Shopify (NASDAQ:SHOP) Upgraded at Rosenblatt Securities

Shopify (NASDAQ:SHOP) (TSE:SHOP) was upgraded by analysts at Rosenblatt Securities to a “strong-buy” rating in a report released on Wednesday,Zacks.com reports.

A number of other equities research analysts have also weighed in on SHOP. UBS Group reiterated a “neutral” rating and set a $145.00 target price (up from $130.00) on shares of Shopify in a research note on Thursday, August 6th. Piper Sandler reaffirmed an “overweight” rating and issued a $150.00 price objective (down from $165.00) on shares of Shopify in a report on Tuesday, May 5th. Evercore reissued an “outperform” rating and issued a $175.00 target price (up from $135.00) on shares of Shopify in a report on Wednesday, August 5th. Rothschild & Co Redburn set a $130.00 target price on Shopify and gave the stock a “neutral” rating in a research report on Tuesday, July 21st. Finally, Jefferies Financial Group restated a “buy” rating and set a $175.00 price target on shares of Shopify in a research note on Wednesday, August 5th. One research analyst has rated the stock with a Strong Buy rating, thirty-five have given a Buy rating and ten have given a Hold rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $170.84.

Shopify Price Performance

NASDAQ SHOP opened at $147.18 on Wednesday. Shopify has a one year low of $94.00 and a one year high of $182.19. The stock has a 50-day moving average of $125.96 and a 200 day moving average of $120.36. The company has a debt-to-equity ratio of 0.01, a quick ratio of 5.35 and a current ratio of 5.35. The company has a market capitalization of $189.37 billion, a price-to-earnings ratio of 99.45, a PEG ratio of 2.99 and a beta of 2.58.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last announced its quarterly earnings results on Wednesday, August 5th. The software maker reported $0.42 EPS for the quarter, topping analysts’ consensus estimates of $0.40 by $0.02. Shopify had a net margin of 14.53% and a return on equity of 12.58%. The firm had revenue of $3.58 billion during the quarter. During the same quarter in the prior year, the firm earned $0.69 earnings per share. The business’s revenue was up 33.7% compared to the same quarter last year. On average, sell-side analysts forecast that Shopify will post 1.45 EPS for the current year.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. TBH Global Asset Management LLC raised its holdings in shares of Shopify by 1.2% during the fourth quarter. TBH Global Asset Management LLC now owns 6,438 shares of the software maker’s stock valued at $1,036,000 after acquiring an additional 75 shares during the last quarter. Smartleaf Asset Management LLC increased its position in shares of Shopify by 13.9% during the second quarter. Smartleaf Asset Management LLC now owns 631 shares of the software maker’s stock worth $72,000 after purchasing an additional 77 shares in the last quarter. Tsfg LLC increased its position in shares of Shopify by 4.0% during the second quarter. Tsfg LLC now owns 2,028 shares of the software maker’s stock worth $232,000 after purchasing an additional 78 shares in the last quarter. Parr Mcknight Wealth Management Group LLC raised its stake in Shopify by 3.1% in the 1st quarter. Parr Mcknight Wealth Management Group LLC now owns 2,762 shares of the software maker’s stock valued at $328,000 after purchasing an additional 84 shares during the last quarter. Finally, Founders Financial Alliance LLC raised its stake in Shopify by 5.2% in the 4th quarter. Founders Financial Alliance LLC now owns 1,768 shares of the software maker’s stock valued at $285,000 after purchasing an additional 87 shares during the last quarter. 69.27% of the stock is owned by hedge funds and other institutional investors.

Shopify Company Profile

Shopify is a Canadian commerce technology company that provides a cloud-based platform for businesses to create, manage and scale online and physical retail stores. Its core offering is a software-as-a-service e-commerce platform that enables merchants to build customizable storefronts, manage product catalogs, process orders, and handle inventory. Shopify also supports omnichannel selling through integrated point-of-sale (POS) systems for in-person transactions.

Beyond storefront software, Shopify offers a range of merchant services and tools designed to simplify commerce operations.