Shopify Inc. (NYSE:SHOP) Receives Average Recommendation of “Moderate Buy” from Brokerages

Shopify Inc. (NYSE:SHOP) (TSE:SHOP) has earned an average rating of “Moderate Buy” from the thirty-nine ratings firms that are currently covering the company, Marketbeat reports. One equities research analyst has rated the stock with a sell recommendation, fourteen have assigned a hold recommendation, twenty-three have issued a buy recommendation and one has given a strong buy recommendation to the company. The average 12 month price target among analysts that have updated their coverage on the stock in the last year is $77.24.

A number of research firms recently weighed in on SHOP. Wells Fargo & Company lifted their target price on shares of Shopify from $75.00 to $80.00 and gave the company an “overweight” rating in a research note on Thursday, August 8th. Scotiabank lowered their target price on shares of Shopify from $80.00 to $75.00 and set a “sector perform” rating on the stock in a research note on Thursday, May 9th. JMP Securities reiterated a “market outperform” rating and issued a $80.00 price target on shares of Shopify in a report on Thursday, August 8th. Canaccord Genuity Group reduced their price target on shares of Shopify from $90.00 to $80.00 and set a “buy” rating on the stock in a report on Thursday, May 9th. Finally, Wolfe Research started coverage on shares of Shopify in a report on Tuesday, July 16th. They issued an “outperform” rating and a $80.00 price target on the stock.

Shopify Trading Down 0.4 %

Shares of Shopify stock opened at $74.55 on Friday. The company has a debt-to-equity ratio of 0.10, a current ratio of 7.32 and a quick ratio of 7.32. Shopify has a 1-year low of $45.50 and a 1-year high of $91.57. The company’s fifty day simple moving average is $64.53 and its 200-day simple moving average is $69.54. The stock has a market capitalization of $96.07 billion, a PE ratio of -438.53, a P/E/G ratio of 2.40 and a beta of 2.30.

Shopify (NYSE:SHOP) (TSE:SHOP) last released its earnings results on Wednesday, August 7th. The software maker reported $0.26 earnings per share for the quarter, beating analysts’ consensus estimates of $0.20 by $0.06. Shopify had a net margin of 16.40% and a return on equity of 10.88%. The company had revenue of $2.05 billion for the quarter, compared to analysts’ expectations of $2.01 billion. During the same quarter in the previous year, the company earned ($0.08) EPS. Shopify’s revenue for the quarter was up 20.7% on a year-over-year basis. As a group, equities analysts anticipate that Shopify will post 0.76 earnings per share for the current year.

Institutional Investors Weigh In On Shopify

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Tradition Wealth Management LLC increased its stake in shares of Shopify by 7.5% during the fourth quarter. Tradition Wealth Management LLC now owns 2,007 shares of the software maker’s stock valued at $156,000 after buying an additional 140 shares during the period. Willis Johnson & Associates Inc. raised its holdings in shares of Shopify by 5.8% in the 1st quarter. Willis Johnson & Associates Inc. now owns 2,728 shares of the software maker’s stock valued at $211,000 after purchasing an additional 149 shares in the last quarter. Nations Financial Group Inc. IA ADV lifted its position in shares of Shopify by 3.2% in the 4th quarter. Nations Financial Group Inc. IA ADV now owns 4,839 shares of the software maker’s stock worth $377,000 after purchasing an additional 150 shares during the period. Valley National Advisers Inc. boosted its stake in shares of Shopify by 11.4% during the first quarter. Valley National Advisers Inc. now owns 1,482 shares of the software maker’s stock valued at $114,000 after purchasing an additional 152 shares in the last quarter. Finally, Capital Advisors Inc. OK increased its holdings in Shopify by 1.7% during the fourth quarter. Capital Advisors Inc. OK now owns 9,283 shares of the software maker’s stock valued at $723,000 after buying an additional 153 shares during the period. 69.27% of the stock is 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.