Shopify (NYSE:SHOP) Coverage Initiated at Cantor Fitzgerald

Stock analysts at Cantor Fitzgerald started coverage on shares of Shopify (NYSE:SHOP) (TSE:SHOP) in a note issued to investors on Thursday, MarketBeat reports. The firm set a “neutral” rating and a $70.00 price target on the software maker’s stock. Cantor Fitzgerald’s target price points to a potential upside of 4.46% from the stock’s current price.

SHOP has been the topic of a number of other reports. Piper Sandler restated a “neutral” rating and issued a $67.00 price target on shares of Shopify in a research report on Thursday, August 29th. Benchmark reissued a “hold” rating on shares of Shopify in a report on Tuesday, August 6th. The Goldman Sachs Group upped their target price on Shopify from $67.00 to $74.00 and gave the company a “buy” rating in a report on Tuesday, May 28th. Citigroup reduced their price objective on Shopify from $97.00 to $90.00 and set a “buy” rating for the company in a research report on Thursday, August 8th. Finally, KeyCorp assumed coverage on Shopify in a research note on Thursday, July 25th. They issued an “overweight” rating and a $80.00 target price on the stock. One analyst has rated the stock with a sell rating, sixteen have assigned a hold rating, twenty-three have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $77.11.

Shopify Stock Performance

Shopify stock opened at $67.01 on Thursday. Shopify has a 12-month low of $45.50 and a 12-month high of $91.57. The company has a debt-to-equity ratio of 0.10, a current ratio of 7.32 and a quick ratio of 7.32. The company has a market capitalization of $86.35 billion, a price-to-earnings ratio of -394.18, a price-to-earnings-growth ratio of 2.48 and a beta of 2.35. The firm’s fifty day moving average price is $66.99 and its 200 day moving average price is $68.63.

Shopify (NYSE:SHOP) (TSE:SHOP) last released its quarterly earnings results on Wednesday, August 7th. The software maker reported $0.26 EPS for the quarter, topping the consensus estimate of $0.20 by $0.06. The business had revenue of $2.05 billion for the quarter, compared to analysts’ expectations of $2.01 billion. Shopify had a return on equity of 10.88% and a net margin of 16.40%. The company’s revenue was up 20.7% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($0.08) earnings per share. On average, research analysts forecast that Shopify will post 0.76 EPS for the current fiscal year.

Institutional Trading of Shopify

A number of institutional investors have recently bought and sold shares of SHOP. GQG Partners LLC lifted its holdings in shares of Shopify by 197.9% during the 1st quarter. GQG Partners LLC now owns 20,901,980 shares of the software maker’s stock valued at $1,613,006,000 after buying an additional 13,885,473 shares during the last quarter. Norges Bank acquired a new stake in Shopify in the fourth quarter valued at approximately $1,049,089,000. Capital World Investors grew its position in Shopify by 26.2% in the first quarter. Capital World Investors now owns 49,764,809 shares of the software maker’s stock worth $3,840,332,000 after acquiring an additional 10,340,040 shares in the last quarter. Price T Rowe Associates Inc. MD increased its stake in shares of Shopify by 21.2% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 34,239,525 shares of the software maker’s stock worth $2,642,265,000 after purchasing an additional 5,982,434 shares during the last quarter. Finally, Mackenzie Financial Corp raised its holdings in shares of Shopify by 49.9% during the 2nd quarter. Mackenzie Financial Corp now owns 6,315,028 shares of the software maker’s stock valued at $417,386,000 after purchasing an additional 2,102,939 shares in the last quarter. Institutional investors and hedge funds own 69.27% of the company’s stock.

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.