Shopify (SHOP) Shares Down 5.8%

Shares of Shopify Inc (NYSE:SHOP) (TSE:SHOP) fell 5.8% during trading on Wednesday . The stock traded as low as $133.87 and last traded at $137.37. 3,147,084 shares traded hands during trading, an increase of 91% from the average session volume of 1,647,656 shares. The stock had previously closed at $145.83.

Several brokerages have recently commented on SHOP. Canaccord Genuity raised their price objective on shares of Shopify from $160.00 to $165.00 and gave the stock a “buy” rating in a research report on Tuesday, July 31st. Robert W. Baird raised their price objective on shares of Shopify from $150.00 to $165.00 and gave the stock an “outperform” rating in a research report on Tuesday, July 31st. Roth Capital reduced their price objective on shares of Shopify from $192.00 to $180.00 and set a “buy” rating for the company in a research report on Wednesday, August 1st. Morgan Stanley raised their price objective on shares of Shopify from $140.00 to $151.00 and gave the stock a “hold” rating in a research report on Wednesday, August 1st. Finally, Piper Jaffray Companies downgraded shares of Shopify from an “overweight” rating to a “neutral” rating and set a $145.00 price objective for the company. in a research report on Tuesday, July 31st. Eight analysts have rated the stock with a hold rating, twelve have given a buy rating and two have given a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus price target of $164.53.

The company has a current ratio of 12.89, a quick ratio of 12.89 and a debt-to-equity ratio of 0.01. The stock has a market cap of $17.49 billion, a PE ratio of -323.76 and a beta of 1.15.

Shopify (NYSE:SHOP) (TSE:SHOP) last posted its quarterly earnings results on Tuesday, July 31st. The software maker reported $0.02 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.28) by $0.30. Shopify had a negative net margin of 6.12% and a negative return on equity of 3.77%. The business had revenue of $245.00 million during the quarter, compared to the consensus estimate of $234.72 million. During the same quarter last year, the firm posted ($0.01) EPS. Shopify’s revenue was up 61.5% compared to the same quarter last year. Equities research analysts anticipate that Shopify Inc will post -0.76 earnings per share for the current year.

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Resources Investment Advisors Inc. boosted its holdings in Shopify by 10,257.1% during the 2nd quarter. Resources Investment Advisors Inc. now owns 725 shares of the software maker’s stock worth $106,000 after acquiring an additional 718 shares during the last quarter. Shine Investment Advisory Services Inc. purchased a new position in Shopify during the 2nd quarter worth $159,000. Captrust Financial Advisors boosted its holdings in Shopify by 643.3% during the 2nd quarter. Captrust Financial Advisors now owns 1,115 shares of the software maker’s stock worth $163,000 after acquiring an additional 965 shares during the last quarter. Parallel Advisors LLC boosted its holdings in Shopify by 839.7% during the 2nd quarter. Parallel Advisors LLC now owns 1,278 shares of the software maker’s stock worth $186,000 after acquiring an additional 1,142 shares during the last quarter. Finally, DORCHESTER WEALTH MANAGEMENT Co purchased a new position in Shopify during the 3rd quarter worth $217,000. 60.74% of the stock is owned by institutional investors and hedge funds.

About Shopify (NYSE:SHOP)

Shopify Inc provides a cloud-based multi-channel commerce platform for small and medium-sized businesses in Canada, the United States, the United Kingdom, Australia, and internationally. Its platform provides merchants with a single view of business and customers in various sales channels, including Web and mobile storefronts, physical retail locations, social media storefronts, and marketplaces; and enables to manage products and inventory, process orders and payments, ship orders, build customer relationships, leverage analytics and reporting, and access financing.

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