Shopify (NYSE:SHOP) Upgraded to “Overweight” by Morgan Stanley

Morgan Stanley upgraded shares of Shopify (NYSE:SHOP) (TSE:SHOP) from an equal weight rating to an overweight rating in a research report sent to investors on Friday morning, Marketbeat reports. They currently have $85.00 price target on the software maker’s stock, up from their prior price target of $74.00.

A number of other equities research analysts also recently weighed in on SHOP. Wells Fargo & Company dropped their price target on shares of Shopify from $90.00 to $85.00 and set an overweight rating for the company in a research note on Wednesday, February 14th. StockNews.com downgraded shares of Shopify from a hold rating to a sell rating in a research note on Tuesday, April 16th. CIBC boosted their price target on shares of Shopify from $82.00 to $100.00 and gave the stock an outperform rating in a research note on Wednesday, February 7th. Citigroup dropped their price target on shares of Shopify from $96.00 to $93.00 and set a neutral rating for the company in a research note on Wednesday, February 14th. Finally, DA Davidson boosted their price target on shares of Shopify from $86.00 to $90.00 and gave the stock a buy rating in a research note on Wednesday, February 14th. Four investment analysts have rated the stock with a sell rating, eighteen have given a hold rating and fifteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Shopify currently has an average rating of Hold and a consensus price target of $78.30.

Shopify Trading Up 1.3 %

Shares of NYSE SHOP opened at $70.57 on Friday. Shopify has a 1-year low of $45.50 and a 1-year high of $91.57. The company has a market cap of $90.79 billion, a PE ratio of 784.20 and a beta of 2.22. The company has a current ratio of 6.99, a quick ratio of 6.99 and a debt-to-equity ratio of 0.10. The company has a 50-day moving average of $75.98 and a two-hundred day moving average of $72.25.

Shopify (NYSE:SHOP) (TSE:SHOP) last announced 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. 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. As a group, equities analysts expect that Shopify will post 0.58 earnings per share for the current fiscal year.

Institutional Trading of Shopify

A number of institutional investors have recently made changes to their positions in the business. International Assets Investment Management LLC raised its position in shares of Shopify by 12.3% in the third quarter. International Assets Investment Management LLC now owns 17,642 shares of the software maker’s stock valued at $915,000 after purchasing an additional 1,931 shares during the period. Dynamic Advisor Solutions LLC raised its position in shares of Shopify by 75.9% in the third quarter. Dynamic Advisor Solutions LLC now owns 7,601 shares of the software maker’s stock valued at $415,000 after purchasing an additional 3,281 shares during the period. CWM LLC raised its position in shares of Shopify by 128.0% in the third quarter. CWM LLC now owns 43,774 shares of the software maker’s stock valued at $2,389,000 after purchasing an additional 24,573 shares during the period. Geneos Wealth Management Inc. raised its position in shares of Shopify by 22.3% in the third quarter. Geneos Wealth Management Inc. now owns 5,151 shares of the software maker’s stock valued at $281,000 after purchasing an additional 940 shares during the period. Finally, Caliber Wealth Management LLC raised its position in shares of Shopify by 10.7% in the third quarter. Caliber Wealth Management LLC now owns 37,842 shares of the software maker’s stock valued at $2,065,000 after purchasing an additional 3,661 shares during the period. 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.