Shopify (NYSE:SHOP) Upgraded by Citigroup to “Buy”

Citigroup upgraded shares of Shopify (NYSE:SHOP) (TSE:SHOP) from a neutral rating to a buy rating in a research note published on Monday, MarketBeat.com reports. They currently have $105.00 price objective on the software maker’s stock, up from their prior price objective of $93.00.

SHOP has been the topic of several other research reports. Morgan Stanley raised Shopify from an equal weight rating to an overweight rating and boosted their price target for the company from $74.00 to $85.00 in a research note on Friday, April 19th. Truist Financial boosted their price objective on Shopify from $65.00 to $90.00 and gave the stock a hold rating in a research note on Monday, February 12th. Barclays reduced their price objective on Shopify from $70.00 to $68.00 and set an equal weight rating on the stock in a research note on Wednesday, February 14th. Loop Capital reduced their price objective on Shopify from $90.00 to $80.00 and set a hold rating on the stock in a research note on Monday, April 15th. Finally, Wedbush reissued a neutral rating and issued a $68.00 price objective on shares of Shopify in a research note on Tuesday, February 13th. Three investment analysts have rated the stock with a sell rating, eighteen have given a hold rating and sixteen have given a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of Hold and an average price target of $78.62.

Shopify Price Performance

Shares of SHOP stock opened at $70.38 on Monday. The stock’s fifty day simple moving average is $74.83 and its 200 day simple moving average is $73.00. The company has a debt-to-equity ratio of 0.10, a current ratio of 6.99 and a quick ratio of 6.99. The firm has a market cap of $90.55 billion, a price-to-earnings ratio of 782.09 and a beta of 2.22. Shopify has a one year low of $45.50 and a one year high of $91.57.

Shopify (NYSE:SHOP) (TSE:SHOP) last announced its quarterly earnings results on Tuesday, February 13th. The software maker reported $0.26 EPS for the quarter, beating the consensus estimate of $0.22 by $0.04. The business had revenue of $2.14 billion for the quarter, compared to analyst estimates of $2.07 billion. Shopify had a return on equity of 4.48% and a net margin of 1.87%. On average, analysts expect that Shopify will post 0.58 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Shopify

Large investors have recently modified their holdings of the business. Resonant Capital Advisors LLC acquired a new position in shares of Shopify during the first quarter worth about $314,000. Capstone Investment Advisors LLC acquired a new position in shares of Shopify during the first quarter worth about $3,902,000. Janney Montgomery Scott LLC boosted its position in shares of Shopify by 45.8% during the first quarter. Janney Montgomery Scott LLC now owns 147,808 shares of the software maker’s stock worth $11,406,000 after buying an additional 46,413 shares during the period. Alta Wealth Advisors LLC boosted its position in shares of Shopify by 1.0% during the first quarter. Alta Wealth Advisors LLC now owns 18,673 shares of the software maker’s stock worth $1,441,000 after buying an additional 185 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. boosted its position in shares of Shopify by 19.9% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 898,633 shares of the software maker’s stock worth $69,348,000 after buying an additional 149,074 shares during the period. 69.27% of the stock is currently owned by institutional investors.

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.