Shopify (NYSE:SHOP) Rating Reiterated by Needham & Company LLC

Needham & Company LLC reissued their hold rating on shares of Shopify (NYSE:SHOP) (TSE:SHOP) in a research note released on Tuesday, Benzinga reports.

Other equities research analysts have also issued research reports about the company. Wedbush reissued a neutral rating and set a $68.00 target price on shares of Shopify in a research report on Tuesday, February 13th. Piper Sandler reissued an underweight rating and set a $63.00 target price on shares of Shopify in a research report on Thursday, April 11th. Robert W. Baird raised their price target on Shopify from $85.00 to $87.00 and gave the stock an outperform rating in a research note on Wednesday, April 3rd. National Bankshares raised their price target on Shopify from $80.00 to $100.00 and gave the stock an outperform rating in a research note on Friday, January 26th. Finally, Truist Financial raised their price target on Shopify from $65.00 to $90.00 and gave the stock a hold rating in a research note on Monday, February 12th. Four equities research analysts have rated the stock with a sell rating, nineteen have given a hold rating and fourteen have issued a buy rating to the company’s stock. According to MarketBeat, Shopify has a consensus rating of Hold and an average target price of $78.00.

Shopify Price Performance

SHOP stock opened at $68.69 on Tuesday. 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 capitalization of $88.37 billion, a P/E ratio of 763.31 and a beta of 2.22. The business’s 50-day moving average is $77.45 and its two-hundred day moving average is $71.76. Shopify has a 1 year low of $45.50 and a 1 year high of $91.57.

Shopify (NYSE:SHOP) (TSE:SHOP) last posted its quarterly earnings results on Tuesday, February 13th. The software maker reported $0.26 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.22 by $0.04. The company 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%. Analysts anticipate that Shopify will post 0.57 earnings per share for the current fiscal year.

Institutional Trading of Shopify

Institutional investors have recently modified their holdings of the business. Industrial Alliance Investment Management Inc. boosted its stake in shares of Shopify by 292.9% in the first quarter. Industrial Alliance Investment Management Inc. now owns 110 shares of the software maker’s stock valued at $74,000 after buying an additional 82 shares in the last quarter. Turim 21 Investimentos Ltda. acquired a new position in Shopify during the first quarter worth $148,000. Fairfield Bush & CO. acquired a new position in Shopify during the first quarter worth $169,000. First Manhattan Co. raised its holdings in Shopify by 317.5% during the first quarter. First Manhattan Co. now owns 263 shares of the software maker’s stock worth $177,000 after purchasing an additional 200 shares during the last quarter. Finally, Stonebridge Capital Advisors LLC raised its holdings in Shopify by 508.2% during the first quarter. Stonebridge Capital Advisors LLC now owns 298 shares of the software maker’s stock worth $201,000 after purchasing an additional 249 shares during the last quarter. 69.27% of the stock is currently owned by hedge funds and other 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.