Shopify (NYSE:SHOP) Earns Hold Rating from Needham & Company LLC

Shopify (NYSE:SHOP) (TSE:SHOP)‘s stock had its “hold” rating reiterated by equities research analysts at Needham & Company LLC in a report released on Tuesday, Benzinga reports.

Several other equities analysts also recently issued reports on the stock. UBS Group increased their price objective on shares of Shopify from $75.00 to $80.00 and gave the company a “neutral” rating in a report on Wednesday, February 14th. Piper Sandler reissued an “underweight” rating and issued a $63.00 price target on shares of Shopify in a research note on Thursday, April 11th. Mizuho raised their price target on shares of Shopify from $65.00 to $75.00 and gave the stock a “neutral” rating in a research note on Wednesday, February 14th. CIBC raised their price target on shares of Shopify from $82.00 to $100.00 and gave the stock an “outperform” rating in a research note on Wednesday, February 7th. Finally, National Bankshares raised their price target on shares of Shopify from $80.00 to $100.00 and gave the stock an “outperform” rating in a research note on Friday, January 26th. Four research analysts have rated the stock with a sell rating, nineteen have issued a hold rating and fourteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $78.00.

Shopify Stock Performance

Shares of NYSE SHOP opened at $69.43 on Tuesday. The company has a debt-to-equity ratio of 0.10, a quick ratio of 6.99 and a current ratio of 6.99. The company has a market capitalization of $89.33 billion, a PE ratio of 771.53 and a beta of 2.22. Shopify has a 1 year low of $45.50 and a 1 year high of $91.57. The company’s fifty day moving average price is $77.14 and its 200 day moving average price is $71.75.

Shopify (NYSE:SHOP) (TSE:SHOP) last posted its quarterly earnings data on Tuesday, February 13th. The software maker reported $0.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.22 by $0.04. The business had revenue of $2.14 billion for the quarter, compared to the consensus estimate of $2.07 billion. Shopify had a net margin of 1.87% and a return on equity of 4.48%. On average, research analysts predict that Shopify will post 0.58 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Baillie Gifford & Co. boosted its stake in shares of Shopify by 2.3% in the fourth quarter. Baillie Gifford & Co. now owns 64,164,758 shares of the software maker’s stock valued at $4,998,476,000 after purchasing an additional 1,419,749 shares during the period. Vanguard Group Inc. boosted its stake in shares of Shopify by 3.0% in the fourth quarter. Vanguard Group Inc. now owns 42,168,291 shares of the software maker’s stock valued at $3,284,910,000 after purchasing an additional 1,242,067 shares during the period. Capital World Investors boosted its stake in shares of Shopify by 28.7% in the fourth quarter. Capital World Investors now owns 39,424,769 shares of the software maker’s stock valued at $3,071,197,000 after purchasing an additional 8,789,411 shares during the period. Capital International Investors boosted its stake in shares of Shopify by 9.7% in the fourth quarter. Capital International Investors now owns 15,849,638 shares of the software maker’s stock valued at $1,235,534,000 after purchasing an additional 1,399,562 shares during the period. Finally, Norges Bank purchased a new position in shares of Shopify in the fourth quarter valued at approximately $1,049,089,000. Hedge funds and other institutional investors own 69.27% of the company’s stock.

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.