Shopify (NYSE:SHOP) Earns “Hold” Rating from Needham & Company LLC

Shopify (NYSE:SHOP) (TSE:SHOP)‘s stock had its “hold” rating restated by investment analysts at Needham & Company LLC in a report issued on Thursday, Benzinga reports.

Several other equities research analysts have also recently commented on SHOP. StockNews.com raised shares of Shopify from a “sell” rating to a “hold” rating in a research report on Wednesday, April 24th. National Bankshares upped their price objective on Shopify from $80.00 to $100.00 and gave the stock an “outperform” rating in a research report on Friday, January 26th. Loop Capital dropped their target price on Shopify from $90.00 to $80.00 and set a “hold” rating on the stock in a research report on Monday, April 15th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $100.00 price target on shares of Shopify in a research report on Wednesday, February 14th. Finally, Morgan Stanley upgraded shares of Shopify from an “equal weight” rating to an “overweight” rating and lifted their price objective for the company from $74.00 to $85.00 in a report on Friday, April 19th. One research analyst has rated the stock with a sell rating, nineteen have given a hold rating and eighteen have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $78.67.

Shopify Stock Performance

SHOP stock opened at $62.81 on Thursday. Shopify has a 1-year low of $45.50 and a 1-year high of $91.57. 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 firm has a market cap of $80.81 billion, a PE ratio of 697.89 and a beta of 2.20. The business’s 50-day moving average price is $74.74 and its two-hundred day moving average price is $73.78.

Shopify (NYSE:SHOP) (TSE:SHOP) last issued 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 business had revenue of $2.14 billion during the quarter, compared to analyst estimates of $2.07 billion. Shopify had a return on equity of 4.48% and a net margin of 1.87%. As a group, research analysts forecast that Shopify will post 0.59 earnings per share for the current year.

Institutional Investors Weigh In On Shopify

A number of institutional investors have recently modified their holdings of the business. Norges Bank acquired a new position in Shopify in the 4th quarter valued at $1,049,089,000. Capital World Investors increased its position in shares of Shopify by 28.7% in the fourth quarter. Capital World Investors now owns 39,424,769 shares of the software maker’s stock worth $3,071,197,000 after purchasing an additional 8,789,411 shares during the period. Artisan Partners Limited Partnership raised its stake in Shopify by 78.4% in the third quarter. Artisan Partners Limited Partnership now owns 4,809,633 shares of the software maker’s stock valued at $262,462,000 after purchasing an additional 2,113,773 shares in the last quarter. William Blair Investment Management LLC lifted its position in Shopify by 5,918.3% during the first quarter. William Blair Investment Management LLC now owns 1,930,003 shares of the software maker’s stock worth $148,938,000 after purchasing an additional 1,897,934 shares during the period. Finally, Healthcare of Ontario Pension Plan Trust Fund increased its holdings in Shopify by 118.9% in the 4th quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 3,382,000 shares of the software maker’s stock valued at $263,452,000 after buying an additional 1,837,000 shares during the period. 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.