Shopify Inc. (NYSE:SHOP) Given Consensus Rating of “Moderate Buy” by Brokerages

Shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) have been given an average recommendation of “Moderate Buy” by the thirty-seven analysts that are presently covering the company, Marketbeat.com reports. One analyst has rated the stock with a sell rating, fourteen have given a hold rating and twenty-two have issued a buy rating on the company. The average 1 year price target among analysts that have issued a report on the stock in the last year is $77.44.

SHOP has been the topic of several research reports. Needham & Company LLC restated a “hold” rating on shares of Shopify in a research note on Thursday, May 9th. Benchmark reissued a “hold” rating on shares of Shopify in a research report on Tuesday, May 7th. DA Davidson lowered their price target on shares of Shopify from $90.00 to $84.00 and set a “buy” rating for the company in a research report on Thursday, May 9th. Piper Sandler upgraded shares of Shopify from an “underweight” rating to a “neutral” rating and set a $63.00 price objective on the stock in a research note on Thursday, May 9th. Finally, Loop Capital reduced their price objective on shares of Shopify from $90.00 to $80.00 and set a “hold” rating for the company in a research note on Monday, April 15th.

Institutional Investors Weigh In On Shopify

Hedge funds have recently added to or reduced their stakes in the business. Norden Group LLC purchased a new stake in shares of Shopify in the first quarter worth about $3,618,000. StoneCrest Wealth Management Inc. purchased a new stake in Shopify in the 4th quarter worth approximately $1,164,000. FIL Ltd grew its stake in shares of Shopify by 1.8% during the 4th quarter. FIL Ltd now owns 13,303,001 shares of the software maker’s stock worth $1,035,688,000 after purchasing an additional 238,596 shares during the period. Asset Management One Co. Ltd. increased 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 purchasing an additional 34,624 shares in the last quarter. Finally, Wealthcare Advisory Partners LLC lifted its stake in shares of Shopify by 5.3% in the 1st quarter. Wealthcare Advisory Partners LLC now owns 4,340 shares of the software maker’s stock valued at $335,000 after purchasing an additional 219 shares during the period. 69.27% of the stock is owned by hedge funds and other institutional investors.

Shopify Stock Performance

Shares of NYSE:SHOP opened at $63.16 on Wednesday. The firm’s 50 day simple moving average is $62.78 and its 200-day simple moving average is $71.83. The company has a debt-to-equity ratio of 0.10, a quick ratio of 7.14 and a current ratio of 7.14. Shopify has a one year low of $45.50 and a one year high of $91.57. The firm has a market cap of $81.39 billion, a PE ratio of -371.53, a price-to-earnings-growth ratio of 3.67 and a beta of 2.30.

Shopify (NYSE:SHOP) (TSE:SHOP) last announced its quarterly earnings data on Wednesday, May 8th. The software maker reported $0.12 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.08 by $0.04. The company had revenue of $1.86 billion for 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%. As a group, equities analysts predict that Shopify will post 0.62 EPS for the current year.

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.