Shopify Inc. (NASDAQ:SHOP) Receives $157.17 Average PT from Brokerages

Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) has earned an average rating of “Moderate Buy” from the forty-three research firms that are covering the stock, MarketBeat reports. Ten research analysts have rated the stock with a hold recommendation, thirty-one have assigned a buy recommendation and two have issued a strong buy recommendation on the company. The average 12-month price target among brokers that have issued ratings on the stock in the last year is $157.1667.

Several brokerages have commented on SHOP. Needham & Company LLC restated a “buy” rating and issued a $180.00 price target on shares of Shopify in a research note on Tuesday, May 5th. Oppenheimer restated an “outperform” rating and issued a $175.00 price target on shares of Shopify in a research note on Wednesday, May 6th. Barclays set a $126.00 price target on shares of Shopify and gave the company an “equal weight” rating in a research note on Wednesday, May 6th. Weiss Ratings lowered shares of Shopify from a “hold (c)” rating to a “hold (c-)” rating in a research note on Wednesday, May 6th. Finally, Royal Bank Of Canada reiterated an “outperform” rating and set a $170.00 price objective on shares of Shopify in a research note on Wednesday, May 6th.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in SHOP. Brighton Jones LLC increased its stake in shares of Shopify by 2.8% during the fourth quarter. Brighton Jones LLC now owns 21,176 shares of the software maker’s stock valued at $2,252,000 after acquiring an additional 584 shares during the period. AQR Capital Management LLC increased its stake in shares of Shopify by 107.3% during the first quarter. AQR Capital Management LLC now owns 14,576 shares of the software maker’s stock valued at $1,392,000 after acquiring an additional 7,544 shares during the period. Sivia Capital Partners LLC increased its stake in shares of Shopify by 6.6% during the second quarter. Sivia Capital Partners LLC now owns 8,190 shares of the software maker’s stock valued at $945,000 after acquiring an additional 506 shares during the period. Osterweis Capital Management Inc. acquired a new position in shares of Shopify during the second quarter valued at approximately $53,000. Finally, Main Street Financial Solutions LLC increased its stake in shares of Shopify by 15.3% during the second quarter. Main Street Financial Solutions LLC now owns 11,131 shares of the software maker’s stock valued at $1,284,000 after acquiring an additional 1,479 shares during the period. Institutional investors and hedge funds own 69.27% of the company’s stock.

Shopify Stock Performance

Shares of NASDAQ:SHOP opened at $108.85 on Wednesday. The firm’s 50 day moving average is $113.17 and its two-hundred day moving average is $129.81. Shopify has a 52 week low of $94.00 and a 52 week high of $182.19. The firm has a market capitalization of $141.25 billion, a P/E ratio of 107.77, a PEG ratio of 2.99 and a beta of 2.60.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last announced its quarterly earnings results on Tuesday, May 5th. The software maker reported $999.00 EPS for the quarter, beating the consensus estimate of $0.22 by $998.78. Shopify had a net margin of 10.77% and a return on equity of 12.07%. The company had revenue of $3.17 billion for the quarter, compared to analyst estimates of $3.08 billion. Analysts predict that Shopify will post 1.39 EPS for the current year.

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.