Shopify (NYSE:SHOP) Stock Rating Upgraded by Atb Cap Markets

Shopify (NYSE:SHOP) (TSE:SHOP) was upgraded by equities researchers at Atb Cap Markets from a “sector perform” rating to an “outperform” rating in a research note issued on Wednesday, Zacks.com reports.

A number of other brokerages have also recently issued reports on SHOP. BNP Paribas upgraded shares of Shopify from an “underperform” rating to an “outperform” rating in a report on Thursday, May 2nd. Piper Sandler raised shares of Shopify from an “underweight” rating to a “neutral” rating and set a $63.00 price target for the company in a report on Thursday. Benchmark restated a “hold” rating on shares of Shopify in a research report on Tuesday. Roth Capital lifted their target price on Shopify from $85.00 to $89.00 and gave the stock a “buy” rating in a report on Wednesday, February 14th. Finally, Barclays lowered their price target on Shopify from $68.00 to $63.00 and set an “equal weight” rating for the company in a report on Thursday. One analyst has rated the stock with a sell rating, seventeen have issued a hold rating and eighteen have given a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $76.86.

Shopify Stock Down 0.4 %

NYSE:SHOP opened at $62.47 on Wednesday. The company has a quick ratio of 6.99, a current ratio of 6.99 and a debt-to-equity ratio of 0.10. Shopify has a 12-month low of $45.50 and a 12-month high of $91.57. The stock’s fifty day simple moving average is $74.48 and its 200-day simple moving average is $73.70. The firm has a market capitalization of $80.37 billion, a P/E ratio of 694.11 and a beta of 2.20.

Shopify (NYSE:SHOP) (TSE:SHOP) last released its 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. The firm 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%. Equities research analysts expect that Shopify will post 0.59 earnings per share for the current year.

Institutional Trading of Shopify

Hedge funds have recently made changes to their positions in the business. Wealth Management Partners LLC increased its stake in shares of Shopify by 0.9% during the fourth quarter. Wealth Management Partners LLC now owns 13,922 shares of the software maker’s stock worth $1,085,000 after purchasing an additional 126 shares during the period. SJS Investment Consulting Inc. grew its holdings in Shopify by 59.1% in the 4th quarter. SJS Investment Consulting Inc. now owns 350 shares of the software maker’s stock valued at $27,000 after buying an additional 130 shares in the last quarter. Tradition Wealth Management LLC increased its position in Shopify by 7.5% during the 4th quarter. Tradition Wealth Management LLC now owns 2,007 shares of the software maker’s stock worth $156,000 after buying an additional 140 shares during the period. Pachira Investments Inc. lifted its holdings in shares of Shopify by 2.1% during the fourth quarter. Pachira Investments Inc. now owns 7,084 shares of the software maker’s stock worth $552,000 after buying an additional 146 shares in the last quarter. Finally, Baldwin Brothers LLC MA boosted its position in shares of Shopify by 49.0% in the fourth quarter. Baldwin Brothers LLC MA now owns 447 shares of the software maker’s stock valued at $35,000 after acquiring an additional 147 shares during the period. 69.27% of the stock is 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.