Shopify (NASDAQ:SHOP) Upgraded at Wolfe Research

Shopify (NASDAQ:SHOP) (TSE:SHOP) was upgraded by equities research analysts at Wolfe Research from a “peer perform” rating to an “outperform” rating in a research report issued to clients and investors on Tuesday,BayStreet.CA reports.

Other equities research analysts have also recently issued reports about the company. Robert W. Baird increased their target price on Shopify from $160.00 to $170.00 and gave the company an “outperform” rating in a report on Tuesday, October 7th. Cantor Fitzgerald reissued a “neutral” rating and issued a $181.00 target price (up from $156.00) on shares of Shopify in a research note on Wednesday, November 5th. Citigroup restated a “market outperform” rating on shares of Shopify in a report on Thursday, December 4th. Morgan Stanley reiterated an “overweight” rating and issued a $192.00 price objective (up from $165.00) on shares of Shopify in a research report on Wednesday, November 5th. Finally, BNP Paribas started coverage on Shopify in a research note on Monday, November 24th. They set a “neutral” rating on the stock. Twenty-three investment analysts have rated the stock with a Buy rating and twenty-three have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $169.14.

Shopify Stock Up 0.2%

Shares of SHOP stock traded up $0.39 on Tuesday, reaching $166.60. The company’s stock had a trading volume of 2,628,736 shares, compared to its average volume of 4,948,715. The stock’s 50 day simple moving average is $160.77 and its 200-day simple moving average is $146.57. Shopify has a 12-month low of $69.84 and a 12-month high of $182.19. The company has a market capitalization of $216.89 billion, a P/E ratio of 123.41, a PEG ratio of 4.67 and a beta of 2.83.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last announced its earnings results on Tuesday, November 4th. The software maker reported $0.27 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.24 by $0.03. The company had revenue of $2.84 billion during the quarter, compared to analyst estimates of $2.75 billion. Shopify had a net margin of 16.65% and a return on equity of 11.72%. Research analysts expect that Shopify will post 1.12 EPS for the current year.

Hedge Funds Weigh In On Shopify

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Mirae Asset Global Investments Co. Ltd. increased its position in shares of Shopify by 171.3% during the second quarter. Mirae Asset Global Investments Co. Ltd. now owns 423,295 shares of the software maker’s stock worth $48,827,000 after purchasing an additional 267,271 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. grew its holdings in shares of Shopify by 4.4% during the second quarter. Sumitomo Mitsui Trust Group Inc. now owns 5,231,257 shares of the software maker’s stock worth $603,425,000 after buying an additional 218,829 shares in the last quarter. Oppenheimer Asset Management Inc. raised its position in shares of Shopify by 9.6% in the second quarter. Oppenheimer Asset Management Inc. now owns 400,389 shares of the software maker’s stock valued at $46,185,000 after buying an additional 35,113 shares during the last quarter. TriaGen Wealth Management LLC acquired a new stake in shares of Shopify in the third quarter valued at about $2,562,000. Finally, Charles Schwab Investment Management Inc. lifted its stake in shares of Shopify by 2.6% in the second quarter. Charles Schwab Investment Management Inc. now owns 2,622,495 shares of the software maker’s stock worth $301,869,000 after buying an additional 67,260 shares in the last quarter. Institutional investors own 69.27% of the company’s stock.

Shopify Company Profile

Shopify is a Canadian commerce technology company that provides a cloud-based platform for businesses to create, manage and scale online and physical retail stores. Its core offering is a software-as-a-service e-commerce platform that enables merchants to build customizable storefronts, manage product catalogs, process orders, and handle inventory. Shopify also supports omnichannel selling through integrated point-of-sale (POS) systems for in-person transactions.

Beyond storefront software, Shopify offers a range of merchant services and tools designed to simplify commerce operations.