Shopify (NYSE:SHOP) Upgraded at StockNews.com

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

A number of other equities research analysts have also weighed in on the company. The Goldman Sachs Group lifted their price objective on Shopify from $67.00 to $75.00 and gave the stock a “neutral” rating in a research report on Thursday, February 29th. Wells Fargo & Company cut their price objective on Shopify from $90.00 to $85.00 and set an “overweight” rating on the stock in a research report on Wednesday, February 14th. Piper Sandler reiterated an “underweight” rating and issued a $63.00 price objective on shares of Shopify in a research report on Thursday, April 11th. Royal Bank of Canada reiterated an “outperform” rating and issued a $100.00 price objective on shares of Shopify in a research report on Wednesday, February 14th. Finally, Morgan Stanley upgraded Shopify from an “equal weight” rating to an “overweight” rating and lifted their price objective for the stock from $74.00 to $85.00 in a research report on Friday, April 19th. Three equities research analysts have rated the stock with a sell rating, nineteen have given a hold rating and fifteen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Shopify presently has a consensus rating of “Hold” and a consensus price target of $78.30.

Shopify Price Performance

SHOP opened at $74.02 on Wednesday. The stock’s 50 day simple moving average is $75.91 and its 200 day simple moving average is $72.39. 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 market cap of $95.23 billion, a price-to-earnings ratio of 822.54 and a beta of 2.22.

Shopify (NYSE:SHOP) (TSE:SHOP) last posted its quarterly earnings results on Tuesday, February 13th. The software maker reported $0.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.22 by $0.04. Shopify had a return on equity of 4.48% and a net margin of 1.87%. The business had revenue of $2.14 billion for the quarter, compared to analyst estimates of $2.07 billion. As a group, analysts predict that Shopify will post 0.58 earnings per share for the current year.

Institutional Trading of Shopify

Several large investors have recently modified their holdings of SHOP. Norges Bank bought a new stake in Shopify during the fourth quarter valued at about $1,049,089,000. Capital World Investors grew its holdings in Shopify by 28.7% during the fourth quarter. Capital World Investors now owns 39,424,769 shares of the software maker’s stock valued at $3,071,197,000 after purchasing an additional 8,789,411 shares during the period. Artisan Partners Limited Partnership grew its holdings in Shopify by 78.4% during 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 during the period. Healthcare of Ontario Pension Plan Trust Fund grew its holdings in Shopify by 118.9% during the fourth 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 purchasing an additional 1,837,000 shares during the period. Finally, Baillie Gifford & Co. grew its holdings in Shopify by 2.3% during the fourth quarter. Baillie Gifford & Co. now owns 64,164,758 shares of the software maker’s stock valued at $4,998,476,000 after purchasing an additional 1,419,749 shares during the period. Institutional investors own 69.27% of the company’s stock.

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.