Shopify’s (SHOP) Outperform Rating Reiterated at Royal Bank Of Canada

Royal Bank Of Canada reiterated their outperform rating on shares of Shopify (NASDAQ:SHOP) (TSE:SHOP) in a research report released on Wednesday, MarketBeat Ratings reports. They currently have a $200.00 price target on the software maker’s stock.

Other equities analysts have also issued research reports about the company. TD Cowen reaffirmed a “hold” rating and issued a $156.00 price objective on shares of Shopify in a research note on Friday, October 3rd. KeyCorp boosted their price target on Shopify from $175.00 to $200.00 and gave the stock an “overweight” rating in a report on Thursday, October 30th. CIBC reaffirmed an “outperform” rating on shares of Shopify in a report on Wednesday, November 5th. Morgan Stanley reissued an “overweight” rating and issued a $192.00 target price (up previously from $165.00) on shares of Shopify in a report on Wednesday, November 5th. Finally, Bank of America upped their target price on shares of Shopify from $185.00 to $190.00 and gave the stock a “buy” rating in a research report on Wednesday, December 17th. Twenty-four analysts have rated the stock with a Buy rating and twenty-one have issued a Hold rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $171.61.

Shopify Trading Down 2.3%

NASDAQ SHOP opened at $164.48 on Wednesday. Shopify has a 12 month low of $69.84 and a 12 month high of $182.19. The stock has a market cap of $214.13 billion, a price-to-earnings ratio of 121.84, a PEG ratio of 5.00 and a beta of 2.83. The company’s 50 day moving average is $160.02 and its two-hundred day moving average is $147.67.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last announced its quarterly earnings data on Tuesday, November 4th. The software maker reported $0.27 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.24 by $0.03. The firm had revenue of $2.84 billion during the quarter, compared to analysts’ expectations of $2.75 billion. Shopify had a net margin of 16.65% and a return on equity of 11.72%. Sell-side analysts forecast that Shopify will post 1.12 EPS for the current year.

Institutional Investors Weigh In On Shopify

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Twin Peaks Wealth Advisors LLC boosted its stake in Shopify by 1.7% during the third quarter. Twin Peaks Wealth Advisors LLC now owns 3,448 shares of the software maker’s stock worth $512,000 after buying an additional 59 shares during the period. Accurate Wealth Management LLC boosted its stake in shares of Shopify by 2.0% during the 3rd quarter. Accurate Wealth Management LLC now owns 3,438 shares of the software maker’s stock worth $526,000 after purchasing an additional 67 shares during the period. Moloney Securities Asset Management LLC grew its holdings in Shopify by 1.8% during the 3rd quarter. Moloney Securities Asset Management LLC now owns 3,951 shares of the software maker’s stock valued at $587,000 after purchasing an additional 70 shares during the last quarter. Rothschild Investment LLC grew its holdings in Shopify by 47.5% during the 2nd quarter. Rothschild Investment LLC now owns 233 shares of the software maker’s stock valued at $27,000 after purchasing an additional 75 shares during the last quarter. Finally, Sivia Capital Partners LLC raised its position in Shopify by 0.9% in the 3rd quarter. Sivia Capital Partners LLC now owns 8,265 shares of the software maker’s stock worth $1,228,000 after purchasing an additional 75 shares during the period. 69.27% of the stock is currently owned by hedge funds and other institutional investors.

About Shopify

Shopify is a Canadian commerce technology company that provides a cloud-based platform for businesses to create, manage and scale online and physical retail stores. Its core offering is a software-as-a-service e-commerce platform that enables merchants to build customizable storefronts, manage product catalogs, process orders, and handle inventory. Shopify also supports omnichannel selling through integrated point-of-sale (POS) systems for in-person transactions.

Beyond storefront software, Shopify offers a range of merchant services and tools designed to simplify commerce operations.