Shopify (NYSE:SHOP) Shares Up 0.2%

Shopify Inc. (NYSE:SHOP - Get Free Report) TSE: SHOP shares shot up 0.2% on Friday . The company traded as high as $58.06 and last traded at $57.78. 2,300,879 shares changed hands during trading, a decline of 78% from the average session volume of 10,356,704 shares. The stock had previously closed at $57.64.

Analysts Set New Price Targets

A number of research firms have recently weighed in on SHOP. Royal Bank of Canada cut their price target on Shopify from $100.00 to $85.00 and set an "outperform" rating on the stock in a report on Thursday, May 9th. ATB Capital raised their price objective on shares of Shopify from $105.00 to $110.00 and gave the company a "sector perform" rating in a research note on Wednesday, February 14th. Morgan Stanley upgraded shares of Shopify from an "equal weight" rating to an "overweight" rating and raised their price objective for the company from $74.00 to $85.00 in a research note on Friday, April 19th. Piper Sandler upgraded shares of Shopify from an "underweight" rating to a "neutral" rating and set a $63.00 price objective on the stock in a research note on Thursday, May 9th. Finally, DA Davidson lowered their price objective on shares of Shopify from $90.00 to $84.00 and set a "buy" rating on the stock in a research note on Thursday, May 9th. One investment analyst has rated the stock with a sell rating, sixteen have assigned a hold rating and nineteen have given a buy rating to the company. According to data from MarketBeat, Shopify currently has a consensus rating of "Moderate Buy" and an average price target of $77.06.

Shopify Stock Down 1.2 %

The company has a debt-to-equity ratio of 0.10, a quick ratio of 7.14 and a current ratio of 7.14. The business's 50 day simple moving average is $70.67 and its 200-day simple moving average is $74.14. The company has a market cap of $73.40 billion, a price-to-earnings ratio of -337.88, a price-to-earnings-growth ratio of 2.68 and a beta of 2.20.

Institutional Investors Weigh In On Shopify

Several institutional investors and hedge funds have recently modified their holdings of SHOP. GQG Partners LLC raised its holdings in Shopify by 197.9% in the 1st quarter. GQG Partners LLC now owns 20,901,980 shares of the software maker's stock worth $1,613,006,000 after acquiring an additional 13,885,473 shares during the period. Norges Bank acquired a new position in Shopify in the fourth quarter valued at about $1,049,089,000. Capital World Investors boosted its position in Shopify by 26.2% in the first quarter. Capital World Investors now owns 49,764,809 shares of the software maker's stock valued at $3,840,332,000 after buying an additional 10,340,040 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its position in Shopify by 21.2% in the first quarter. Price T Rowe Associates Inc. MD now owns 34,239,525 shares of the software maker's stock valued at $2,642,265,000 after buying an additional 5,982,434 shares in the last quarter. Finally, Artisan Partners Limited Partnership boosted its position in Shopify by 78.4% in the third quarter. Artisan Partners Limited Partnership now owns 4,809,633 shares of the software maker's stock valued at $262,462,000 after buying an additional 2,113,773 shares in the last quarter. Institutional investors and hedge funds own 69.27% of the company's stock.

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.