Shopify (NASDAQ:SHOP) Hits New 12-Month High Following Analyst Upgrade

Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP)’s stock price reached a new 52-week high during mid-day trading on Friday after National Bankshares raised their price target on the stock from $180.00 to $200.00. National Bankshares currently has an outperform rating on the stock. Shopify traded as high as $172.33 and last traded at $171.96, with a volume of 1109364 shares. The stock had previously closed at $167.03.

Several other equities analysts have also issued reports on the company. Scotiabank restated a “sector perform” rating and set a $150.00 target price (up from $115.00) on shares of Shopify in a research report on Thursday, August 7th. TD Securities boosted their price objective on shares of Shopify from $130.00 to $156.00 and gave the company a “hold” rating in a report on Friday, October 3rd. Wedbush increased their target price on shares of Shopify from $115.00 to $160.00 and gave the stock an “outperform” rating in a report on Thursday, August 7th. The Goldman Sachs Group boosted their price target on shares of Shopify from $120.00 to $176.00 and gave the company a “buy” rating in a report on Thursday, August 7th. Finally, Arete reaffirmed a “neutral” rating on shares of Shopify in a research note on Wednesday, July 23rd. One analyst has rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating, twenty-two have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $153.30.

Hedge Funds Weigh In On Shopify

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Norges Bank bought a new position in Shopify during the 2nd quarter worth about $1,794,952,000. Nuveen LLC acquired a new position in shares of Shopify during the first quarter worth about $667,392,000. Jennison Associates LLC grew its holdings in shares of Shopify by 118.1% during the second quarter. Jennison Associates LLC now owns 11,519,610 shares of the software maker’s stock worth $1,328,787,000 after buying an additional 6,238,829 shares in the last quarter. Brown Advisory Inc. raised its position in Shopify by 5,193.6% in the 2nd quarter. Brown Advisory Inc. now owns 2,066,884 shares of the software maker’s stock valued at $238,419,000 after buying an additional 2,027,839 shares during the last quarter. Finally, Geode Capital Management LLC raised its position in Shopify by 19.9% in the 2nd quarter. Geode Capital Management LLC now owns 10,731,795 shares of the software maker’s stock valued at $1,247,007,000 after buying an additional 1,781,530 shares during the last quarter. 69.27% of the stock is owned by institutional investors and hedge funds.

Shopify Trading Up 3.5%

The company has a 50 day simple moving average of $149.93 and a 200 day simple moving average of $123.84. The stock has a market cap of $224.78 billion, a P/E ratio of 96.62, a PEG ratio of 7.82 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, topping analysts’ consensus estimates of $0.29 by $0.06. The business had revenue of $2.68 billion for the quarter, compared to analyst estimates of $2.55 billion. Shopify had a net margin of 23.42% and a return on equity of 12.30%. The firm’s revenue for the quarter was up 31.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.26 earnings per share. As a group, sell-side analysts expect that Shopify Inc. will post 1.12 earnings per share for the current year.

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.