Shopify (NYSE:SHOP) Lifted to Outperform at Evercore

Evercore upgraded shares of Shopify (NYSE:SHOP) (TSE:SHOP) from an in-line rating to an outperform rating in a report published on Friday, BayStreet.CA reports. They currently have $75.00 target price on the software maker’s stock.

SHOP has been the topic of a number of other reports. Barclays reduced their price objective on shares of Shopify from $68.00 to $63.00 and set an equal weight rating on the stock in a research note on Thursday, May 9th. Evercore ISI upgraded Shopify from an in-line rating to an outperform rating and set a $75.00 price target for the company in a research note on Friday. Citigroup cut their price objective on Shopify from $105.00 to $95.00 and set a buy rating on the stock in a research note on Thursday, May 9th. Wells Fargo & Company decreased their target price on Shopify from $85.00 to $75.00 and set an overweight rating for the company in a research report on Thursday, May 9th. Finally, Scotiabank dropped their price target on Shopify from $80.00 to $75.00 and set a sector perform rating on the stock in a research report on Thursday, May 9th. One investment analyst has rated the stock with a sell rating, sixteen have assigned a hold rating and twenty-one have given a buy rating to the stock. According to data from MarketBeat, Shopify presently has an average rating of Moderate Buy and a consensus target price of $76.49.

Shopify Stock Up 4.6 %

Shares of Shopify stock opened at $67.66 on Friday. Shopify has a 1-year low of $45.50 and a 1-year high of $91.57. The company has a market capitalization of $87.19 billion, a PE ratio of -398.00, a P/E/G ratio of 3.42 and a beta of 2.27. The company has a debt-to-equity ratio of 0.10, a current ratio of 7.14 and a quick ratio of 7.14. The business has a 50-day moving average of $65.35 and a 200-day moving average of $73.55.

Shopify (NYSE:SHOP) (TSE:SHOP) last issued its quarterly earnings data on Wednesday, May 8th. The software maker reported $0.12 earnings per share for the quarter, beating analysts’ consensus estimates of $0.08 by $0.04. Shopify had a positive return on equity of 7.36% and a negative net margin of 2.82%. The firm had revenue of $1.86 billion during the quarter, compared to analyst estimates of $1.84 billion. As a group, equities analysts forecast that Shopify will post 0.57 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. StoneCrest Wealth Management Inc. purchased a new position in Shopify during the fourth quarter valued at approximately $1,164,000. Asset Management One Co. Ltd. grew its holdings in shares of Shopify by 4,007.4% during the 4th quarter. Asset Management One Co. Ltd. now owns 35,488 shares of the software maker’s stock valued at $2,807,000 after acquiring an additional 34,624 shares in the last quarter. FIL Ltd increased its stake in shares of Shopify by 1.8% in the fourth quarter. FIL Ltd now owns 13,303,001 shares of the software maker’s stock worth $1,035,688,000 after acquiring an additional 238,596 shares during the last quarter. SeaCrest Wealth Management LLC purchased a new stake in shares of Shopify during the fourth quarter worth $433,000. Finally, Evoke Wealth LLC purchased a new stake in shares of Shopify during the fourth quarter worth $2,551,000. 69.27% of the stock is currently owned by institutional investors and hedge funds.

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.