Citigroup Upgrades Shopify (NYSE:SHOP) to “Buy”

Shopify (NYSE:SHOP) (TSE:SHOP) was upgraded by research analysts at Citigroup from a “neutral” rating to a “buy” rating in a research note issued on Monday, FinViz reports. The brokerage presently has a $105.00 price target on the software maker’s stock, up from their prior price target of $93.00. Citigroup’s target price indicates a potential upside of 47.20% from the company’s previous close.

Other research analysts have also recently issued research reports about the stock. Morgan Stanley upgraded shares of Shopify from an “equal weight” rating to an “overweight” rating and boosted their price objective for the stock from $74.00 to $85.00 in a research report on Friday, April 19th. Wells Fargo & Company dropped their target price 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. Truist Financial upped their target price on shares of Shopify from $65.00 to $90.00 and gave the company a “hold” rating in a research report on Monday, February 12th. UBS Group upped their target price on shares of Shopify from $75.00 to $80.00 and gave the company a “neutral” rating in a research report on Wednesday, February 14th. Finally, Roth Capital upped their target price on shares of Shopify from $85.00 to $89.00 and gave the company a “buy” rating in a research report on Wednesday, February 14th. Three equities research analysts have rated the stock with a sell rating, eighteen have assigned a hold rating and sixteen have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $78.62.

Shopify Stock Performance

NYSE:SHOP opened at $71.33 on Monday. 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 $75.28 and a 200-day moving average of $72.75. The company has a current ratio of 6.99, a quick ratio of 6.99 and a debt-to-equity ratio of 0.10. The stock has a market capitalization of $91.77 billion, a P/E ratio of 792.56 and a beta of 2.22.

Shopify (NYSE:SHOP) (TSE:SHOP) last posted its quarterly earnings data 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 net margin of 1.87% and a return on equity of 4.48%. The firm had revenue of $2.14 billion during the quarter, compared to analysts’ expectations of $2.07 billion. As a group, sell-side analysts anticipate that Shopify will post 0.58 EPS for the current fiscal year.

Institutional Investors Weigh In On Shopify

A number of institutional investors and hedge funds have recently modified their holdings of the company. Wealth Management Partners LLC raised its holdings in shares of Shopify by 0.9% in the 4th quarter. Wealth Management Partners LLC now owns 13,922 shares of the software maker’s stock valued at $1,085,000 after purchasing an additional 126 shares during the period. SJS Investment Consulting Inc. raised its holdings in Shopify by 59.1% in the 4th quarter. SJS Investment Consulting Inc. now owns 350 shares of the software maker’s stock valued at $27,000 after acquiring an additional 130 shares during the period. Tradition Wealth Management LLC raised its holdings in Shopify by 7.5% in the 4th quarter. Tradition Wealth Management LLC now owns 2,007 shares of the software maker’s stock valued at $156,000 after acquiring an additional 140 shares during the period. Pachira Investments Inc. raised its holdings in Shopify by 2.1% in the 4th quarter. Pachira Investments Inc. now owns 7,084 shares of the software maker’s stock valued at $552,000 after acquiring an additional 146 shares during the period. Finally, Baldwin Brothers LLC MA raised its holdings in Shopify by 49.0% in the 4th quarter. Baldwin Brothers LLC MA now owns 447 shares of the software maker’s stock valued at $35,000 after acquiring an additional 147 shares during the period. 69.27% of the stock is 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.