Shopify Inc. (NASDAQ:SHOP) Receives Average Rating of “Moderate Buy” from Analysts

Shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) have received a consensus rating of “Moderate Buy” from the forty-six ratings firms that are presently covering the company, MarketBeat reports. Ten analysts have rated the stock with a hold rating, thirty-five have issued a buy rating and one has issued a strong buy rating on the company. The average 12 month price target among analysts that have issued ratings on the stock in the last year is $170.8378.

Several research firms have issued reports on SHOP. Canaccord Genuity Group set a $180.00 target price on shares of Shopify and gave the company a “buy” rating in a research note on Wednesday, August 5th. National Bank Financial reissued an “outperform” rating and set a $180.00 price objective (up from $155.00) on shares of Shopify in a report on Wednesday, August 5th. Wedbush increased their price objective on shares of Shopify from $155.00 to $176.00 and gave the company an “outperform” rating in a research report on Thursday, August 6th. Citigroup restated an “outperform” rating on shares of Shopify in a report on Thursday, August 6th. Finally, Rosenblatt Securities started coverage on shares of Shopify in a research report on Thursday, August 20th. They issued a “buy” rating and a $175.00 target price for the company.

Shopify Stock Performance

Shares of NASDAQ:SHOP opened at $145.09 on Monday. The company has a market cap of $186.68 billion, a P/E ratio of 98.03, a PEG ratio of 2.96 and a beta of 2.61. The company has a debt-to-equity ratio of 0.01, a current ratio of 5.35 and a quick ratio of 5.35. Shopify has a 1 year low of $94.00 and a 1 year high of $182.19. The stock’s fifty day moving average price is $134.20 and its 200-day moving average price is $122.76.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last released its quarterly earnings data on Wednesday, August 5th. The software maker reported $0.42 EPS for the quarter, beating the consensus estimate of $0.40 by $0.02. Shopify had a return on equity of 12.58% and a net margin of 14.53%.The company had revenue of $3.58 billion for the quarter. During the same period last year, the business earned $0.69 earnings per share. The company’s quarterly revenue was up 33.7% on a year-over-year basis. Sell-side analysts expect that Shopify will post 1.45 earnings per share for the current year.

Hedge Funds Weigh In On Shopify

Institutional investors and hedge funds have recently modified their holdings of the company. M&T Bank Corp increased its stake in Shopify by 37.1% during the fourth quarter. M&T Bank Corp now owns 81,082 shares of the software maker’s stock worth $13,051,000 after acquiring an additional 21,945 shares during the last quarter. Triasima Portfolio Management inc. lifted its stake in shares of Shopify by 11.0% in the 4th quarter. Triasima Portfolio Management inc. now owns 182,338 shares of the software maker’s stock valued at $29,398,000 after purchasing an additional 18,028 shares during the last quarter. Norris Financial Group LLC purchased a new position in shares of Shopify in the 1st quarter worth approximately $1,586,000. Infusive Asset Management Inc. boosted its holdings in shares of Shopify by 27.4% in the 1st quarter. Infusive Asset Management Inc. now owns 43,611 shares of the software maker’s stock worth $5,173,000 after purchasing an additional 9,374 shares during the period. Finally, OMERS ADMINISTRATION Corp raised its holdings in Shopify by 18.6% during the 1st quarter. OMERS ADMINISTRATION Corp now owns 58,044 shares of the software maker’s stock valued at $6,876,000 after buying an additional 9,096 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.