Shopify (NYSE:SHOP) Shares Gap Up to $69.51

Shopify Inc. (NYSE:SHOP) (TSE:SHOP)’s stock price gapped up before the market opened on Friday . The stock had previously closed at $69.51, but opened at $71.00. Shopify shares last traded at $70.92, with a volume of 1,773,956 shares changing hands.

Analyst Upgrades and Downgrades

Several research firms have commented on SHOP. Roth Capital upped their price target on Shopify from $85.00 to $89.00 and gave the company a “buy” rating in a report on Wednesday, February 14th. Mizuho upped their price target on Shopify from $65.00 to $75.00 and gave the company a “neutral” rating in a report on Wednesday, February 14th. Morgan Stanley raised Shopify from an “equal weight” rating to an “overweight” rating and increased their target price for the stock from $74.00 to $85.00 in a report on Friday. Needham & Company LLC reissued a “hold” rating on shares of Shopify in a report on Tuesday. Finally, Piper Sandler reissued an “underweight” rating and issued a $63.00 target price on shares of Shopify in a report on Thursday, April 11th. Four research analysts have rated the stock with a sell rating, eighteen have assigned a hold rating and fifteen have given a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $78.30.

Shopify Stock Performance

The firm has a market capitalization of $91.30 billion, a P/E ratio of 772.42 and a beta of 2.22. The company has a current ratio of 6.99, a quick ratio of 6.99 and a debt-to-equity ratio of 0.10. The company has a 50-day moving average of $76.77 and a 200-day moving average of $71.73.

Shopify (NYSE:SHOP) (TSE:SHOP) last announced its earnings results on Tuesday, February 13th. The software maker reported $0.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.22 by $0.04. The business had revenue of $2.14 billion during the quarter, compared to analyst estimates of $2.07 billion. Shopify had a return on equity of 4.48% and a net margin of 1.87%. On average, equities analysts anticipate that Shopify Inc. will post 0.58 earnings per share for the current fiscal year.

Institutional Trading of Shopify

Large investors have recently bought and sold shares of the business. Industrial Alliance Investment Management Inc. grew its stake in shares of Shopify by 292.9% in the 1st quarter. Industrial Alliance Investment Management Inc. now owns 110 shares of the software maker’s stock valued at $74,000 after buying an additional 82 shares during the period. Turim 21 Investimentos Ltda. bought a new position in Shopify in the 1st quarter valued at about $148,000. Fairfield Bush & CO. bought a new position in Shopify in the 1st quarter valued at about $169,000. First Manhattan Co. lifted its position in Shopify by 317.5% in the 1st quarter. First Manhattan Co. now owns 263 shares of the software maker’s stock valued at $177,000 after acquiring an additional 200 shares in the last quarter. Finally, Stonebridge Capital Advisors LLC lifted its position in Shopify by 508.2% in the 1st quarter. Stonebridge Capital Advisors LLC now owns 298 shares of the software maker’s stock valued at $201,000 after acquiring an additional 249 shares in the last quarter. 69.27% of the stock is currently owned by institutional investors and hedge funds.

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.