Shopify (NYSE:SHOP) Given “Hold” Rating at Needham & Company LLC

Needham & Company LLC restated their hold rating on shares of Shopify (NYSE:SHOP) (TSE:SHOP) in a report issued on Tuesday morning, Benzinga reports.

Several other research firms also recently commented on SHOP. StockNews.com upgraded Shopify from a sell rating to a hold rating in a report on Saturday, January 27th. Piper Sandler restated an underweight rating and set a $63.00 price objective on shares of Shopify in a report on Thursday, April 11th. BNP Paribas downgraded Shopify from a neutral rating to an underperform rating in a report on Thursday, January 18th. DA Davidson raised their price objective on Shopify from $86.00 to $90.00 and gave the stock a buy rating in a report on Wednesday, February 14th. Finally, ATB Capital raised their price objective on Shopify from $105.00 to $110.00 and gave the stock a sector perform rating in a report on Wednesday, February 14th. Four investment analysts have rated the stock with a sell rating, nineteen have issued a hold rating and fourteen have given a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of Hold and an average price target of $78.00.

Shopify Trading Up 0.2 %

Shares of NYSE SHOP opened at $68.69 on Tuesday. The company has a debt-to-equity ratio of 0.10, a quick ratio of 6.99 and a current ratio of 6.99. The business’s 50 day moving average price is $77.45 and its 200-day moving average price is $71.76. Shopify has a fifty-two week low of $45.50 and a fifty-two week high of $91.57. The company has a market cap of $88.37 billion, a price-to-earnings ratio of 763.31 and a beta of 2.22.

Shopify (NYSE:SHOP) (TSE:SHOP) last issued its quarterly earnings results on Tuesday, February 13th. The software maker reported $0.26 earnings per share for the quarter, topping the consensus estimate of $0.22 by $0.04. Shopify had a return on equity of 4.48% and a net margin of 1.87%. The firm had revenue of $2.14 billion for the quarter, compared to the consensus estimate of $2.07 billion. On average, sell-side analysts expect that Shopify will post 0.57 earnings per share for the current year.

Hedge Funds Weigh In On Shopify

A number of institutional investors have recently modified their holdings of the stock. Baillie Gifford & Co. raised its stake in shares of Shopify by 2.3% during the 4th quarter. Baillie Gifford & Co. now owns 64,164,758 shares of the software maker’s stock valued at $4,998,476,000 after buying an additional 1,419,749 shares during the last quarter. Vanguard Group Inc. increased its stake in shares of Shopify by 3.0% in the 4th quarter. Vanguard Group Inc. now owns 42,168,291 shares of the software maker’s stock valued at $3,284,910,000 after purchasing an additional 1,242,067 shares in the last quarter. Capital World Investors increased its stake in shares of Shopify by 28.7% in the 4th quarter. Capital World Investors now owns 39,424,769 shares of the software maker’s stock valued at $3,071,197,000 after purchasing an additional 8,789,411 shares in the last quarter. Capital International Investors increased its stake in shares of Shopify by 9.7% in the 4th quarter. Capital International Investors now owns 15,849,638 shares of the software maker’s stock valued at $1,235,534,000 after purchasing an additional 1,399,562 shares in the last quarter. Finally, Norges Bank purchased a new position in shares of Shopify in the 4th quarter valued at about $1,049,089,000. Hedge funds and other institutional investors own 69.27% of the company’s stock.

Shopify Company Profile

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.