Shopify (NYSE:SHOP) Coverage Initiated at DA Davidson

Equities research analysts at DA Davidson began coverage on shares of Shopify (NYSE:SHOPGet Rating) (TSE:SHOP) in a research note issued to investors on Wednesday, Benzinga reports. The brokerage set a “neutral” rating and a $34.00 price target on the software maker’s stock. DA Davidson’s price target would suggest a potential downside of 10.67% from the stock’s current price. DA Davidson also issued estimates for Shopify’s Q4 2022 earnings at ($0.15) EPS, FY2022 earnings at ($0.54) EPS, Q1 2023 earnings at ($0.03) EPS, Q2 2023 earnings at ($0.81) EPS, Q3 2023 earnings at $0.03 EPS, Q4 2023 earnings at ($0.09) EPS, FY2023 earnings at ($0.91) EPS, Q1 2024 earnings at $0.03 EPS, Q2 2024 earnings at ($0.77) EPS, Q3 2024 earnings at $0.07 EPS, Q4 2024 earnings at ($0.03) EPS, FY2024 earnings at ($0.69) EPS, FY2025 earnings at ($0.37) EPS and FY2026 earnings at $0.06 EPS.

A number of other research firms have also weighed in on SHOP. Morgan Stanley increased their price objective on shares of Shopify from $40.00 to $42.00 and gave the stock an “equal weight” rating in a research note on Friday, October 28th. Moffett Nathanson initiated coverage on shares of Shopify in a research report on Tuesday, November 15th. They set a “market perform” rating and a $30.00 price target on the stock. Citigroup dropped their price target on shares of Shopify from $36.00 to $35.00 and set a “neutral” rating on the stock in a research report on Tuesday, October 25th. Capital One Financial initiated coverage on shares of Shopify in a research report on Thursday, December 8th. They set an “equal weight” rating on the stock. Finally, Wolfe Research lowered shares of Shopify from an “outperform” rating to a “peer perform” rating in a research report on Wednesday, December 7th. Three equities research analysts have rated the stock with a sell rating, twenty-two have given a hold rating and fourteen have given a buy rating to the company’s stock. According to MarketBeat.com, Shopify presently has a consensus rating of “Hold” and an average price target of $56.25.

Shopify Stock Down 2.8 %

NYSE:SHOP opened at $38.06 on Wednesday. The firm has a market capitalization of $48.06 billion, a P/E ratio of -15.01 and a beta of 1.93. Shopify has a 1-year low of $23.63 and a 1-year high of $108.44. The company’s fifty day moving average price is $37.31 and its 200-day moving average price is $34.39. The company has a debt-to-equity ratio of 0.15, a current ratio of 6.64 and a quick ratio of 6.64.

Shopify (NYSE:SHOPGet Rating) (TSE:SHOP) last released its quarterly earnings data on Thursday, October 27th. The software maker reported ($0.14) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.24) by $0.10. The firm had revenue of $1.37 billion for the quarter, compared to analyst estimates of $1.33 billion. Shopify had a negative net margin of 61.17% and a negative return on equity of 3.82%. As a group, equities research analysts anticipate that Shopify will post -0.5 EPS for the current year.

Hedge Funds Weigh In On Shopify

Several hedge funds and other institutional investors have recently modified their holdings of the business. Evoke Wealth LLC increased its position in Shopify by 790.1% during the second quarter. Evoke Wealth LLC now owns 810 shares of the software maker’s stock worth $25,000 after purchasing an additional 719 shares during the last quarter. Gradient Investments LLC increased its position in Shopify by 978.9% during the second quarter. Gradient Investments LLC now owns 820 shares of the software maker’s stock worth $26,000 after purchasing an additional 744 shares during the last quarter. Trustcore Financial Services LLC increased its position in Shopify by 2,100.0% during the second quarter. Trustcore Financial Services LLC now owns 880 shares of the software maker’s stock worth $27,000 after purchasing an additional 840 shares during the last quarter. Larson Financial Group LLC increased its position in Shopify by 352.1% during the second quarter. Larson Financial Group LLC now owns 850 shares of the software maker’s stock worth $27,000 after purchasing an additional 662 shares during the last quarter. Finally, Trust Co. of Vermont increased its position in shares of Shopify by 950.0% during the third quarter. Trust Co. of Vermont now owns 1,050 shares of the software maker’s stock valued at $28,000 after acquiring an additional 950 shares during the last quarter. 56.31% of the stock is owned by hedge funds and other institutional investors.

About Shopify

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Shopify Inc, a commerce company, provides a commerce platform and services in Canada, the United States, Europe, the Middle East, Africa, the Asia Pacific, 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.

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Analyst Recommendations for Shopify (NYSE:SHOP)

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