Shopify (NYSE:SHOP) Now Covered by JPMorgan Chase & Co.

JPMorgan Chase & Co. started coverage on shares of Shopify (NYSE:SHOP) (TSE:SHOP) in a research note issued to investors on Tuesday morning, Marketbeat Ratings reports. The brokerage issued an overweight rating and a $74.00 price objective on the software maker’s stock.

Other equities analysts have also recently issued reports about the stock. BNP Paribas raised shares of Shopify from an underperform rating to an outperform rating in a research note on Thursday, May 2nd. Wells Fargo & Company dropped their price target on shares of Shopify from $85.00 to $75.00 and set an overweight rating on the stock in a research note on Thursday, May 9th. UBS Group raised their price objective on shares of Shopify from $75.00 to $80.00 and gave the company a neutral rating in a research report on Wednesday, February 14th. Wedbush reaffirmed a neutral rating and issued a $68.00 price objective on shares of Shopify in a report on Tuesday, February 13th. Finally, CIBC cut their target price on Shopify from $100.00 to $85.00 and set an outperformer rating for the company in a research note on Thursday, May 9th. One analyst has rated the stock with a sell rating, sixteen have assigned a hold rating and twenty-one have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of Moderate Buy and a consensus price target of $76.49.

Shopify Stock Performance

NYSE SHOP opened at $67.67 on Tuesday. The firm has a market cap of $87.20 billion, a P/E ratio of -398.03, a P/E/G ratio of 3.42 and a beta of 2.27. Shopify has a 52-week low of $45.50 and a 52-week high of $91.57. The business’s 50-day moving average price is $65.35 and its 200 day moving average price is $73.55. The company has a quick ratio of 7.14, a current ratio of 7.14 and a debt-to-equity ratio of 0.10.

Shopify (NYSE:SHOP) (TSE:SHOP) last posted its quarterly earnings data on Wednesday, May 8th. The software maker reported $0.12 earnings per share for the quarter, topping analysts’ consensus estimates of $0.08 by $0.04. The company had revenue of $1.86 billion during the quarter, compared to analysts’ expectations of $1.84 billion. Shopify had a positive return on equity of 7.36% and a negative net margin of 2.82%. On average, equities research analysts expect that Shopify will post 0.59 earnings per share for the current year.

Institutional Investors Weigh In On Shopify

Several hedge funds have recently made changes to their positions in the business. Private Wealth Management Group LLC acquired a new stake in shares of Shopify in the fourth quarter worth approximately $26,000. SJS Investment Consulting Inc. grew its stake in shares of Shopify by 59.1% during the 4th quarter. SJS Investment Consulting Inc. now owns 350 shares of the software maker’s stock valued at $27,000 after buying an additional 130 shares during the period. DSM Capital Partners LLC acquired a new stake in shares of Shopify during the 4th quarter worth $28,000. Jones Financial Companies Lllp purchased a new position in shares of Shopify in the 4th quarter worth $28,000. Finally, Your Advocates Ltd. LLP boosted its holdings in Shopify by 4,344.4% in the fourth quarter. Your Advocates Ltd. LLP now owns 400 shares of the software maker’s stock valued at $31,000 after acquiring an additional 391 shares during the last quarter. Institutional investors and hedge funds 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.