Shopify (NYSE:SHOP) Upgraded to Hold at StockNews.com

StockNews.com upgraded shares of Shopify (NYSE:SHOP) (TSE:SHOP) from a sell rating to a hold rating in a research note released on Wednesday.

Several other analysts have also weighed in on SHOP. DA Davidson increased their price target on Shopify from $86.00 to $90.00 and gave the company a buy rating in a report on Wednesday, February 14th. The Goldman Sachs Group upped their price objective on Shopify from $67.00 to $75.00 and gave the company a neutral rating in a research report on Thursday, February 29th. UBS Group upped their price objective on Shopify from $75.00 to $80.00 and gave the company a neutral rating in a research report on Wednesday, February 14th. Mizuho upped their price objective on Shopify from $65.00 to $75.00 and gave the company a neutral rating in a research report on Wednesday, February 14th. Finally, Roth Capital upped their price objective on Shopify from $85.00 to $89.00 and gave the company a buy rating in a research report on Wednesday, February 14th. Three investment analysts have rated the stock with a sell rating, nineteen have given a hold rating and fifteen have issued a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of Hold and an average target price of $78.30.

Shopify Stock Performance

NYSE:SHOP opened at $71.30 on Wednesday. The stock’s fifty day moving average is $75.28 and its 200 day moving average is $72.50. Shopify has a fifty-two week low of $45.50 and a fifty-two week high of $91.57. The firm has a market capitalization of $91.73 billion, a PE ratio of 792.31 and a beta of 2.22. The company has a debt-to-equity ratio of 0.10, a quick ratio of 6.99 and a current ratio of 6.99.

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

Institutional Investors Weigh In On Shopify

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Pinnacle Associates Ltd. raised its stake in shares of Shopify by 42.9% in the first quarter. Pinnacle Associates Ltd. now owns 5,023 shares of the software maker’s stock worth $388,000 after purchasing an additional 1,509 shares during the last quarter. Trueblood Wealth Management LLC raised its stake in shares of Shopify by 11.2% in the first quarter. Trueblood Wealth Management LLC now owns 3,633 shares of the software maker’s stock worth $280,000 after purchasing an additional 366 shares during the last quarter. Aspen Investment Management Inc raised its stake in shares of Shopify by 82.6% in the first quarter. Aspen Investment Management Inc now owns 8,155 shares of the software maker’s stock worth $629,000 after purchasing an additional 3,690 shares during the last quarter. BLB&B Advisors LLC raised its stake in shares of Shopify by 107.5% in the first quarter. BLB&B Advisors LLC now owns 12,825 shares of the software maker’s stock worth $990,000 after purchasing an additional 6,644 shares during the last quarter. Finally, UMB Bank n.a. raised its stake in shares of Shopify by 15.0% in the first quarter. UMB Bank n.a. now owns 12,873 shares of the software maker’s stock worth $993,000 after purchasing an additional 1,680 shares during the last quarter. 69.27% of the stock is currently owned by hedge funds and other 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.