Shopify (NYSE:SHOP) Stock Rating Upgraded by Morgan Stanley

Shopify (NYSE:SHOP) (TSE:SHOP) was upgraded by stock analysts at Morgan Stanley from an “equal weight” rating to an “overweight” rating in a research report issued to clients and investors on Friday, MarketBeat reports. The firm currently has a $85.00 price target on the software maker’s stock, up from their prior price target of $74.00. Morgan Stanley’s price target indicates a potential upside of 22.00% from the company’s previous close.

Several other equities analysts also recently weighed in on SHOP. Jefferies Financial Group lifted their target price on Shopify from $65.00 to $80.00 and gave the company a “hold” rating in a research report on Friday, January 5th. StockNews.com downgraded Shopify from a “hold” rating to a “sell” rating in a research note on Tuesday, April 16th. Wedbush reaffirmed a “neutral” rating and set a $68.00 price target on shares of Shopify in a report on Tuesday, February 13th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $100.00 target price on shares of Shopify in a report on Wednesday, February 14th. Finally, Barclays dropped their price target on Shopify from $70.00 to $68.00 and set an “equal weight” rating for the company in a research note on Wednesday, February 14th. Four investment analysts have rated the stock with a sell rating, eighteen have issued a hold rating and fifteen have given a buy rating to the company. Based on data from MarketBeat, Shopify presently has a consensus rating of “Hold” and an average target price of $78.30.

Shopify Price Performance

Shares of NYSE:SHOP opened at $69.67 on Friday. The company has a quick ratio of 6.99, a current ratio of 6.99 and a debt-to-equity ratio of 0.10. The stock has a market capitalization of $89.64 billion, a PE ratio of 774.20 and a beta of 2.22. The firm’s 50 day moving average price is $76.35 and its 200-day moving average price is $71.98. Shopify has a twelve month low of $45.50 and a twelve month high of $91.57.

Shopify (NYSE:SHOP) (TSE:SHOP) last released its quarterly earnings results on Tuesday, February 13th. The software maker reported $0.26 earnings per share for the quarter, topping the consensus estimate of $0.22 by $0.04. The business had revenue of $2.14 billion for the quarter, compared to the consensus estimate of $2.07 billion. Shopify had a net margin of 1.87% and a return on equity of 4.48%. Equities research analysts expect that Shopify will post 0.58 EPS for the current year.

Hedge Funds Weigh In On Shopify

Institutional investors and hedge funds have recently bought and sold shares of the company. Industrial Alliance Investment Management Inc. grew its stake in Shopify by 292.9% during the 1st quarter. Industrial Alliance Investment Management Inc. now owns 110 shares of the software maker’s stock worth $74,000 after buying an additional 82 shares during the last quarter. Turim 21 Investimentos Ltda. purchased a new stake in shares of Shopify during the first quarter worth about $148,000. Fairfield Bush & CO. acquired a new position in shares of Shopify during the first quarter valued at about $169,000. First Manhattan Co. increased its holdings in shares of Shopify by 317.5% during the first quarter. First Manhattan Co. now owns 263 shares of the software maker’s stock valued at $177,000 after acquiring an additional 200 shares in the last quarter. Finally, Stonebridge Capital Advisors LLC raised its position in shares of Shopify by 508.2% in the 1st quarter. Stonebridge Capital Advisors LLC now owns 298 shares of the software maker’s stock valued at $201,000 after purchasing an additional 249 shares during the last quarter. 69.27% of the stock is owned by hedge funds and other institutional investors.

Shopify Company Profile

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.