Shopify Inc. (NASDAQ:SHOP) Receives Average Recommendation of “Hold” from Analysts

Shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) have been given an average recommendation of “Hold” by the forty-five brokerages that are covering the stock, Marketbeat reports. Twenty-three analysts have rated the stock with a hold rating and twenty-two have assigned a buy rating to the company. The average twelve-month target price among analysts that have issued ratings on the stock in the last year is $168.6944.

A number of analysts have recently issued reports on SHOP shares. Weiss Ratings reiterated a “hold (c)” rating on shares of Shopify in a report on Monday. Needham & Company LLC reissued a “buy” rating and set a $180.00 price target on shares of Shopify in a research report on Wednesday, November 5th. BNP Paribas Exane began coverage on Shopify in a research note on Monday, November 24th. They issued a “neutral” rating on the stock. BNP Paribas started coverage on Shopify in a research note on Monday, November 24th. They set a “neutral” rating for the company. Finally, National Bankshares raised their price target on Shopify from $180.00 to $200.00 and gave the company an “outperform” rating in a report on Thursday, October 23rd.

Shopify Trading Down 0.1%

Shopify stock opened at $169.53 on Wednesday. Shopify has a 1 year low of $69.84 and a 1 year high of $182.19. The company has a market cap of $220.70 billion, a PE ratio of 125.58, a PEG ratio of 6.29 and a beta of 2.82. The company’s 50-day moving average is $160.53 and its two-hundred day moving average is $142.95.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last announced its quarterly earnings results on Tuesday, November 4th. The software maker reported $0.27 earnings per share for the quarter, beating analysts’ consensus estimates of $0.24 by $0.03. Shopify had a net margin of 16.65% and a return on equity of 11.72%. The business had revenue of $2.84 billion for the quarter, compared to the consensus estimate of $2.75 billion. Research analysts forecast that Shopify will post 1.12 EPS for the current year.

Institutional Trading of Shopify

Hedge funds and other institutional investors have recently modified their holdings of the stock. Finivi Inc. bought a new stake in shares of Shopify during the third quarter worth approximately $240,000. Mirabella Financial Services LLP lifted its holdings in Shopify by 117.1% during the 3rd quarter. Mirabella Financial Services LLP now owns 22,103 shares of the software maker’s stock worth $3,279,000 after purchasing an additional 11,920 shares during the last quarter. Hudson Bay Capital Management LP acquired a new position in Shopify in the 3rd quarter valued at $9,932,000. Allworth Financial LP grew its holdings in Shopify by 8.8% in the 3rd quarter. Allworth Financial LP now owns 22,204 shares of the software maker’s stock valued at $3,300,000 after buying an additional 1,787 shares in the last quarter. Finally, Swiss Life Asset Management Ltd increased its position in Shopify by 19.2% during the 3rd quarter. Swiss Life Asset Management Ltd now owns 166,613 shares of the software maker’s stock worth $24,788,000 after buying an additional 26,808 shares during the period. 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.