Shopify (NYSE:SHOP) Share Price Crosses Above 50-Day Moving Average – Here’s What Happened

Shopify Inc. (NYSE:SHOP) (TSE:SHOP)’s stock price passed above its 50-day moving average during trading on Wednesday . The stock has a 50-day moving average of $103.34 and traded as high as $107.31. Shopify shares last traded at $106.33, with a volume of 3,765,368 shares.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on SHOP shares. Cantor Fitzgerald restated a “neutral” rating and set a $70.00 price objective on shares of Shopify in a report on Monday, October 7th. Barclays boosted their target price on shares of Shopify from $70.00 to $93.00 and gave the stock an “equal weight” rating in a report on Wednesday, November 13th. DZ Bank cut Shopify from a “hold” rating to a “sell” rating in a research report on Thursday, November 21st. Canaccord Genuity Group boosted their price objective on shares of Shopify from $80.00 to $125.00 and gave the company a “buy” rating in a report on Wednesday, November 13th. Finally, JMP Securities reiterated a “market outperform” rating and issued a $120.00 price target on shares of Shopify in a report on Thursday, December 12th. One investment analyst has rated the stock with a sell rating, sixteen have assigned a hold rating, twenty-three have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $99.03.

Shopify Trading Up 1.6 %

The firm has a market capitalization of $141.16 billion, a PE ratio of 102.10, a PEG ratio of 2.98 and a beta of 2.46. The company’s 50-day moving average price is $103.89 and its 200-day moving average price is $82.45. The company has a debt-to-equity ratio of 0.09, a quick ratio of 7.10 and a current ratio of 7.10.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Swiss National Bank boosted its stake in shares of Shopify by 0.9% during the third quarter. Swiss National Bank now owns 3,657,800 shares of the software maker’s stock worth $293,507,000 after buying an additional 33,300 shares during the period. Teachers Retirement System of The State of Kentucky raised its stake in Shopify by 29.3% during the 3rd quarter. Teachers Retirement System of The State of Kentucky now owns 342,030 shares of the software maker’s stock valued at $27,409,000 after acquiring an additional 77,500 shares during the last quarter. Oppenheimer & Co. Inc. lifted its position in Shopify by 26.4% during the 3rd quarter. Oppenheimer & Co. Inc. now owns 33,609 shares of the software maker’s stock worth $2,693,000 after acquiring an additional 7,027 shares during the period. Nations Financial Group Inc. IA ADV grew its stake in shares of Shopify by 4.6% in the 3rd quarter. Nations Financial Group Inc. IA ADV now owns 4,756 shares of the software maker’s stock valued at $381,000 after purchasing an additional 209 shares during the last quarter. Finally, Wahed Invest LLC increased its holdings in shares of Shopify by 18.4% in the third quarter. Wahed Invest LLC now owns 57,624 shares of the software maker’s stock valued at $4,618,000 after purchasing an additional 8,960 shares during the period. Institutional investors and hedge funds own 69.27% of the company’s stock.

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.