Shopify’s (SHOP) “Market Outperform” Rating Reaffirmed at JMP Securities

JMP Securities reiterated their market outperform rating on shares of Shopify (NYSE:SHOP) (TSE:SHOP) in a report published on Thursday, Benzinga reports. They currently have a $80.00 price objective on the software maker’s stock.

SHOP has been the subject of several other research reports. Moffett Nathanson lowered shares of Shopify from a buy rating to a neutral rating and dropped their price objective for the stock from $74.00 to $65.00 in a report on Thursday, June 6th. Royal Bank of Canada reduced their price objective on Shopify from $100.00 to $85.00 and set an outperform rating on the stock in a research note on Thursday, May 9th. Mizuho lowered their target price on Shopify from $75.00 to $65.00 and set a neutral rating for the company in a research note on Thursday, May 9th. TD Securities cut their price target on Shopify from $80.00 to $72.00 and set a hold rating for the company in a report on Thursday, May 9th. Finally, CIBC lowered their price objective on shares of Shopify from $100.00 to $85.00 and set an outperformer rating for the company in a research report on Thursday, May 9th. One investment analyst has rated the stock with a sell rating, fifteen have issued a hold rating and twenty-three have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of Moderate Buy and an average price target of $77.24.

Shopify Stock Performance

Shopify stock traded up $0.76 during mid-day trading on Thursday, hitting $69.31. 10,919,824 shares of the company were exchanged, compared to its average volume of 10,422,090. Shopify has a 1-year low of $45.50 and a 1-year high of $91.57. The company has a debt-to-equity ratio of 0.10, a quick ratio of 7.14 and a current ratio of 7.14. The business has a fifty day moving average of $63.23 and a 200 day moving average of $70.04.

Shopify (NYSE:SHOP) (TSE:SHOP) last announced its earnings results on Wednesday, May 8th. The software maker reported $0.12 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.08 by $0.04. The business had revenue of $1.86 billion during the quarter, compared to analysts’ expectations of $1.84 billion. Shopify had a negative net margin of 2.82% and a positive return on equity of 7.36%. Equities analysts predict that Shopify will post 0.62 EPS for the current fiscal year.

Institutional Investors Weigh In On Shopify

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Private Wealth Management Group LLC bought a new position in shares of Shopify during the fourth quarter worth about $26,000. DSM Capital Partners LLC bought a new position in shares of Shopify during the 4th quarter worth approximately $28,000. Jones Financial Companies Lllp acquired a new stake in shares of Shopify in the fourth quarter valued at approximately $28,000. Your Advocates Ltd. LLP lifted its position in shares of Shopify by 4,344.4% in the fourth quarter. Your Advocates Ltd. LLP now owns 400 shares of the software maker’s stock worth $31,000 after purchasing an additional 391 shares in the last quarter. Finally, OLD Point Trust & Financial Services N A acquired a new position in Shopify during the fourth quarter worth $39,000. 69.27% of the stock is currently owned by institutional investors and hedge funds.

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.