Cantor Fitzgerald Reaffirms Neutral Rating for Shopify (NYSE:SHOP)

Shopify (NYSE:SHOP) (TSE:SHOP)‘s stock had its “neutral” rating reiterated by equities research analysts at Cantor Fitzgerald in a note issued to investors on Monday, Benzinga reports. They presently have a $70.00 price target on the software maker’s stock. Cantor Fitzgerald’s price target points to a potential downside of 12.16% from the company’s current price.

Several other brokerages also recently commented on SHOP. KeyCorp initiated coverage on Shopify in a report on Thursday, July 25th. They set an “overweight” rating and a $80.00 target price for the company. JPMorgan Chase & Co. raised their target price on shares of Shopify from $74.00 to $76.00 and gave the stock an “overweight” rating in a report on Tuesday, August 20th. DZ Bank lowered shares of Shopify from a “hold” rating to a “sell” rating in a report on Friday, August 9th. Moffett Nathanson lowered shares of Shopify from a “buy” rating to a “neutral” rating and decreased their price objective for the stock from $74.00 to $65.00 in a research note on Thursday, June 6th. Finally, Piper Sandler reissued a “neutral” rating and set a $67.00 target price on shares of Shopify in a research note on Thursday, August 29th. One equities research analyst has rated the stock with a sell rating, sixteen have given a hold rating, twenty-four have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $77.92.

Shopify Price Performance

NYSE SHOP traded up $0.97 on Monday, reaching $79.69. The company’s stock had a trading volume of 1,637,853 shares, compared to its average volume of 9,716,505. Shopify has a twelve month low of $45.50 and a twelve month high of $91.57. 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 firm’s 50 day moving average is $68.41 and its two-hundred day moving average is $68.34. The stock has a market cap of $102.70 billion, a PE ratio of -468.76, a PEG ratio of 2.47 and a beta of 2.35.

Shopify (NYSE:SHOP) (TSE:SHOP) last issued its earnings results on Wednesday, August 7th. The software maker reported $0.26 earnings per share for the quarter, topping analysts’ consensus estimates 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 net margin of 16.40% and a return on equity of 10.88%. The firm’s revenue for the quarter was up 20.7% compared to the same quarter last year. During the same period last year, the firm posted ($0.08) earnings per share. As a group, sell-side analysts predict that Shopify will post 0.76 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Oliver Lagore Vanvalin Investment Group raised its stake in shares of Shopify by 100.0% in the 2nd quarter. Oliver Lagore Vanvalin Investment Group now owns 400 shares of the software maker’s stock valued at $26,000 after buying an additional 200 shares in the last quarter. DSM Capital Partners LLC bought a new stake in Shopify in the fourth quarter valued at about $28,000. Jones Financial Companies Lllp acquired a new position in Shopify in the fourth quarter worth about $28,000. Cultivar Capital Inc. acquired a new position in Shopify in the second quarter worth about $33,000. Finally, Hazlett Burt & Watson Inc. bought a new position in Shopify during the second quarter worth about $33,000. 69.27% of the stock is owned by institutional investors.

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.