StockNews.com Upgrades Shopify (NYSE:SHOP) to “Hold”

StockNews.com upgraded shares of Shopify (NYSE:SHOP) (TSE:SHOP) from a sell rating to a hold rating in a research note issued to investors on Wednesday.

SHOP has been the topic of a number of other reports. Wells Fargo & Company dropped their price objective on shares of Shopify from $90.00 to $85.00 and set an overweight rating on the stock in a research report on Wednesday, February 14th. Loop Capital dropped their price objective on shares of Shopify from $90.00 to $80.00 and set a hold rating on the stock in a research report on Monday, April 15th. Piper Sandler reissued an underweight rating and issued a $63.00 price objective on shares of Shopify in a research report on Thursday, April 11th. The Goldman Sachs Group increased their price objective on shares of Shopify from $67.00 to $75.00 and gave the company a neutral rating in a research report on Thursday, February 29th. Finally, Citigroup dropped their price objective on shares of Shopify from $96.00 to $93.00 and set a neutral rating on the stock in a research report on Wednesday, February 14th. Three equities research analysts have rated the stock with a sell rating, nineteen have issued a hold rating and fifteen have assigned a buy rating to the stock. According to MarketBeat, the company has an average rating of Hold and a consensus target price of $78.30.

Shopify Price Performance

Shopify stock opened at $72.27 on Wednesday. The firm has a market cap of $92.98 billion, a PE ratio of 803.09 and a beta of 2.22. Shopify has a 52-week low of $45.50 and a 52-week high of $91.57. 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 company’s 50 day moving average is $75.75 and its two-hundred day moving average is $72.39.

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

Institutional Trading of Shopify

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Wealth Management Partners LLC lifted its stake in shares of Shopify by 0.9% in the fourth quarter. Wealth Management Partners LLC now owns 13,922 shares of the software maker’s stock valued at $1,085,000 after purchasing an additional 126 shares during the period. SJS Investment Consulting Inc. lifted its stake in shares of Shopify by 59.1% in the fourth quarter. SJS Investment Consulting Inc. now owns 350 shares of the software maker’s stock valued at $27,000 after purchasing an additional 130 shares during the period. Tradition Wealth Management LLC lifted its stake in shares of Shopify by 7.5% in the fourth quarter. Tradition Wealth Management LLC now owns 2,007 shares of the software maker’s stock valued at $156,000 after purchasing an additional 140 shares during the period. Pachira Investments Inc. lifted its stake in shares of Shopify by 2.1% in the fourth quarter. Pachira Investments Inc. now owns 7,084 shares of the software maker’s stock valued at $552,000 after purchasing an additional 146 shares during the period. Finally, Baldwin Brothers LLC MA lifted its stake in shares of Shopify by 49.0% in the fourth quarter. Baldwin Brothers LLC MA now owns 447 shares of the software maker’s stock valued at $35,000 after purchasing an additional 147 shares during the period. Institutional investors and hedge funds own 69.27% of the company’s stock.

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.