JPMorgan Chase & Co. Initiates Coverage on Shopify (NYSE:SHOP)

JPMorgan Chase & Co. started coverage on shares of Shopify (NYSE:SHOPFree Report) (TSE:SHOP) in a research note issued to investors on Tuesday, Marketbeat Ratings reports. The brokerage issued an overweight rating and a $74.00 price objective on the software maker’s stock.

Other research analysts also recently issued research reports about the stock. Mizuho decreased their price objective on shares of Shopify from $75.00 to $65.00 and set a neutral rating for the company in a research report on Thursday, May 9th. ATB Capital lifted their price objective on shares of Shopify from $105.00 to $110.00 and gave the stock a sector perform rating in a research note on Wednesday, February 14th. CIBC dropped their target price on shares of Shopify from $100.00 to $85.00 and set an outperformer rating for the company in a research report on Thursday, May 9th. Piper Sandler upgraded shares of Shopify from an underweight rating to a neutral rating and set a $63.00 target price for the company in a research report on Thursday, May 9th. Finally, Moffett Nathanson cut shares of Shopify from a buy rating to a neutral rating and dropped their target price for the company from $74.00 to $65.00 in a research report on Thursday, June 6th. One analyst has rated the stock with a sell rating, seventeen have assigned a hold rating and nineteen have given a buy rating to the company. According to MarketBeat.com, Shopify currently has a consensus rating of Hold and an average target price of $76.67.

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Shopify Stock Performance

Shares of SHOP opened at $64.71 on Tuesday. The firm has a 50-day moving average of $65.50 and a 200-day moving average of $73.59. Shopify has a one year low of $45.50 and a one year high of $91.57. The company has a market cap of $83.38 billion, a PE ratio of -380.62, a price-to-earnings-growth ratio of 2.88 and a beta of 2.27. The company has a debt-to-equity ratio of 0.10, a current ratio of 7.14 and a quick ratio of 7.14.

Shopify (NYSE:SHOPGet Free Report) (TSE:SHOP) last announced its quarterly earnings data on Wednesday, May 8th. The software maker reported $0.12 EPS for the quarter, beating analysts’ consensus estimates of $0.08 by $0.04. Shopify had a negative net margin of 2.82% and a positive return on equity of 7.36%. The company had revenue of $1.86 billion during the quarter, compared to the consensus estimate of $1.84 billion. As a group, equities analysts forecast that Shopify will post 0.59 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of SHOP. Wealth Management Partners LLC raised its holdings in shares of Shopify by 0.9% in the fourth quarter. Wealth Management Partners LLC now owns 13,922 shares of the software maker’s stock valued at $1,085,000 after purchasing an additional 126 shares during the last quarter. SJS Investment Consulting Inc. raised its holdings in shares of Shopify by 59.1% in the fourth quarter. SJS Investment Consulting Inc. now owns 350 shares of the software maker’s stock valued at $27,000 after purchasing an additional 130 shares during the last quarter. Tradition Wealth Management LLC raised its holdings in shares of Shopify by 7.5% in the fourth quarter. Tradition Wealth Management LLC now owns 2,007 shares of the software maker’s stock valued at $156,000 after purchasing an additional 140 shares during the last quarter. Pachira Investments Inc. grew its position in Shopify by 2.1% during the fourth quarter. Pachira Investments Inc. now owns 7,084 shares of the software maker’s stock valued at $552,000 after buying an additional 146 shares during the period. Finally, Baldwin Brothers LLC MA grew its position in Shopify by 49.0% during the fourth quarter. Baldwin Brothers LLC MA now owns 447 shares of the software maker’s stock valued at $35,000 after buying an additional 147 shares during the period. Institutional investors and hedge funds own 69.27% of the company’s stock.

Shopify Company Profile

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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.

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