Shopify (NYSE:SHOP) (TSE:SHOP) was upgraded by research analysts at Oppenheimer from a “market perform” rating to an “outperform” rating in a research note issued to investors on Thursday, The Fly reports.

Several other brokerages also recently issued reports on SHOP. Robert W. Baird raised their price target on Shopify from $1,200.00 to $1,250.00 in a report on Friday, October 30th. ValuEngine downgraded Shopify from a “buy” rating to a “hold” rating in a report on Tuesday, December 1st. BidaskClub downgraded Shopify from a “strong-buy” rating to a “buy” rating in a report on Wednesday, January 6th. Zacks Investment Research raised Shopify from a “hold” rating to a “strong-buy” rating and set a $1,319.00 target price on the stock in a research note on Tuesday, December 29th. Finally, The Goldman Sachs Group lifted their target price on Shopify from $1,318.00 to $1,323.00 and gave the company a “buy” rating in a research note on Thursday, October 29th. Two investment analysts have rated the stock with a sell rating, sixteen have issued a hold rating, fifteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average target price of $1,058.93.

NYSE:SHOP opened at $1,199.82 on Thursday. The business’s 50 day moving average is $1,124.13 and its two-hundred day moving average is $1,028.47. Shopify has a 52 week low of $305.30 and a 52 week high of $1,285.19. The company has a market cap of $146.27 billion, a PE ratio of -1,966.89, a P/E/G ratio of 96.18 and a beta of 1.48.

Shopify (NYSE:SHOP) (TSE:SHOP) last released its earnings results on Thursday, October 29th. The software maker reported $1.13 EPS for the quarter, topping analysts’ consensus estimates of ($0.08) by $1.21. Shopify had a positive return on equity of 0.32% and a negative net margin of 3.25%. The company had revenue of $767.40 million for the quarter, compared to the consensus estimate of $652.60 million. During the same quarter last year, the business posted ($0.29) EPS. Shopify’s quarterly revenue was up 96.5% compared to the same quarter last year. Analysts anticipate that Shopify will post 0.34 earnings per share for the current fiscal year.

Hedge funds and other institutional investors have recently bought and sold shares of the business. Pacific Wealth Strategies Group Inc. grew its position in Shopify by 226.6% in the fourth quarter. Pacific Wealth Strategies Group Inc. now owns 1,228 shares of the software maker’s stock valued at $1,460,000 after purchasing an additional 852 shares in the last quarter. Sonora Investment Management LLC bought a new position in shares of Shopify in the 4th quarter valued at about $57,000. Harrington Investments INC grew its position in shares of Shopify by 1.9% in the 4th quarter. Harrington Investments INC now owns 489 shares of the software maker’s stock valued at $554,000 after acquiring an additional 9 shares during the period. OneAscent Financial Services LLC grew its position in shares of Shopify by 13.3% in the 4th quarter. OneAscent Financial Services LLC now owns 978 shares of the software maker’s stock valued at $1,107,000 after acquiring an additional 115 shares during the period. Finally, Livingston Group Asset Management CO operating as Southport Capital Management bought a new position in shares of Shopify in the 4th quarter valued at about $206,000. Hedge funds and other institutional investors own 59.45% of the company’s stock.

Shopify Company Profile

Shopify Inc, a commerce company, provides a cloud-based multi-channel commerce platform for small and medium-sized businesses in Canada, the United States, the United Kingdom, Australia, and internationally. Its platform provides merchants with a single view of business and customers in various sales channels, including Web and mobile storefronts, physical retail locations, social media storefronts, and marketplaces; and enables to manage products and inventory, process orders and payments, fulfill and ship orders, build customer relationships, source products, leverage analytics and reporting, and access financing.

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Analyst Recommendations for Shopify (NYSE:SHOP)

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