Shopify’s (SHOP) Market Outperform Rating Reaffirmed at JMP Securities

JMP Securities reissued their market outperform rating on shares of Shopify (NYSE:SHOP) (TSE:SHOP) in a report published on Tuesday morning, Benzinga reports. The brokerage currently has a $80.00 target price on the software maker’s stock.

A number of other analysts have also recently weighed in on the stock. Loop Capital upped their target price on shares of Shopify from $68.00 to $80.00 and gave the company a hold rating in a research note on Friday, August 16th. Evercore ISI upped their price objective on Shopify from $75.00 to $80.00 and gave the company an outperform rating in a research note on Thursday, August 8th. Bank of America raised Shopify from a neutral rating to a buy rating and increased their target price for the stock from $78.00 to $82.00 in a report on Tuesday, July 16th. Morgan Stanley boosted their price target on Shopify from $80.00 to $85.00 and gave the company an overweight rating in a research note on Thursday, August 8th. Finally, KeyCorp started coverage on Shopify in a research note on Thursday, July 25th. They set an overweight rating and a $80.00 price objective for the company. One research analyst has rated the stock with a sell rating, sixteen have assigned a hold rating, twenty-three have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of Moderate Buy and an average target price of $77.11.

Shopify Price Performance

Shares of NYSE:SHOP opened at $68.16 on Tuesday. The firm has a market capitalization of $87.84 billion, a PE ratio of -400.94, a PEG ratio of 2.25 and a beta of 2.35. The company has a current ratio of 7.32, a quick ratio of 7.32 and a debt-to-equity ratio of 0.10. Shopify has a 1-year low of $45.50 and a 1-year high of $91.57. The business’s 50 day moving average is $67.10 and its 200-day moving average is $68.41.

Shopify (NYSE:SHOP) (TSE:SHOP) last issued its earnings results on Wednesday, August 7th. The software maker reported $0.26 EPS for the quarter, topping the consensus estimate of $0.20 by $0.06. The firm had revenue of $2.05 billion during the quarter, compared to analysts’ expectations of $2.01 billion. Shopify had a return on equity of 10.88% and a net margin of 16.40%. Shopify’s quarterly revenue was up 20.7% compared to the same quarter last year. During the same period last year, the business earned ($0.08) earnings per share. Sell-side analysts predict that Shopify will post 0.76 earnings per share for the current year.

Hedge Funds Weigh In On Shopify

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Private Wealth Management Group LLC acquired a new stake in shares of Shopify in the 4th quarter valued at approximately $26,000. DSM Capital Partners LLC bought a new stake in Shopify in the fourth quarter valued at approximately $28,000. Jones Financial Companies Lllp acquired a new stake in Shopify in the fourth quarter worth $28,000. Oliver Lagore Vanvalin Investment Group boosted its position in shares of Shopify by 100.0% during the second quarter. Oliver Lagore Vanvalin Investment Group now owns 400 shares of the software maker’s stock worth $26,000 after purchasing an additional 200 shares in the last quarter. Finally, OLD Point Trust & Financial Services N A acquired a new position in shares of Shopify in the 4th quarter valued at $39,000. Institutional investors own 69.27% of the company’s stock.

About Shopify

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.