Shopify (NYSE:SHOP) Shares Gap Down on Analyst Downgrade

Shopify Inc. (NYSE:SHOP - Get Free Report) TSE: SHOP's share price gapped down before the market opened on Monday after UBS Group lowered their price target on the stock from $125.00 to $110.00. The stock had previously closed at $99.25, but opened at $95.40. UBS Group currently has a neutral rating on the stock. Shopify shares last traded at $98.60, with a volume of 1,511,229 shares trading hands.

Other research analysts have also recently issued research reports about the company. Mizuho reduced their target price on Shopify from $110.00 to $85.00 and set a "neutral" rating on the stock in a research note on Monday, April 14th. Cantor Fitzgerald decreased their price objective on Shopify from $120.00 to $80.00 and set a "neutral" rating on the stock in a report on Wednesday, April 16th. Oppenheimer cut their target price on Shopify from $150.00 to $125.00 and set an "outperform" rating for the company in a research note on Wednesday, April 30th. Piper Sandler lifted their price target on shares of Shopify from $94.00 to $104.00 and gave the stock a "neutral" rating in a research note on Wednesday, February 12th. Finally, Deutsche Bank Aktiengesellschaft upped their price objective on shares of Shopify from $125.00 to $150.00 and gave the company a "buy" rating in a research note on Wednesday, February 12th. One research analyst has rated the stock with a sell rating, fourteen have given a hold rating, twenty-six have given a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $115.37.

Institutional Trading of Shopify

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Headlands Technologies LLC purchased a new position in Shopify during the first quarter valued at $1,324,000. Altfest L J & Co. Inc. raised its position in shares of Shopify by 41.5% in the 1st quarter. Altfest L J & Co. Inc. now owns 3,497 shares of the software maker's stock worth $334,000 after purchasing an additional 1,026 shares during the last quarter. Deutsche Bank AG boosted its stake in Shopify by 2.4% in the 1st quarter. Deutsche Bank AG now owns 1,974,526 shares of the software maker's stock worth $188,528,000 after purchasing an additional 45,656 shares in the last quarter. Charles Schwab Investment Management Inc. grew its position in Shopify by 2.5% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 2,555,235 shares of the software maker's stock valued at $243,056,000 after purchasing an additional 62,149 shares during the last quarter. Finally, ASR Vermogensbeheer N.V. purchased a new stake in Shopify during the 1st quarter valued at about $2,475,000. Hedge funds and other institutional investors own 69.27% of the company's stock.

Shopify Trading Down 2.4 %

The firm has a market capitalization of $118.83 billion, a P/E ratio of 59.21, a price-to-earnings-growth ratio of 4.82 and a beta of 2.66. The business's 50 day simple moving average is $93.29 and its two-hundred day simple moving average is $102.73.

Shopify (NYSE:SHOP - Get Free Report) TSE: SHOP last announced its quarterly earnings data on Tuesday, February 11th. The software maker reported $0.34 earnings per share for the quarter, missing analysts' consensus estimates of $0.44 by ($0.10). Shopify had a return on equity of 12.00% and a net margin of 22.74%. Analysts predict that Shopify Inc. will post 1.12 EPS for the current fiscal year.

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.