Shopify (NASDAQ:SHOP) Trading Down 1.1% – Time to Sell?

Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) fell 1.1% on Monday . The stock traded as low as $114.37 and last traded at $119.38. 8,139,832 shares traded hands during mid-day trading, a decline of 38% from the average session volume of 13,226,631 shares. The stock had previously closed at $120.73.

Analysts Set New Price Targets

Several equities analysts have recently commented on SHOP shares. Wedbush lowered their price target on shares of Shopify from $185.00 to $160.00 and set an “outperform” rating for the company in a research report on Thursday, February 12th. DZ Bank upgraded shares of Shopify from a “hold” rating to a “strong-buy” rating in a research note on Monday, February 16th. Jefferies Financial Group set a $125.00 price objective on Shopify and gave the stock a “hold” rating in a research report on Monday, February 16th. TD Cowen upgraded Shopify from a “hold” rating to a “buy” rating and set a $159.00 target price on the stock in a research report on Wednesday, February 11th. Finally, KeyCorp reiterated an “overweight” rating and set a $160.00 price target on shares of Shopify in a research report on Wednesday, February 11th. Two analysts have rated the stock with a Strong Buy rating, thirty-one have assigned a Buy rating and ten have issued a Hold rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $162.64.

Shopify Stock Down 1.1%

The stock’s 50 day moving average price is $141.56 and its two-hundred day moving average price is $149.63. The firm has a market capitalization of $155.41 billion, a price-to-earnings ratio of 128.37, a P/E/G ratio of 4.40 and a beta of 2.83.

Institutional Investors Weigh In On Shopify

Several large investors have recently made changes to their positions in the company. Knights of Columbus Asset Advisors LLC bought a new stake in Shopify during the 3rd quarter valued at approximately $4,110,000. Principal Financial Group Inc. boosted its position in shares of Shopify by 16.3% in the third quarter. Principal Financial Group Inc. now owns 450,895 shares of the software maker’s stock valued at $67,006,000 after acquiring an additional 63,300 shares during the period. Triton Financial Group Inc acquired a new stake in shares of Shopify in the third quarter worth $1,931,000. IQ EQ FUND MANAGEMENT IRELAND Ltd increased its position in Shopify by 65.5% during the third quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 158,514 shares of the software maker’s stock worth $23,557,000 after acquiring an additional 62,743 shares during the period. Finally, TriaGen Wealth Management LLC acquired a new position in Shopify during the 3rd quarter valued at $2,562,000. Institutional investors own 69.27% of the company’s stock.

Shopify Company Profile

Shopify is a Canadian commerce technology company that provides a cloud-based platform for businesses to create, manage and scale online and physical retail stores. Its core offering is a software-as-a-service e-commerce platform that enables merchants to build customizable storefronts, manage product catalogs, process orders, and handle inventory. Shopify also supports omnichannel selling through integrated point-of-sale (POS) systems for in-person transactions.

Beyond storefront software, Shopify offers a range of merchant services and tools designed to simplify commerce operations.