Needham & Company LLC Reaffirms “Hold” Rating for Shopify (NYSE:SHOP)

Shopify (NYSE:SHOP) (TSE:SHOP)‘s stock had its “hold” rating reiterated by stock analysts at Needham & Company LLC in a research note issued on Tuesday, Benzinga reports.

A number of other analysts have also recently issued reports on the company. National Bankshares boosted their target price on Shopify from $80.00 to $100.00 and gave the stock an “outperform” rating in a report on Friday, January 26th. Jefferies Financial Group boosted their target price on Shopify from $65.00 to $80.00 and gave the stock a “hold” rating in a report on Friday, January 5th. JMP Securities reissued a “market perform” rating on shares of Shopify in a research report on Monday, December 18th. Loop Capital reduced their price target on Shopify from $90.00 to $80.00 and set a “hold” rating on the stock in a research report on Monday. Finally, Citigroup reduced their price target on Shopify from $96.00 to $93.00 and set a “neutral” rating on the stock in a research report on Wednesday, February 14th. Three research analysts have rated the stock with a sell rating, twenty have assigned a hold rating and fourteen have assigned a buy rating to the company. According to data from MarketBeat, Shopify presently has an average rating of “Hold” and an average target price of $78.00.

Shopify Stock Down 2.1 %

SHOP opened at $68.55 on Tuesday. The company has a debt-to-equity ratio of 0.10, a current ratio of 6.99 and a quick ratio of 6.99. The stock has a market capitalization of $88.19 billion, a price-to-earnings ratio of 761.75 and a beta of 2.22. The business has a 50-day moving average of $77.71 and a two-hundred day moving average of $71.66. Shopify has a 12 month low of $45.50 and a 12 month high of $91.57.

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

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the stock. Procyon Advisors LLC grew its stake in Shopify by 2.4% during the 1st quarter. Procyon Advisors LLC now owns 45,366 shares of the software maker’s stock worth $3,501,000 after buying an additional 1,051 shares during the last quarter. Wealthcare Advisory Partners LLC grew its stake in shares of Shopify by 5.3% in the first quarter. Wealthcare Advisory Partners LLC now owns 4,340 shares of the software maker’s stock worth $335,000 after purchasing an additional 219 shares in the last quarter. Revolve Wealth Partners LLC bought a new position in shares of Shopify in the first quarter worth $1,443,000. Brookstone Capital Management grew its stake in shares of Shopify by 3.5% in the first quarter. Brookstone Capital Management now owns 7,646 shares of the software maker’s stock worth $590,000 after purchasing an additional 260 shares in the last quarter. Finally, RMR Wealth Builders grew its stake in shares of Shopify by 13.7% in the first quarter. RMR Wealth Builders now owns 11,059 shares of the software maker’s stock worth $853,000 after purchasing an additional 1,332 shares in the last quarter. 69.27% of the stock is currently owned by institutional investors.

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.