Shopify (NYSE:SHOP) Sets New 1-Year High on Analyst Upgrade

Shopify Inc. (NYSE:SHOP) (TSE:SHOP)’s stock price reached a new 52-week high during trading on Tuesday after Jefferies Financial Group raised their price target on the stock from $110.00 to $130.00. Jefferies Financial Group currently has a hold rating on the stock. Shopify traded as high as $129.37 and last traded at $127.18, with a volume of 40790 shares trading hands. The stock had previously closed at $128.35.

Several other research firms have also issued reports on SHOP. Royal Bank of Canada upped their target price on Shopify from $130.00 to $145.00 and gave the company an “outperform” rating in a report on Wednesday, February 12th. Moffett Nathanson upped their price objective on Shopify from $86.00 to $99.00 and gave the company a “neutral” rating in a research note on Tuesday, November 26th. UBS Group lifted their target price on Shopify from $110.00 to $125.00 and gave the stock a “neutral” rating in a research note on Wednesday, February 12th. JMP Securities restated a “market outperform” rating and set a $120.00 price target on shares of Shopify in a research report on Thursday, December 12th. Finally, Barclays lifted their price objective on shares of Shopify from $93.00 to $100.00 and gave the stock an “equal weight” rating in a research report on Wednesday, February 12th. One analyst has rated the stock with a sell rating, fifteen have issued a hold rating, twenty-four have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $126.31.

Hedge Funds Weigh In On Shopify

Several hedge funds and other institutional investors have recently added to or reduced their stakes in SHOP. Allianz SE bought a new stake in shares of Shopify during the 4th quarter valued at about $27,000. PFG Private Wealth Management LLC lifted its position in Shopify by 3,657.1% during the fourth quarter. PFG Private Wealth Management LLC now owns 263 shares of the software maker’s stock valued at $28,000 after purchasing an additional 256 shares during the last quarter. Fourth Dimension Wealth LLC purchased a new position in Shopify in the 4th quarter worth approximately $30,000. Mark Sheptoff Financial Planning LLC increased its holdings in shares of Shopify by 50.0% in the 4th quarter. Mark Sheptoff Financial Planning LLC now owns 300 shares of the software maker’s stock worth $32,000 after buying an additional 100 shares during the last quarter. Finally, New Wave Wealth Advisors LLC purchased a new stake in shares of Shopify during the 4th quarter valued at $39,000. 69.27% of the stock is currently owned by hedge funds and other institutional investors.

Shopify Price Performance

The business’s fifty day moving average price is $112.16 and its 200-day moving average price is $93.70. The company has a market capitalization of $166.94 billion, a P/E ratio of 120.75, a P/E/G ratio of 2.49 and a beta of 2.47. The company has a current ratio of 7.10, a quick ratio of 7.10 and a debt-to-equity ratio of 0.09.

Shopify (NYSE:SHOP) (TSE:SHOP) last issued its quarterly earnings results on Tuesday, February 11th. The software maker reported $0.34 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.44 by ($0.10). Shopify had a return on equity of 11.60% and a net margin of 16.84%. As a group, sell-side analysts predict that Shopify Inc. will post 0.91 earnings per share for the current fiscal year.

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.