Shopify (NYSE:SHOP) Stock Rating Upgraded by Redburn Atlantic

Shopify (NYSE:SHOP) (TSE:SHOP) was upgraded by equities research analysts at Redburn Atlantic from a “neutral” rating to a “buy” rating in a report issued on Tuesday, MarketBeat.com reports. The firm currently has a $99.00 price target on the software maker’s stock. Redburn Atlantic’s price objective points to a potential upside of 31.60% from the stock’s previous close.

Other research analysts also recently issued research reports about the company. Truist Financial cut their price target on Shopify from $65.00 to $55.00 and set a “hold” rating for the company in a research note on Tuesday, August 6th. The Goldman Sachs Group raised their target price on Shopify from $67.00 to $74.00 and gave the stock a “buy” rating in a research note on Tuesday, May 28th. Cantor Fitzgerald started coverage on Shopify in a research note on Thursday, September 5th. They issued a “neutral” rating and a $70.00 target price for the company. KeyCorp started coverage on Shopify in a research note on Thursday, July 25th. They issued an “overweight” rating and a $80.00 target price for the company. Finally, Bank of America upgraded Shopify from a “neutral” rating to a “buy” rating and raised their target price for the stock from $78.00 to $82.00 in a research note on Tuesday, July 16th. One analyst has rated the stock with a sell rating, sixteen have assigned a hold rating, twenty-four have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Shopify presently has an average rating of “Moderate Buy” and a consensus price target of $77.92.

Shopify Stock Up 1.0 %

SHOP stock opened at $75.23 on Tuesday. The company has a debt-to-equity ratio of 0.10, a quick ratio of 7.32 and a current ratio of 7.32. The company has a market capitalization of $96.95 billion, a price-to-earnings ratio of -442.53, a PEG ratio of 2.39 and a beta of 2.35. Shopify has a fifty-two week low of $45.50 and a fifty-two week high of $91.57. The stock has a fifty day moving average of $67.86 and a 200-day moving average of $68.32.

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

Hedge Funds Weigh In On Shopify

A number of large investors have recently modified their holdings of SHOP. Dimensional Fund Advisors LP increased its stake in shares of Shopify by 9.6% in the fourth quarter. Dimensional Fund Advisors LP now owns 469,529 shares of the software maker’s stock worth $36,576,000 after buying an additional 41,205 shares during the period. Level Four Advisory Services LLC purchased a new position in shares of Shopify in the fourth quarter valued at about $262,000. Coldstream Capital Management Inc. purchased a new position in shares of Shopify in the fourth quarter valued at about $251,000. Balentine LLC bought a new position in shares of Shopify during the fourth quarter valued at about $265,000. Finally, Corient Private Wealth LLC boosted its holdings in shares of Shopify by 6.1% during the fourth quarter. Corient Private Wealth LLC now owns 82,347 shares of the software maker’s stock worth $6,415,000 after purchasing an additional 4,731 shares during the period. 69.27% of the stock is owned by hedge funds and other institutional investors.

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.