Shopify (NYSE:SHOP) Earns Hold Rating from Needham & Company LLC

Needham & Company LLC reissued their hold rating on shares of Shopify (NYSE:SHOP) (TSE:SHOP) in a report published on Tuesday, Benzinga reports.

A number of other research analysts have also recently commented on the company. Royal Bank of Canada reissued an outperform rating and issued a $100.00 price target on shares of Shopify in a report on Wednesday, February 14th. UBS Group increased 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. Citigroup cut their price target on Shopify from $96.00 to $93.00 and set a neutral rating for the company in a report on Wednesday, February 14th. Piper Sandler reiterated an underweight rating and set a $63.00 target price on shares of Shopify in a research report on Thursday, April 11th. Finally, Loop Capital reduced their price target 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. Four analysts have rated the stock with a sell rating, eighteen have given a hold rating and fifteen have given a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of Hold and an average price target of $78.30.

Shopify Stock Up 0.3 %

SHOP stock opened at $69.70 on Tuesday. The business’s 50-day moving average price is $76.35 and its 200-day moving average price is $71.84. The stock has a market cap of $89.67 billion, a P/E ratio of 774.53 and a beta of 2.22. 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 has a twelve month low of $45.50 and a twelve month high of $91.57.

Shopify (NYSE:SHOP) (TSE:SHOP) last announced 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 firm had revenue of $2.14 billion during the quarter, compared to analysts’ expectations of $2.07 billion. On average, equities research analysts forecast that Shopify will post 0.58 EPS for the current year.

Hedge Funds Weigh In On Shopify

Large investors have recently added to or reduced their stakes in the company. Norges Bank purchased a new position in Shopify in the fourth quarter worth $1,049,089,000. Capital World Investors increased its position in Shopify by 28.7% during the 4th quarter. Capital World Investors now owns 39,424,769 shares of the software maker’s stock valued at $3,071,197,000 after buying an additional 8,789,411 shares in the last quarter. Nuveen Asset Management LLC acquired a new position in shares of Shopify during the fourth quarter valued at about $432,659,000. Artisan Partners Limited Partnership boosted its stake in Shopify by 78.4% in the 3rd quarter. Artisan Partners Limited Partnership now owns 4,809,633 shares of the software maker’s stock worth $262,462,000 after purchasing an additional 2,113,773 shares in the last quarter. Finally, Legal & General Group Plc boosted its stake in Shopify by 30.2% in the 4th quarter. Legal & General Group Plc now owns 8,066,800 shares of the software maker’s stock worth $631,054,000 after purchasing an additional 1,870,515 shares in the last quarter. 69.27% of the stock is currently owned by institutional investors.

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.