns 17,395 shares of the software maker's stock valued at $949,000 after buying an additional 315 shares in the last quarter. Wealthfront Advisers LLC lifted its stake in shares of Shopify by 100.1% in the third quarter. Wealthfront Advisers LLC now owns 7,937 shares of the software maker's stock valued at $433,000 after buying an additional 3,971 shares in the last quarter. M&T Bank Corp lifted its stake in shares of Shopify by 2.9% in the third quarter. M&T Bank Corp now owns 23,954 shares of the software maker's stock valued at $1,307,000 after buying an additional 675 shares in the last quarter. Principal Financial Group Inc. lifted its stake in shares of Shopify by 8.7% in the third quarter. Principal Financial Group Inc. now owns 229,177 shares of the software maker's stock valued at $12,521,000 after buying an additional 18,302 shares in the last quarter. Finally, EFG Asset Management North America Corp. lifted its stake in shares of Shopify by 56.1% in the third quarter. EFG Asset Management North America Corp. now owns 10,682 shares of the software maker's stock valued at $583,000 after buying an additional 3,838 shares in the last quarter. 69.27% of the stock is owned by 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.