Shopify (NYSE:SHOP) Upgraded at JMP Securities

Shopify (NYSE:SHOP) (TSE:SHOP) was upgraded by investment analysts at JMP Securities from a “market perform” rating to an “outperform” rating in a research report issued on Thursday, Briefing.com reports. The brokerage currently has a $80.00 price target on the software maker’s stock. JMP Securities’ price objective would indicate a potential upside of 27.37% from the stock’s current price.

Other equities research analysts also recently issued research reports about the company. Loop Capital decreased their price target on Shopify from $90.00 to $80.00 and set a “hold” rating for the company in a report on Monday, April 15th. Benchmark reiterated a “hold” rating on shares of Shopify in a research note on Tuesday. Citigroup raised Shopify from a “neutral” rating to a “buy” rating and upped their target price for the company from $93.00 to $105.00 in a report on Monday, April 29th. Truist Financial upped their price objective on Shopify from $65.00 to $90.00 and gave the company a “hold” rating in a research note on Monday, February 12th. Finally, StockNews.com upgraded shares of Shopify from a “sell” rating to a “hold” rating in a research report on Wednesday, April 24th. One analyst has rated the stock with a sell rating, nineteen have given a hold rating and eighteen have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $79.22.

Shopify Price Performance

SHOP stock opened at $62.81 on Thursday. The company has a fifty day moving average price of $74.74 and a 200-day moving average price of $73.78. Shopify has a 52-week low of $45.50 and a 52-week high of $91.57. The company has a market capitalization of $80.81 billion, a P/E ratio of 697.89 and a beta of 2.20. The company has a debt-to-equity ratio of 0.10, a quick ratio of 6.99 and a current ratio of 6.99.

Shopify (NYSE:SHOP) (TSE:SHOP) last issued its earnings results on Tuesday, February 13th. The software maker reported $0.26 earnings per share for the quarter, topping analysts’ consensus estimates of $0.22 by $0.04. The business had revenue of $2.14 billion during the quarter, compared to the consensus estimate of $2.07 billion. Shopify had a return on equity of 4.48% and a net margin of 1.87%. As a group, equities analysts expect that Shopify will post 0.59 EPS for the current year.

Institutional Investors Weigh In On Shopify

Institutional investors have recently added to or reduced their stakes in the stock. Wealth Management Partners LLC lifted its holdings in shares of Shopify by 0.9% in the 4th quarter. Wealth Management Partners LLC now owns 13,922 shares of the software maker’s stock worth $1,085,000 after acquiring an additional 126 shares during the last quarter. SJS Investment Consulting Inc. lifted its holdings 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 buying an additional 130 shares during the period. Tradition Wealth Management LLC increased its holdings in 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 buying an additional 140 shares in the last quarter. Pachira Investments Inc. boosted its position in Shopify by 2.1% during the fourth quarter. Pachira Investments Inc. now owns 7,084 shares of the software maker’s stock worth $552,000 after purchasing an additional 146 shares in the last quarter. Finally, Baldwin Brothers LLC MA increased its holdings in Shopify by 49.0% during the 4th quarter. Baldwin Brothers LLC MA now owns 447 shares of the software maker’s stock valued at $35,000 after acquiring an additional 147 shares in the last quarter. Institutional investors and hedge funds own 69.27% of the company’s stock.

About Shopify

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.