Shopify (NYSE:SHOP) Lifted to “Buy” at Redburn Atlantic

Redburn Atlantic upgraded shares of Shopify (NYSE:SHOP) (TSE:SHOP) from a neutral rating to a buy rating in a research report released on Tuesday, Marketbeat reports. Redburn Atlantic currently has $99.00 price objective on the software maker’s stock.

A number of other research analysts have also weighed in on the stock. Loop Capital lifted their price target on shares of Shopify from $68.00 to $80.00 and gave the company a hold rating in a research note on Friday, August 16th. Wolfe Research started coverage on shares of Shopify in a report on Tuesday, July 16th. They issued an outperform rating and a $80.00 price objective on the stock. Roth Mkm boosted their target price on shares of Shopify from $77.00 to $79.00 and gave the stock a buy rating in a report on Thursday, August 8th. Truist Financial cut their price objective on shares of Shopify from $65.00 to $55.00 and set a hold rating for the company in a research report on Tuesday, August 6th. Finally, Benchmark reaffirmed a hold rating on shares of Shopify in a research report on Tuesday, August 6th. One investment analyst has rated the stock with a sell rating, sixteen have issued a hold rating, twenty-four have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of Moderate Buy and a consensus target price of $77.92.

Shopify Stock Up 1.2 %

Shopify stock opened at $74.48 on Tuesday. The company has a debt-to-equity ratio of 0.10, a current ratio of 7.32 and a quick ratio of 7.32. Shopify has a fifty-two week low of $45.50 and a fifty-two week high of $91.57. The company’s 50 day simple moving average is $67.67 and its 200 day simple moving average is $68.27. The firm has a market capitalization of $95.98 billion, a price-to-earnings ratio of -438.12, a PEG ratio of 2.39 and a beta of 2.35.

Shopify (NYSE:SHOP) (TSE:SHOP) last announced its quarterly earnings results on Wednesday, August 7th. The software maker reported $0.26 earnings per share for the quarter, beating 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 firm had revenue of $2.05 billion for the quarter, compared to analyst estimates of $2.01 billion. During the same quarter in the previous year, the firm posted ($0.08) earnings per share. The business’s revenue was up 20.7% on a year-over-year basis. As a group, sell-side analysts anticipate that Shopify will post 0.76 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Oliver Lagore Vanvalin Investment Group increased its position in Shopify by 100.0% during the 2nd 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 period. DSM Capital Partners LLC acquired a new stake in Shopify during the 4th quarter valued at approximately $28,000. Jones Financial Companies Lllp acquired a new stake in Shopify during the 4th quarter valued at approximately $28,000. Cultivar Capital Inc. acquired a new stake in Shopify during the 2nd quarter valued at approximately $33,000. Finally, Hazlett Burt & Watson Inc. acquired a new stake in Shopify during the 2nd quarter valued at approximately $33,000. 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.