Shopify (NYSE:SHOP) Shares Gap Up on Analyst Upgrade

Shopify Inc. (NYSE:SHOP) (TSE:SHOP) gapped up prior to trading on Monday after Atb Cap Markets upgraded the stock from a hold rating to a strong-buy rating. The stock had previously closed at $91.77, but opened at $104.00. Shopify shares last traded at $102.23, with a volume of 8,716,929 shares.

Other equities analysts have also recently issued research reports about the company. DA Davidson decreased their price target on Shopify from $150.00 to $115.00 and set a “buy” rating for the company in a report on Monday, April 14th. ATB Capital upped their price target on Shopify from $145.00 to $170.00 and gave the stock a “sector perform” rating in a report on Wednesday, February 12th. BNP Paribas Exane cut Shopify from an “outperform” rating to a “neutral” rating and set a $100.00 price target for the company. in a report on Monday, May 5th. National Bankshares decreased their price target on Shopify from $140.00 to $120.00 and set an “outperform” rating for the company in a report on Friday, April 25th. Finally, Wells Fargo & Company upped their target price on Shopify from $120.00 to $135.00 and gave the company an “overweight” rating in a research report on Wednesday, February 12th. One analyst has rated the stock with a sell rating, fourteen have issued a hold rating, twenty-six have issued a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $115.37.

Institutional Investors Weigh In On Shopify

Hedge funds and other institutional investors have recently modified their holdings of the stock. Allianz SE bought a new stake in shares of Shopify during the fourth quarter valued at about $27,000. PFG Private Wealth Management LLC raised its stake in shares of Shopify by 3,657.1% during the fourth quarter. PFG Private Wealth Management LLC now owns 263 shares of the software maker’s stock valued at $28,000 after purchasing an additional 256 shares in the last quarter. Fourth Dimension Wealth LLC bought a new stake in shares of Shopify during the fourth quarter valued at about $30,000. Smithfield Trust Co grew its holdings in Shopify by 149.2% during the first quarter. Smithfield Trust Co now owns 314 shares of the software maker’s stock worth $30,000 after acquiring an additional 188 shares during the period. Finally, Dagco Inc. acquired a new position in Shopify during the first quarter worth about $30,000. 69.27% of the stock is currently owned by institutional investors.

Shopify Price Performance

The business has a fifty day moving average of $93.35 and a 200-day moving average of $103.26. The stock has a market capitalization of $139.43 billion, a price-to-earnings ratio of 69.47, a price-to-earnings-growth ratio of 4.82 and a beta of 2.66.

Shopify (NYSE:SHOP) (TSE:SHOP) last released its earnings results on Tuesday, February 11th. The software maker reported $0.34 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.44 by ($0.10). Shopify had a return on equity of 12.00% and a net margin of 22.74%. As a group, research analysts anticipate that Shopify Inc. will post 1.12 EPS for the current year.

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.