Shopify (NYSE:SHOP) Shares Gap Up After Analyst Upgrade

Shares of Shopify Inc. (NYSE:SHOP - Get Free Report) TSE: SHOP gapped up before the market opened on Monday after Atb Cap Markets upgraded the stock from a hold rating to a strong-buy rating. The stock had previously closed at $91.77, but opened at $104.00. Shopify shares last traded at $102.23, with a volume of 8,716,929 shares trading hands.

Several other research analysts also recently commented on the stock. ATB Capital lifted their target price on shares of Shopify from $145.00 to $170.00 and gave the stock a "sector perform" rating in a report on Wednesday, February 12th. BNP Paribas Exane downgraded shares of Shopify from an "outperform" rating to a "neutral" rating and set a $100.00 price objective on the stock. in a report on Monday, May 5th. Scotiabank reduced their price objective on Shopify from $120.00 to $90.00 and set a "sector perform" rating for the company in a research report on Monday, April 28th. Citigroup boosted their price target on shares of Shopify from $143.00 to $175.00 and gave the company a "buy" rating in a report on Tuesday, February 11th. Finally, New Street Research assumed coverage on Shopify in a research note on Friday, January 10th. They issued a "neutral" rating and a $115.00 price objective on the stock. One analyst has rated the stock with a sell rating, fourteen have issued a hold rating, twenty-six have given a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $115.37.

Institutional Trading of Shopify

Hedge funds have recently bought and sold shares of the stock. Aprio Wealth Management LLC raised its stake in shares of Shopify by 18.8% in the 4th quarter. Aprio Wealth Management LLC now owns 3,502 shares of the software maker's stock valued at $372,000 after purchasing an additional 555 shares during the period. Fiduciary Alliance LLC lifted its stake in Shopify by 13.2% in the 4th quarter. Fiduciary Alliance LLC now owns 13,865 shares of the software maker's stock valued at $1,474,000 after acquiring an additional 1,615 shares in the last quarter. Eastern Bank boosted its position in Shopify by 18.4% during the 4th quarter. Eastern Bank now owns 2,120 shares of the software maker's stock worth $225,000 after acquiring an additional 330 shares during the last quarter. Gunderson Capital Management Inc. bought a new position in shares of Shopify during the 4th quarter worth approximately $6,719,000. Finally, Marcum Wealth LLC raised its holdings in shares of Shopify by 8.7% in the fourth quarter. Marcum Wealth LLC now owns 11,598 shares of the software maker's stock valued at $1,233,000 after purchasing an additional 931 shares during the last quarter. 69.27% of the stock is currently owned by institutional investors and hedge funds.

Shopify Price Performance

The stock's 50-day moving average price is $93.58 and its 200 day moving average price is $103.31. The firm has a market cap of $144.31 billion, a P/E ratio of 71.90, a price-to-earnings-growth ratio of 4.82 and a beta of 2.66.

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 the consensus estimate of $0.44 by ($0.10). Shopify had a net margin of 22.74% and a return on equity of 12.00%. As a group, analysts forecast 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.