Shopify (NASDAQ:SHOP) Reaches New 52-Week High on Analyst Upgrade

Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP)’s share price reached a new 52-week high on Friday after TD Securities raised their price target on the stock from $130.00 to $156.00. TD Securities currently has a hold rating on the stock. Shopify traded as high as $160.96 and last traded at $158.23, with a volume of 3660848 shares traded. The stock had previously closed at $151.30.

SHOP has been the topic of several other research reports. Barclays upped their price target on Shopify from $94.00 to $120.00 and gave the stock an “equal weight” rating in a research note on Thursday, August 7th. ATB Capital downgraded Shopify to a “sector perform” rating in a research note on Thursday, August 7th. BMO Capital Markets increased their target price on Shopify from $120.00 to $180.00 and gave the company an “outperform” rating in a research note on Thursday, August 7th. KeyCorp reiterated an “overweight” rating and set a $175.00 target price (up from $145.00) on shares of Shopify in a research note on Thursday, August 7th. Finally, CIBC increased their target price on Shopify from $145.00 to $185.00 and gave the company an “outperform” rating in a research note on Thursday, August 7th. Twenty-two equities research analysts have rated the stock with a Buy rating, twenty-three have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, Shopify presently has a consensus rating of “Hold” and an average price target of $150.59.

Hedge Funds Weigh In On Shopify

Institutional investors have recently bought and sold shares of the stock. Family Legacy Financial Solutions LLC bought a new position in Shopify in the 2nd quarter worth $25,000. Financial Gravity Companies Inc. bought a new stake in Shopify during the second quarter valued at about $27,000. Rothschild Investment LLC lifted its position in shares of Shopify by 47.5% in the second quarter. Rothschild Investment LLC now owns 233 shares of the software maker’s stock valued at $27,000 after acquiring an additional 75 shares in the last quarter. Tradewinds Capital Management LLC lifted its position in shares of Shopify by 71.4% in the second quarter. Tradewinds Capital Management LLC now owns 240 shares of the software maker’s stock valued at $28,000 after acquiring an additional 100 shares in the last quarter. Finally, Coastline Trust Co purchased a new position in shares of Shopify in the second quarter valued at about $29,000. 69.27% of the stock is owned by institutional investors.

Shopify Price Performance

The company has a 50-day moving average price of $142.78 and a 200 day moving average price of $117.13. The firm has a market capitalization of $209.43 billion, a PE ratio of 90.02, a P/E/G ratio of 7.17 and a beta of 2.72.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last announced its quarterly earnings data on Wednesday, August 6th. The software maker reported $0.35 EPS for the quarter, beating the consensus estimate of $0.29 by $0.06. Shopify had a return on equity of 12.30% and a net margin of 23.42%.The business had revenue of $2.68 billion for the quarter, compared to the consensus estimate of $2.55 billion. During the same period in the previous year, the business earned $0.26 earnings per share. The business’s revenue was up 31.1% on a year-over-year basis. As a group, research analysts anticipate that Shopify Inc. will post 1.12 earnings per share for the current year.

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.