Shopify (NYSE:SHOP) Raised to Outperform at Atb Cap Markets

Shopify (NYSE:SHOP) (TSE:SHOP) was upgraded by stock analysts at Atb Cap Markets from a “sector perform” rating to an “outperform” rating in a note issued to investors on Wednesday, Zacks.com reports.

A number of other brokerages have also weighed in on SHOP. Wedbush reiterated a “neutral” rating and issued a $68.00 price target on shares of Shopify in a report on Tuesday, February 13th. Loop Capital lowered their price target on Shopify from $90.00 to $80.00 and set a “hold” rating for the company in a research report on Monday, April 15th. Mizuho cut their price objective on Shopify from $75.00 to $65.00 and set a “neutral” rating on the stock in a report on Thursday. Benchmark reiterated a “hold” rating on shares of Shopify in a report on Tuesday. Finally, CIBC reduced their price target on shares of Shopify from $100.00 to $85.00 and set an “outperformer” rating on the stock in a research report on Thursday. One investment analyst has rated the stock with a sell rating, seventeen have assigned a hold rating and eighteen have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $76.86.

Shopify Stock Performance

NYSE SHOP opened at $62.47 on Wednesday. The business’s 50-day moving average price is $74.48 and its 200 day moving average price is $73.70. The company has a current ratio of 6.99, a quick ratio of 6.99 and a debt-to-equity ratio of 0.10. Shopify has a twelve month low of $45.50 and a twelve month high of $91.57. The company has a market capitalization of $80.37 billion, a PE ratio of 694.11 and a beta of 2.20.

Shopify (NYSE:SHOP) (TSE:SHOP) last posted its quarterly earnings data on Tuesday, February 13th. The software maker reported $0.26 EPS for the quarter, beating analysts’ consensus estimates of $0.22 by $0.04. Shopify had a net margin of 1.87% and a return on equity of 4.48%. The company had revenue of $2.14 billion during the quarter, compared to the consensus estimate of $2.07 billion. On average, research analysts predict that Shopify will post 0.59 earnings per share for the current year.

Hedge Funds Weigh In On Shopify

A number of hedge funds have recently added to or reduced their stakes in the business. Wealth Management Partners LLC increased its stake in Shopify by 0.9% in the 4th quarter. Wealth Management Partners LLC now owns 13,922 shares of the software maker’s stock worth $1,085,000 after purchasing an additional 126 shares in the last quarter. SJS Investment Consulting Inc. boosted its stake in Shopify by 59.1% in the 4th quarter. SJS Investment Consulting Inc. now owns 350 shares of the software maker’s stock worth $27,000 after purchasing an additional 130 shares during the period. Tradition Wealth Management LLC raised its stake in Shopify by 7.5% during the 4th quarter. Tradition Wealth Management LLC now owns 2,007 shares of the software maker’s stock valued at $156,000 after purchasing an additional 140 shares during the period. Pachira Investments Inc. lifted its holdings in shares of Shopify by 2.1% in the fourth quarter. Pachira Investments Inc. now owns 7,084 shares of the software maker’s stock valued at $552,000 after purchasing an additional 146 shares in the last quarter. Finally, Baldwin Brothers LLC MA grew its holdings in shares of Shopify by 49.0% during the fourth quarter. Baldwin Brothers LLC MA now owns 447 shares of the software maker’s stock valued at $35,000 after buying an additional 147 shares in the last quarter. 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.