BNP Paribas Upgrades Shopify (NYSE:SHOP) to “Outperform”

BNP Paribas upgraded shares of Shopify (NYSE:SHOP) (TSE:SHOP) from an underperform rating to an outperform rating in a report issued on Thursday morning, MarketBeat.com reports.

SHOP has been the topic of a number of other reports. Wedbush reiterated a neutral rating and issued a $68.00 target price on shares of Shopify in a report on Tuesday, February 13th. UBS Group lifted their price objective on shares of Shopify from $75.00 to $80.00 and gave the company a neutral rating in a report on Wednesday, February 14th. Morgan Stanley raised Shopify from an equal weight rating to an overweight rating and boosted their price objective for the stock from $74.00 to $85.00 in a report on Friday, April 19th. Royal Bank of Canada restated an outperform rating and issued a $100.00 target price on shares of Shopify in a report on Wednesday, February 14th. Finally, National Bankshares upped their price target on Shopify from $80.00 to $100.00 and gave the stock an outperform rating in a report on Friday, January 26th. Two research analysts have rated the stock with a sell rating, eighteen have issued a hold rating and seventeen have given a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of Hold and a consensus target price of $79.00.

Shopify Stock Performance

NYSE:SHOP opened at $74.46 on Thursday. The firm has a market capitalization of $95.80 billion, a P/E ratio of 827.43 and a beta of 2.20. Shopify has a twelve month low of $45.50 and a twelve month high of $91.57. The company has a fifty day moving average of $74.73 and a 200-day moving average of $73.42. The company has a quick ratio of 6.99, a current ratio of 6.99 and a debt-to-equity ratio of 0.10.

Shopify (NYSE:SHOP) (TSE:SHOP) last released its quarterly earnings data 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. Shopify had a net margin of 1.87% and a return on equity of 4.48%. The company had revenue of $2.14 billion for the quarter, compared to analysts’ expectations of $2.07 billion. As a group, sell-side analysts anticipate that Shopify will post 0.59 EPS for the current year.

Hedge Funds Weigh In On Shopify

A number of hedge funds and other institutional investors have recently bought and sold shares of SHOP. Baillie Gifford & Co. lifted its stake in Shopify by 2.3% during the fourth quarter. Baillie Gifford & Co. now owns 64,164,758 shares of the software maker’s stock worth $4,998,476,000 after purchasing an additional 1,419,749 shares during the last quarter. Vanguard Group Inc. grew its holdings in shares of Shopify by 3.0% during the 4th quarter. Vanguard Group Inc. now owns 42,168,291 shares of the software maker’s stock valued at $3,284,910,000 after purchasing an additional 1,242,067 shares during the last quarter. Capital World Investors raised its position in Shopify by 28.7% in the 4th quarter. Capital World Investors now owns 39,424,769 shares of the software maker’s stock worth $3,071,197,000 after purchasing an additional 8,789,411 shares during the period. Capital International Investors lifted its stake in Shopify by 9.7% in the fourth quarter. Capital International Investors now owns 15,849,638 shares of the software maker’s stock worth $1,235,534,000 after purchasing an additional 1,399,562 shares during the last quarter. Finally, Norges Bank purchased a new stake in Shopify during the fourth quarter valued at about $1,049,089,000. Hedge funds and other institutional investors 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.