Shopify (NYSE:SHOP) Upgraded by Citigroup to “Buy”

Citigroup upgraded shares of Shopify (NYSE:SHOP) (TSE:SHOP) from a neutral rating to a buy rating in a report published on Monday, Marketbeat reports. Citigroup currently has $105.00 price target on the software maker’s stock, up from their previous price target of $93.00.

SHOP has been the topic of a number of other research reports. Royal Bank of Canada restated an outperform rating and issued a $100.00 price target on shares of Shopify in a research report on Wednesday, February 14th. UBS Group lifted their target price on Shopify from $75.00 to $80.00 and gave the company a neutral rating in a research report on Wednesday, February 14th. Roth Capital lifted their target price on Shopify from $85.00 to $89.00 and gave the company a buy rating in a research report on Wednesday, February 14th. Needham & Company LLC reiterated a hold rating on shares of Shopify in a research report on Tuesday, April 16th. Finally, Wells Fargo & Company decreased their target price on Shopify from $90.00 to $85.00 and set an overweight rating on the stock in a research report on Wednesday, February 14th. Three investment analysts have rated the stock with a sell rating, eighteen have given a hold rating and sixteen have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of Hold and an average price target of $78.62.

Shopify Stock Up 1.6 %

Shares of NYSE SHOP opened at $72.46 on Monday. The company has a debt-to-equity ratio of 0.10, a quick ratio of 6.99 and a current ratio of 6.99. Shopify has a 52 week low of $45.50 and a 52 week high of $91.57. The stock has a market capitalization of $93.22 billion, a P/E ratio of 805.20 and a beta of 2.22. The stock’s fifty day moving average is $75.10 and its 200 day moving average is $72.89.

Shopify (NYSE:SHOP) (TSE:SHOP) last issued its quarterly earnings results on Tuesday, February 13th. The software maker reported $0.26 EPS for the quarter, topping analysts’ consensus estimates of $0.22 by $0.04. Shopify had a return on equity of 4.48% and a net margin of 1.87%. The company had revenue of $2.14 billion for the quarter, compared to analysts’ expectations of $2.07 billion. Sell-side analysts forecast that Shopify will post 0.58 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Shopify

Several institutional investors have recently added to or reduced their stakes in SHOP. Norges Bank acquired a new position in Shopify in the fourth quarter valued at approximately $1,049,089,000. Capital World Investors lifted its stake in Shopify by 28.7% in 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 buying an additional 8,789,411 shares during the period. Artisan Partners Limited Partnership lifted 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 buying an additional 2,113,773 shares during the period. Healthcare of Ontario Pension Plan Trust Fund lifted its stake in Shopify by 118.9% in 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 buying an additional 1,837,000 shares during the period. Finally, Baillie Gifford & Co. increased its holdings in shares of 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 acquiring an additional 1,419,749 shares in the last quarter. 69.27% of the stock is owned by institutional investors and hedge funds.

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.