StockNews.com Upgrades Shopify (NYSE:SHOP) to “Hold”

Shopify (NYSE:SHOP) (TSE:SHOP) was upgraded by analysts at StockNews.com from a “sell” rating to a “hold” rating in a note issued to investors on Wednesday.

Several other research firms have also recently issued reports on SHOP. Needham & Company LLC reissued a “hold” rating on shares of Shopify in a research report on Tuesday, April 16th. Wells Fargo & Company lowered their price target on shares of Shopify from $90.00 to $85.00 and set an “overweight” rating for the company in a research report on Wednesday, February 14th. National Bankshares upped their price target on shares of Shopify from $80.00 to $100.00 and gave the stock an “outperform” rating in a research report on Friday, January 26th. Piper Sandler reaffirmed an “underweight” rating and issued a $63.00 price target on shares of Shopify in a research report on Thursday, April 11th. Finally, Wedbush reaffirmed a “neutral” rating and issued a $68.00 price target on shares of Shopify in a research report on Tuesday, February 13th. Three equities research analysts have rated the stock with a sell rating, nineteen have issued a hold rating and fifteen have assigned a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $78.30.

Shopify Price Performance

Shopify stock opened at $70.55 on Wednesday. The stock has a market cap of $90.77 billion, a price-to-earnings ratio of 783.98 and a beta of 2.22. The company has a debt-to-equity ratio of 0.10, a current ratio of 6.99 and a quick ratio of 6.99. Shopify has a 1 year low of $45.50 and a 1 year high of $91.57. The firm has a 50-day moving average of $75.48 and a two-hundred day moving average of $72.38.

Shopify (NYSE:SHOP) (TSE:SHOP) last released its quarterly earnings data on Tuesday, February 13th. The software maker reported $0.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.22 by $0.04. The company had revenue of $2.14 billion during the quarter, compared to analysts’ expectations of $2.07 billion. Shopify had a net margin of 1.87% and a return on equity of 4.48%. On average, research analysts forecast that Shopify will post 0.58 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in SHOP. HB Wealth Management LLC raised its holdings in shares of Shopify by 7.6% during the third quarter. HB Wealth Management LLC now owns 4,515 shares of the software maker’s stock worth $246,000 after purchasing an additional 318 shares during the last quarter. Capital Investment Advisors LLC increased its holdings in Shopify by 3.5% in the third quarter. Capital Investment Advisors LLC now owns 5,579 shares of the software maker’s stock valued at $304,000 after buying an additional 189 shares in the last quarter. Avior Wealth Management LLC increased its holdings in Shopify by 2.1% in the third quarter. Avior Wealth Management LLC now owns 12,389 shares of the software maker’s stock valued at $676,000 after buying an additional 250 shares in the last quarter. Exchange Traded Concepts LLC increased its holdings in Shopify by 59.3% in the third quarter. Exchange Traded Concepts LLC now owns 21,140 shares of the software maker’s stock valued at $1,154,000 after buying an additional 7,869 shares in the last quarter. Finally, Counterpoint Mutual Funds LLC purchased a new position in Shopify in the third quarter valued at $111,000. Hedge funds and other institutional investors own 69.27% of the company’s stock.

About Shopify

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.