Wedbush Reiterates “Neutral” Rating for Shopify (NYSE:SHOP)

Shopify (NYSE:SHOP) (TSE:SHOP)‘s stock had its “neutral” rating reiterated by equities researchers at Wedbush in a research note issued to investors on Wednesday, RTT News reports. They presently have a $72.00 price objective on the software maker’s stock, up from their prior price objective of $68.00. Wedbush’s target price indicates a potential upside of 12.73% from the company’s previous close.

Several other research firms have also recently commented on SHOP. JPMorgan Chase & Co. started coverage on shares of Shopify in a research note on Tuesday, June 11th. They issued an “overweight” rating and a $74.00 target price for the company. Needham & Company LLC reiterated a “hold” rating on shares of Shopify in a report on Thursday, May 9th. Mizuho cut their price target on shares of Shopify from $75.00 to $65.00 and set a “neutral” rating for the company in a report on Thursday, May 9th. Citigroup increased their price target on shares of Shopify from $95.00 to $96.00 and gave the company a “buy” rating in a report on Wednesday, June 26th. Finally, JMP Securities upgraded shares of Shopify from a “market perform” rating to an “outperform” rating and set a $80.00 price target for the company in a report on Thursday, May 9th. One investment analyst has rated the stock with a sell rating, fifteen have given a hold rating and twenty-three have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $76.78.

Shopify Stock Performance

NYSE:SHOP traded up $9.65 during trading hours on Wednesday, reaching $63.87. 49,943,590 shares of the company’s stock were exchanged, compared to its average volume of 10,357,238. The firm has a market capitalization of $82.31 billion, a price-to-earnings ratio of -375.82, a P/E/G ratio of 3.15 and a beta of 2.30. The company has a 50-day moving average of $62.92 and a 200 day moving average of $70.09. 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 has a 1-year low of $45.50 and a 1-year high of $91.57.

Shopify (NYSE:SHOP) (TSE:SHOP) last issued its quarterly earnings results 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. Shopify had a negative net margin of 2.82% and a positive return on equity of 7.36%. The firm had revenue of $1.86 billion during the quarter, compared to analysts’ expectations of $1.84 billion. Research analysts anticipate that Shopify will post 0.62 EPS for the current year.

Institutional Trading of Shopify

A number of institutional investors have recently added to or reduced their stakes in SHOP. Tradition Wealth Management LLC increased its holdings in Shopify by 7.5% in the 4th quarter. Tradition Wealth Management LLC now owns 2,007 shares of the software maker’s stock valued at $156,000 after buying an additional 140 shares during the period. Willis Johnson & Associates Inc. grew its holdings in Shopify by 5.8% during the 1st quarter. Willis Johnson & Associates Inc. now owns 2,728 shares of the software maker’s stock worth $211,000 after acquiring an additional 149 shares during the last quarter. Nations Financial Group Inc. IA ADV grew its holdings in Shopify by 3.2% during the 4th quarter. Nations Financial Group Inc. IA ADV now owns 4,839 shares of the software maker’s stock worth $377,000 after acquiring an additional 150 shares during the last quarter. Valley National Advisers Inc. grew its holdings in Shopify by 11.4% during the 1st quarter. Valley National Advisers Inc. now owns 1,482 shares of the software maker’s stock worth $114,000 after acquiring an additional 152 shares during the last quarter. Finally, Capital Advisors Inc. OK grew its holdings in Shopify by 1.7% during the 4th quarter. Capital Advisors Inc. OK now owns 9,283 shares of the software maker’s stock worth $723,000 after acquiring an additional 153 shares during the last quarter. 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.