Shopify (NASDAQ:SHOP) Upgraded at Arete Research

Shopify (NASDAQ:SHOP) (TSE:SHOP) was upgraded by investment analysts at Arete Research from a “neutral” rating to a “buy” rating in a research report issued on Monday, Marketbeat reports.

Other analysts also recently issued research reports about the company. Canaccord Genuity Group boosted their price objective on Shopify from $165.00 to $185.00 and gave the stock a “buy” rating in a research note on Tuesday, November 4th. Benchmark restated a “buy” rating on shares of Shopify in a research report on Wednesday, December 3rd. Bank of America lifted their price objective on Shopify from $185.00 to $190.00 and gave the company a “buy” rating in a report on Wednesday, December 17th. Wells Fargo & Company reaffirmed an “overweight” rating and issued a $198.00 target price (up previously from $125.00) on shares of Shopify in a research report on Wednesday, December 17th. Finally, Cantor Fitzgerald reaffirmed a “neutral” rating and issued a $181.00 target price (up previously from $156.00) on shares of Shopify in a research report on Wednesday, November 5th. Twenty-five analysts have rated the stock with a Buy rating and nineteen have assigned a Hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $171.61.

Shopify Stock Down 8.6%

SHOP opened at $131.23 on Monday. The firm has a market cap of $170.84 billion, a P/E ratio of 97.21, a P/E/G ratio of 3.87 and a beta of 2.83. The business has a fifty day simple moving average of $158.37 and a 200-day simple moving average of $151.53. Shopify has a 52 week low of $69.84 and a 52 week high of $182.19.

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

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Financial Gravity Companies Inc. purchased a new position in shares of Shopify during the second quarter worth $27,000. Rothschild Investment LLC raised its holdings in Shopify by 47.5% during the second quarter. Rothschild Investment LLC now owns 233 shares of the software maker’s stock worth $27,000 after purchasing an additional 75 shares in the last quarter. Heartwood Wealth Advisors LLC acquired a new position in Shopify in the third quarter valued at $27,000. Tradewinds Capital Management LLC raised its position in Shopify by 71.4% in the second quarter. Tradewinds Capital Management LLC now owns 240 shares of the software maker’s stock worth $28,000 after acquiring an additional 100 shares in the last quarter. Finally, Estabrook Capital Management acquired a new stake in shares of Shopify in the second quarter valued at approximately $29,000. Hedge funds and other institutional investors own 69.27% of the company’s stock.

About Shopify

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.