Shopify (NYSE:SHOP) Shares Down 4.8% - Here's What Happened

Shopify Inc. (NYSE:SHOP - Get Free Report) TSE: SHOP shares fell 4.8% during mid-day trading on Thursday . The stock traded as low as $108.88 and last traded at $108.40. 1,764,109 shares were traded during mid-day trading, a decline of 81% from the average session volume of 9,282,258 shares. The stock had previously closed at $113.89.

Analyst Upgrades and Downgrades

Several analysts recently commented on SHOP shares. Scotiabank decreased their price target on shares of Shopify from $120.00 to $90.00 and set a "sector perform" rating for the company in a report on Monday, April 28th. JPMorgan Chase & Co. cut their target price on shares of Shopify from $124.00 to $115.00 and set an "overweight" rating on the stock in a research report on Friday, May 9th. Jefferies Financial Group reduced their target price on shares of Shopify from $130.00 to $110.00 and set a "hold" rating for the company in a research note on Monday, May 5th. Atb Cap Markets raised shares of Shopify from a "hold" rating to a "strong-buy" rating in a research report on Thursday, May 8th. Finally, Wedbush restated an "outperform" rating and issued a $110.00 target price on shares of Shopify in a research report on Tuesday, April 15th. One analyst has rated the stock with a sell rating, fourteen have assigned a hold rating, twenty-five have issued a buy rating and two have assigned a strong buy rating to the company's stock. According to MarketBeat.com, Shopify has an average rating of "Moderate Buy" and a consensus target price of $115.66.

Shopify Price Performance

The stock has a market capitalization of $146.69 billion, a price-to-earnings ratio of 72.95, a price-to-earnings-growth ratio of 4.82 and a beta of 2.63. The business has a fifty day moving average of $102.49 and a 200-day moving average of $104.82.

Institutional Investors Weigh In On Shopify

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in SHOP. Allianz SE bought a new position in Shopify during the fourth quarter worth about $27,000. PFG Private Wealth Management LLC lifted its position in Shopify by 3,657.1% in the 4th quarter. PFG Private Wealth Management LLC now owns 263 shares of the software maker's stock valued at $28,000 after acquiring an additional 256 shares in the last quarter. Fourth Dimension Wealth LLC acquired a new position in shares of Shopify during the 4th quarter worth about $30,000. Mark Sheptoff Financial Planning LLC raised its position in Shopify by 50.0% during the fourth 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 in the last quarter. Finally, Smithfield Trust Co boosted its stake in shares of Shopify by 149.2% in the first quarter. Smithfield Trust Co now owns 314 shares of the software maker's stock valued at $30,000 after buying an additional 188 shares during the period. Hedge funds and other institutional investors own 69.27% of the company's stock.

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.