Research Analysts’ Weekly Ratings Changes for Shopify (SHOP)

Shopify (NYSE: SHOP) has recently received a number of price target changes and ratings updates:

• 8/20/2024 – Shopify had its price target raised by analysts at JPMorgan Chase & Co. from $74.00 to $76.00. They now have an “overweight” rating on the stock.
• 8/16/2024 – Shopify had its price target raised by analysts at Loop Capital from $68.00 to $80.00. They now have a “hold” rating on the stock.
• 8/9/2024 – Shopify was downgraded by analysts at DZ Bank AG from a “hold” rating to a “sell” rating.
• 8/8/2024 – Shopify was upgraded by analysts at Argus to a “strong-buy” rating.
• 8/8/2024 – Shopify had its price target raised by analysts at Wells Fargo & Company from $75.00 to $80.00. They now have an “overweight” rating on the stock.
• 8/8/2024 – Shopify had its price target raised by analysts at Morgan Stanley from $80.00 to $85.00. They now have an “overweight” rating on the stock.
• 8/8/2024 – Shopify had its “outperform” rating reaffirmed by analysts at Royal Bank of Canada. They now have a $85.00 price target on the stock.
• 8/8/2024 – Shopify had its price target raised by analysts at Evercore ISI from $75.00 to $80.00. They now have an “outperform” rating on the stock.
• 8/8/2024 – Shopify had its price target raised by analysts at UBS Group AG from $71.00 to $75.00. They now have a “neutral” rating on the stock.
• 8/8/2024 – Shopify had its “market outperform” rating reaffirmed by analysts at JMP Securities. They now have a $80.00 price target on the stock.
• 8/8/2024 – Shopify had its price target raised by analysts at Barclays PLC from $63.00 to $65.00. They now have an “equal weight” rating on the stock.
• 8/8/2024 – Shopify had its price target lowered by analysts at Citigroup Inc. from $97.00 to $90.00. They now have a “buy” rating on the stock.
• 8/8/2024 – Shopify had its price target raised by analysts at Deutsche Bank Aktiengesellschaft from $80.00 to $85.00. They now have a “buy” rating on the stock.
• 8/8/2024 – Shopify had its price target raised by analysts at Roth Mkm from $77.00 to $79.00. They now have a “buy” rating on the stock.
• 8/8/2024 – Shopify had its price target raised by analysts at Evercore Inc. from $75.00 to $80.00.
• 8/7/2024 – Shopify had its “neutral” rating reaffirmed by analysts at Wedbush. They now have a $72.00 price target on the stock, up previously from $68.00.
• 8/6/2024 – Shopify had its price target lowered by analysts at Truist Financial Co. from $65.00 to $55.00. They now have a “hold” rating on the stock.
• 8/6/2024 – Shopify had its “hold” rating reaffirmed by analysts at Benchmark Co..
• 7/25/2024 – Shopify is now covered by analysts at KeyCorp. They set an “overweight” rating and a $80.00 price target on the stock.
• 7/24/2024 – Shopify had its price target raised by analysts at Piper Sandler from $63.00 to $67.00. They now have a “neutral” rating on the stock.
• 7/16/2024 – Shopify is now covered by analysts at Wolfe Research. They set an “outperform” rating and a $80.00 price target on the stock.
• 7/16/2024 – Shopify was upgraded by analysts at Bank of America Co. from a “neutral” rating to a “buy” rating. They now have a $82.00 price target on the stock, up previously from $78.00.

Shopify Stock Performance

SHOP opened at $76.14 on Monday. The firm has a market capitalization of $98.12 billion, a P/E ratio of -447.88, a price-to-earnings-growth ratio of 2.50 and a beta of 2.30. Shopify Inc. has a 12-month low of $45.50 and a 12-month high of $91.57. The stock’s 50 day moving average price is $65.56 and its two-hundred day moving average price is $69.25. The company has a quick ratio of 7.32, a current ratio of 7.32 and a debt-to-equity ratio of 0.10.

Shopify (NYSE:SHOP) (TSE:SHOP) last announced its earnings results on Wednesday, August 7th. The software maker reported $0.26 earnings per share (EPS) for the quarter, topping 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 business had revenue of $2.05 billion during the quarter, compared to analysts’ expectations of $2.01 billion. During the same quarter last year, the company posted ($0.08) EPS. The firm’s revenue for the quarter was up 20.7% on a year-over-year basis. On average, equities analysts forecast that Shopify Inc. will post 0.76 earnings per share for the current year.

Institutional Trading of Shopify

A number of hedge funds have recently modified their holdings of SHOP. Private Wealth Management Group LLC bought a new position in shares of Shopify during the 4th quarter worth approximately $26,000. DSM Capital Partners LLC bought a new stake in Shopify in the 4th quarter valued at $28,000. Jones Financial Companies Lllp acquired a new stake in shares of Shopify during the 4th quarter worth about $28,000. Your Advocates Ltd. LLP raised its holdings in Shopify by 4,344.4% in the 4th quarter. Your Advocates Ltd. LLP now owns 400 shares of the software maker’s stock valued at $31,000 after acquiring an additional 391 shares during the period. Finally, Oliver Lagore Vanvalin Investment Group grew its position in shares of Shopify by 100.0% in the second quarter. Oliver Lagore Vanvalin Investment Group now owns 400 shares of the software maker’s stock valued at $26,000 after purchasing an additional 200 shares during the last quarter. 69.27% of the stock is currently owned by institutional investors and hedge funds.

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.