Shopify’s (SHOP) “Neutral” Rating Reaffirmed at Cantor Fitzgerald

Shopify (NYSE:SHOP) (TSE:SHOP)‘s stock had its “neutral” rating reissued by investment analysts at Cantor Fitzgerald in a research report issued to clients and investors on Wednesday,Benzinga reports. They currently have a $120.00 price objective on the software maker’s stock. Cantor Fitzgerald’s price objective would indicate a potential downside of 3.21% from the company’s current price.

A number of other equities research analysts have also issued reports on SHOP. Wedbush reaffirmed an “outperform” rating and issued a $125.00 price target on shares of Shopify in a research report on Tuesday. Wells Fargo & Company lifted their price target on shares of Shopify from $90.00 to $120.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 13th. KeyCorp boosted their price target on shares of Shopify from $80.00 to $130.00 and gave the stock an “overweight” rating in a report on Wednesday, November 13th. The Goldman Sachs Group raised their price objective on shares of Shopify from $88.00 to $135.00 and gave the company a “buy” rating in a report on Wednesday, November 13th. Finally, Piper Sandler boosted their target price on shares of Shopify from $94.00 to $104.00 and gave the stock a “neutral” rating in a research note on Wednesday. One analyst has rated the stock with a sell rating, fourteen have issued a hold rating, twenty-four have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $106.51.

Shopify Price Performance

Shopify stock opened at $123.98 on Wednesday. The company’s 50 day simple moving average is $111.29 and its 200-day simple moving average is $91.82. The company has a debt-to-equity ratio of 0.09, a quick ratio of 7.10 and a current ratio of 7.10. Shopify has a 1 year low of $48.56 and a 1 year high of $125.95. The company has a market capitalization of $160.19 billion, a price-to-earnings ratio of 115.87, a price-to-earnings-growth ratio of 2.49 and a beta of 2.47.

Shopify (NYSE:SHOP) (TSE:SHOP) last issued its quarterly earnings data on Tuesday, February 11th. The software maker reported $0.34 earnings per share for the quarter, missing analysts’ consensus estimates of $0.44 by ($0.10). Shopify had a net margin of 16.84% and a return on equity of 11.60%. As a group, equities research analysts expect that Shopify will post 0.91 earnings per share for the current year.

Hedge Funds Weigh In On Shopify

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. PFG Private Wealth Management LLC lifted its holdings in Shopify by 3,657.1% in the 4th quarter. PFG Private Wealth Management LLC now owns 263 shares of the software maker’s stock valued at $28,000 after purchasing an additional 256 shares in the last quarter. Mark Sheptoff Financial Planning LLC raised its position in shares of Shopify by 50.0% in the fourth quarter. Mark Sheptoff Financial Planning LLC now owns 300 shares of the software maker’s stock valued at $32,000 after buying an additional 100 shares during the last quarter. Brooklyn Investment Group purchased a new position in shares of Shopify during the third quarter valued at approximately $33,000. Rosenberg Matthew Hamilton boosted its position in Shopify by 41.3% during the third quarter. Rosenberg Matthew Hamilton now owns 455 shares of the software maker’s stock worth $36,000 after acquiring an additional 133 shares during the last quarter. Finally, New Wave Wealth Advisors LLC acquired a new stake in Shopify during the fourth quarter worth approximately $39,000. 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.