Shopify (NYSE:SHOP) Shares Up 6.8% - Should You Buy?

Shopify Inc. (NYSE:SHOP - Get Free Report) TSE: SHOP shares shot up 6.8% during trading on Tuesday . The stock traded as high as $112.39 and last traded at $114.72. 1,703,084 shares changed hands during mid-day trading, a decline of 68% from the average session volume of 5,243,067 shares. The stock had previously closed at $107.38.

Wall Street Analyst Weigh In

SHOP has been the topic of a number of research analyst reports. The Goldman Sachs Group lifted their price target on Shopify from $88.00 to $135.00 and gave the stock a "buy" rating in a research note on Wednesday, November 13th. Cantor Fitzgerald reissued a "neutral" rating and set a $70.00 price objective on shares of Shopify in a research note on Monday, October 7th. Moffett Nathanson boosted their price objective on Shopify from $86.00 to $99.00 and gave the stock a "neutral" rating in a research note on Tuesday, November 26th. DZ Bank downgraded Shopify from a "hold" rating to a "sell" rating in a research report on Thursday, November 21st. Finally, Oppenheimer lifted their target price on Shopify from $90.00 to $130.00 and gave the company an "outperform" rating in a research report on Wednesday, November 13th. One investment analyst has rated the stock with a sell rating, fifteen have assigned a hold rating, twenty-three have issued a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, Shopify currently has an average rating of "Moderate Buy" and an average target price of $100.32.

Shopify Trading Down 2.1 %

The firm has a market capitalization of $150.79 billion, a PE ratio of 109.07, a P/E/G ratio of 2.45 and a beta of 2.46. The business has a 50 day moving average price of $110.16 and a 200-day moving average price of $88.30. The company has a current ratio of 7.10, a quick ratio of 7.10 and a debt-to-equity ratio of 0.09.

Hedge Funds Weigh In On Shopify

Several hedge funds have recently bought and sold shares of the company. Baillie Gifford & Co. increased its stake in Shopify by 14.7% in the 3rd quarter. Baillie Gifford & Co. now owns 63,366,308 shares of the software maker's stock valued at $5,078,176,000 after purchasing an additional 8,131,160 shares in the last quarter. FMR LLC increased its stake in Shopify by 16.1% in the 3rd quarter. FMR LLC now owns 42,306,077 shares of the software maker's stock valued at $3,389,637,000 after purchasing an additional 5,869,795 shares in the last quarter. The Manufacturers Life Insurance Company increased its stake in Shopify by 6.3% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 8,211,511 shares of the software maker's stock valued at $658,248,000 after purchasing an additional 484,561 shares in the last quarter. National Bank of Canada FI increased its stake in Shopify by 28.0% in the 3rd quarter. National Bank of Canada FI now owns 7,408,880 shares of the software maker's stock valued at $593,588,000 after purchasing an additional 1,621,981 shares in the last quarter. Finally, Geode Capital Management LLC increased its stake in Shopify by 9.6% in the 3rd quarter. Geode Capital Management LLC now owns 5,387,806 shares of the software maker's stock valued at $432,573,000 after purchasing an additional 471,280 shares in the last quarter. 69.27% of the stock is owned by hedge funds and other institutional investors.

Shopify Company Profile

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.