TD Cowen Reaffirms Hold Rating for Shopify (NASDAQ:SHOP)

Shopify (NASDAQ:SHOP) (TSE:SHOP)‘s stock had its “hold” rating reiterated by TD Cowen in a note issued to investors on Friday,Benzinga reports. They currently have a $156.00 price objective on the software maker’s stock. TD Cowen’s target price would indicate a potential downside of 3.19% from the company’s current price.

A number of other research firms have also recently commented on SHOP. Arete Research upgraded Shopify to a “hold” rating in a research report on Wednesday, July 23rd. Mizuho boosted their price target on Shopify from $85.00 to $150.00 and gave the company a “neutral” rating in a research report on Thursday, August 7th. JMP Securities boosted their target price on Shopify from $135.00 to $185.00 and gave the stock a “market outperform” rating in a research report on Thursday, August 7th. Arete reiterated a “neutral” rating on shares of Shopify in a research report on Wednesday, July 23rd. Finally, UBS Group upped their price target on Shopify from $110.00 to $145.00 and gave the stock a “neutral” rating in a report 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’s stock. Based on data from MarketBeat.com, Shopify has a consensus rating of “Hold” and an average target price of $150.59.

Shopify Trading Up 6.5%

Shares of NASDAQ SHOP opened at $161.14 on Friday. Shopify has a twelve month low of $69.84 and a twelve month high of $162.60. The stock has a fifty day simple moving average of $142.78 and a 200-day simple moving average of $117.23. The stock has a market capitalization of $209.43 billion, a PE ratio of 90.02, a PEG ratio of 7.64 and a beta of 2.72.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last released its earnings results on Wednesday, August 6th. The software maker reported $0.35 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.29 by $0.06. The firm had revenue of $2.68 billion during the quarter, compared to analyst estimates of $2.55 billion. Shopify had a return on equity of 12.30% and a net margin of 23.42%.Shopify’s revenue was up 31.1% compared to the same quarter last year. During the same period last year, the business posted $0.26 earnings per share. On average, equities analysts predict that Shopify will post 1.12 earnings per share for the current year.

Institutional Trading of Shopify

Hedge funds and other institutional investors have recently modified their holdings of the company. Mirae Asset Global Investments Co. Ltd. increased its stake in shares of Shopify by 171.3% in the second quarter. Mirae Asset Global Investments Co. Ltd. now owns 423,295 shares of the software maker’s stock worth $48,827,000 after purchasing an additional 267,271 shares during the period. Worth Asset Management LLC acquired a new stake in Shopify during the second quarter valued at approximately $236,000. Avior Wealth Management LLC boosted its holdings in shares of Shopify by 32.6% in the 2nd quarter. Avior Wealth Management LLC now owns 13,609 shares of the software maker’s stock worth $1,570,000 after acquiring an additional 3,347 shares in the last quarter. Integrity Alliance LLC. acquired a new position in shares of Shopify in the 1st quarter worth approximately $211,000. Finally, Jacobs & Co. CA acquired a new position in shares of Shopify in the 2nd quarter worth approximately $285,000. 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.