Shopify (NASDAQ:SHOP) Research Coverage Started at Rosenblatt Securities

Rosenblatt Securities started coverage on shares of Shopify (NASDAQ:SHOP) (TSE:SHOP) in a research report sent to investors on Thursday morning, Marketbeat reports. The firm issued a buy rating and a $175.00 price objective on the software maker’s stock.

Other equities research analysts have also issued reports about the stock. Benchmark boosted their target price on shares of Shopify from $145.00 to $170.00 and gave the company a “buy” rating in a research note on Thursday, August 6th. Robert W. Baird set a $150.00 price target on Shopify in a research note on Wednesday, May 6th. Susquehanna started coverage on Shopify in a report on Friday, July 10th. They issued a “neutral” rating for the company. Zacks Research lowered Shopify from a “strong-buy” rating to a “hold” rating in a report on Friday, August 7th. Finally, Royal Bank Of Canada set a $180.00 price objective on Shopify and gave the company an “outperform” rating in a research report on Thursday, August 6th. One investment analyst has rated the stock with a Strong Buy rating, thirty-five have assigned a Buy rating and ten have given a Hold rating to the company. According to data from MarketBeat, Shopify has a consensus rating of “Moderate Buy” and an average price target of $170.84.

Shopify Stock Performance

Shares of SHOP stock opened at $149.25 on Thursday. The company has a 50 day moving average price of $126.78 and a 200-day moving average price of $120.56. Shopify has a 52 week low of $94.00 and a 52 week high of $182.19. The firm has a market capitalization of $192.03 billion, a PE ratio of 100.84, a P/E/G ratio of 3.05 and a beta of 2.58. The company has a quick ratio of 5.35, a current ratio of 5.35 and a debt-to-equity ratio of 0.01.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last released its quarterly earnings data on Wednesday, August 5th. The software maker reported $0.42 earnings per share for the quarter, beating the consensus estimate of $0.40 by $0.02. Shopify had a net margin of 14.53% and a return on equity of 12.58%. The firm had revenue of $3.58 billion during the quarter. During the same period in the previous year, the firm earned $0.69 earnings per share. The firm’s revenue for the quarter was up 33.7% on a year-over-year basis. As a group, equities research analysts expect that Shopify will post 1.45 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of SHOP. Kingdom Financial Group LLC. purchased a new stake in shares of Shopify in the 4th quarter worth $26,000. Curio Wealth LLC bought a new stake in Shopify during the fourth quarter valued at about $27,000. Evolution Wealth Management Inc. grew its holdings in Shopify by 203.9% during the first quarter. Evolution Wealth Management Inc. now owns 231 shares of the software maker’s stock valued at $27,000 after purchasing an additional 155 shares during the period. Graney & King LLC purchased a new stake in Shopify in the first quarter worth about $27,000. Finally, Mowery & Schoenfeld Wealth Management LLC purchased a new stake in Shopify in the fourth quarter worth about $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.