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

Shopify Inc. (NYSE:SHOP - Get Free Report) TSE: SHOP gapped down prior to trading on Monday after Truist Financial lowered their price target on the stock from $120.00 to $100.00. The stock had previously closed at $99.25, but opened at $95.40. Truist Financial currently has a hold rating on the stock. Shopify shares last traded at $98.60, with a volume of 1,511,229 shares traded.

A number of other analysts have also weighed in on the company. National Bankshares lowered their target price on Shopify from $140.00 to $120.00 and set an "outperform" rating for the company in a report on Friday, April 25th. Mizuho decreased their target price on shares of 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 reduced their target price on Shopify from $120.00 to $80.00 and set a "neutral" rating on the stock in a research report on Wednesday, April 16th. Evercore ISI lifted their price objective on shares of Shopify from $125.00 to $140.00 and gave the company an "outperform" rating in a report on Wednesday, February 12th. Finally, BMO Capital Markets initiated coverage on Shopify in a report on Tuesday. They set an "outperform" rating and a $120.00 price target for the company. One equities research analyst has rated the stock with a sell rating, sixteen have given a hold rating, twenty-five have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Shopify has a consensus rating of "Moderate Buy" and a consensus target price of $116.00.

Institutional Trading of Shopify

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Allianz SE purchased a new stake in shares of Shopify in the 4th quarter worth about $27,000. PFG Private Wealth Management LLC boosted its stake in shares of Shopify by 3,657.1% during the 4th quarter. PFG Private Wealth Management LLC now owns 263 shares of the software maker's stock worth $28,000 after acquiring an additional 256 shares during the last quarter. Fourth Dimension Wealth LLC purchased a new stake in Shopify in the fourth quarter worth about $30,000. Mark Sheptoff Financial Planning LLC raised its stake in Shopify by 50.0% during the 4th quarter. Mark Sheptoff Financial Planning LLC now owns 300 shares of the software maker's stock worth $32,000 after acquiring an additional 100 shares during the period. Finally, New Wave Wealth Advisors LLC purchased a new position in shares of Shopify during the 4th quarter valued at $39,000. 69.27% of the stock is currently owned by institutional investors.

Shopify Stock Down 3.9 %

The business has a 50 day moving average price of $93.73 and a two-hundred day moving average price of $102.58. The stock has a market cap of $117.65 billion, a P/E ratio of 58.62, a price-to-earnings-growth ratio of 4.82 and a beta of 2.66.

Shopify (NYSE:SHOP - Get Free Report) TSE: SHOP last issued its earnings results on Thursday, May 8th. The software maker reported ($0.53) earnings per share for the quarter, missing the consensus estimate of $0.26 by ($0.79). Shopify had a return on equity of 12.00% and a net margin of 22.74%. The business's quarterly revenue was up 26.8% on a year-over-year basis. During the same period in the previous year, the firm earned $0.20 earnings per share. On average, research analysts forecast that Shopify Inc. will post 1.12 earnings per share for the current 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.