Wedbush Reaffirms “Neutral” Rating for Shopify (NYSE:SHOP)

Wedbush reaffirmed their neutral rating on shares of Shopify (NYSE:SHOP) (TSE:SHOP) in a research note published on Tuesday morning,RTT News reports. They currently have a $115.00 price target on the software maker’s stock, up from their previous price target of $72.00.

A number of other equities analysts also recently commented on the stock. Loop Capital raised their price objective on shares of Shopify from $80.00 to $90.00 and gave the stock a “hold” rating in a report on Wednesday, October 9th. Robert W. Baird lifted their price objective on Shopify from $79.00 to $90.00 and gave the company an “outperform” rating in a report on Wednesday, October 9th. Morgan Stanley increased their target price on Shopify from $80.00 to $85.00 and gave the stock an “overweight” rating in a report on Thursday, August 8th. Wells Fargo & Company raised their target price on Shopify from $80.00 to $90.00 and gave the stock an “overweight” rating in a research report on Wednesday, September 11th. Finally, JMP Securities reiterated a “market outperform” rating and issued a $80.00 price target on shares of Shopify in a research report on Tuesday, September 10th. One research analyst has rated the stock with a sell rating, seventeen have given a hold rating, twenty-three have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $94.95.

Shopify Stock Down 0.6 %

SHOP stock opened at $108.48 on Tuesday. Shopify has a twelve month low of $48.56 and a twelve month high of $115.62. The company has a quick ratio of 7.32, a current ratio of 7.10 and a debt-to-equity ratio of 0.10. The company has a market cap of $139.98 billion, a PE ratio of 101.38, a price-to-earnings-growth ratio of 3.71 and a beta of 2.36. The business’s 50-day simple moving average is $81.97 and its 200 day simple moving average is $71.02.

Shopify (NYSE:SHOP) (TSE:SHOP) last released its quarterly earnings data on Tuesday, November 12th. The software maker reported $0.27 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.18 by $0.09. The business had revenue of $2.16 billion for the quarter, compared to analysts’ expectations of $2.11 billion. Shopify had a return on equity of 11.60% and a net margin of 16.84%. On average, research analysts anticipate that Shopify will post 0.76 earnings per share for the current year.

Hedge Funds Weigh In On Shopify

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Baillie Gifford & Co. boosted its stake in Shopify by 14.7% during the 3rd quarter. Baillie Gifford & Co. now owns 63,366,308 shares of the software maker’s stock worth $5,078,176,000 after acquiring an additional 8,131,160 shares during the last quarter. Capital World Investors raised its holdings in Shopify by 26.2% in the first quarter. Capital World Investors now owns 49,764,809 shares of the software maker’s stock worth $3,840,332,000 after purchasing an additional 10,340,040 shares during the period. Vanguard Group Inc. boosted its position in shares of Shopify by 1.7% during the first quarter. Vanguard Group Inc. now owns 42,881,355 shares of the software maker’s stock worth $3,309,154,000 after purchasing an additional 713,064 shares in the last quarter. FMR LLC grew its holdings in shares of Shopify by 16.1% in the 3rd quarter. FMR LLC now owns 42,306,077 shares of the software maker’s stock valued at $3,389,637,000 after buying an additional 5,869,795 shares during the period. Finally, Price T Rowe Associates Inc. MD increased its position in shares of Shopify by 21.2% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 34,239,525 shares of the software maker’s stock valued at $2,642,265,000 after buying an additional 5,982,434 shares in the last quarter. Institutional investors own 69.27% of the company’s stock.

Shopify Company Profile

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.