Shopify Inc. (NYSE:SHOP) Given Average Recommendation of “Moderate Buy” by Analysts

Shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) have been assigned a consensus recommendation of “Moderate Buy” from the forty-one brokerages that are covering the company, MarketBeat Ratings reports. One analyst has rated the stock with a sell recommendation, fifteen have assigned a hold recommendation, twenty-four have assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average twelve-month target price among brokerages that have issued a report on the stock in the last year is $77.92.

Several analysts recently weighed in on the stock. Evercore lifted their price target on shares of Shopify from $75.00 to $80.00 in a report on Thursday, August 8th. Truist Financial reduced their price target on shares of Shopify from $65.00 to $55.00 and set a “hold” rating on the stock in a research report on Tuesday, August 6th. Royal Bank of Canada restated an “outperform” rating and issued a $85.00 price objective on shares of Shopify in a report on Thursday, August 8th. Morgan Stanley upped their target price on Shopify from $80.00 to $85.00 and gave the stock an “overweight” rating in a report on Thursday, August 8th. Finally, Wells Fargo & Company lifted their price target on Shopify from $80.00 to $90.00 and gave the company an “overweight” rating in a research report on Wednesday, September 11th.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in SHOP. Anchor Investment Management LLC boosted its holdings in Shopify by 31.5% in the 2nd quarter. Anchor Investment Management LLC now owns 865 shares of the software maker’s stock worth $57,000 after buying an additional 207 shares during the period. Lazari Capital Management Inc. grew its position in shares of Shopify by 2.8% during the second quarter. Lazari Capital Management Inc. now owns 6,447 shares of the software maker’s stock worth $426,000 after purchasing an additional 177 shares in the last quarter. Sanctuary Advisors LLC bought a new stake in Shopify during the 2nd quarter valued at approximately $9,664,000. Souders Financial Advisors lifted its holdings in Shopify by 3.3% in the 2nd quarter. Souders Financial Advisors now owns 11,522 shares of the software maker’s stock worth $761,000 after purchasing an additional 370 shares in the last quarter. Finally, Clearbridge Investments LLC boosted its stake in Shopify by 54.2% in the 2nd quarter. Clearbridge Investments LLC now owns 4,714,691 shares of the software maker’s stock worth $311,404,000 after purchasing an additional 1,657,251 shares during the period. 69.27% of the stock is currently owned by institutional investors.

Shopify Price Performance

Shares of Shopify stock opened at $79.21 on Monday. The firm has a market cap of $102.08 billion, a PE ratio of -465.94, a price-to-earnings-growth ratio of 2.69 and a beta of 2.35. The company’s fifty day simple moving average is $69.90 and its two-hundred day simple moving average is $68.46. The company has a quick ratio of 7.32, a current ratio of 7.32 and a debt-to-equity ratio of 0.10. Shopify has a 12-month low of $45.50 and a 12-month high of $91.57.

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, beating analysts’ consensus estimates of $0.20 by $0.06. Shopify had a return on equity of 10.88% and a net margin of 16.40%. The business had revenue of $2.05 billion during the quarter, compared to analyst estimates of $2.01 billion. During the same quarter in the prior year, the company posted ($0.08) EPS. Shopify’s quarterly revenue was up 20.7% compared to the same quarter last year. As a group, equities analysts expect that Shopify will post 0.76 EPS 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.