Shopify (NYSE:SHOP) Stock Rating Upgraded by Citigroup

Shopify (NYSE:SHOP) (TSE:SHOP) was upgraded by stock analysts at Citigroup from a “neutral” rating to a “buy” rating in a research note issued on Monday, Marketbeat Ratings reports. The firm currently has a $105.00 target price on the software maker’s stock, up from their prior target price of $93.00. Citigroup’s price target would indicate a potential upside of 49.60% from the company’s previous close.

A number of other research firms have also recently weighed in on SHOP. Mizuho boosted their target price on shares of Shopify from $65.00 to $75.00 and gave the company a “neutral” rating in a research note on Wednesday, February 14th. Barclays reduced their price objective on Shopify from $70.00 to $68.00 and set an “equal weight” rating for the company in a report on Wednesday, February 14th. National Bankshares boosted their target price on Shopify from $80.00 to $100.00 and gave the company an “outperform” rating in a research note on Friday, January 26th. Wells Fargo & Company decreased their price objective on Shopify from $90.00 to $85.00 and set an “overweight” rating for the company in a report on Wednesday, February 14th. Finally, Robert W. Baird upped their price objective on shares of Shopify from $85.00 to $87.00 and gave the company an “outperform” rating in a report on Wednesday, April 3rd. Three equities research analysts have rated the stock with a sell rating, eighteen have issued a hold rating and sixteen have assigned a buy rating to the company. According to MarketBeat, Shopify has a consensus rating of “Hold” and a consensus price target of $78.62.

Shopify Price Performance

SHOP stock opened at $70.19 on Monday. The company has a debt-to-equity ratio of 0.10, a quick ratio of 6.99 and a current ratio of 6.99. The business has a 50-day simple moving average of $74.93 and a two-hundred day simple moving average of $73.02. The company has a market capitalization of $90.30 billion, a P/E ratio of 779.92 and a beta of 2.22. Shopify has a 52-week low of $45.50 and a 52-week high of $91.57.

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

Hedge Funds Weigh In On Shopify

Several large investors have recently made changes to their positions in the business. Private Wealth Management Group LLC bought a new stake in shares of Shopify in the 4th quarter worth about $26,000. SJS Investment Consulting Inc. lifted its stake in shares of Shopify by 59.1% in the 4th 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 last quarter. DSM Capital Partners LLC bought a new position in shares of Shopify during the 4th quarter valued at approximately $28,000. Jones Financial Companies Lllp purchased a new stake in Shopify during the 4th quarter valued at $28,000. Finally, Your Advocates Ltd. LLP lifted its position in Shopify by 4,344.4% in the fourth quarter. Your Advocates Ltd. LLP now owns 400 shares of the software maker’s stock worth $31,000 after buying an additional 391 shares during the last quarter. 69.27% of the stock is currently 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.