Weekly Research Analysts’ Ratings Updates for Shopify (SHOP)

Shopify (NYSE: SHOP) recently received a number of ratings updates from brokerages and research firms:

• 10/1/2024 – Shopify had its price target raised by analysts at Barclays PLC from $65.00 to $70.00. They now have an “equal weight” rating on the stock.
• 9/30/2024 – Shopify had its “neutral” rating reaffirmed by analysts at Cantor Fitzgerald. They now have a $70.00 price target on the stock.
• 9/30/2024 – Shopify had its price target raised by analysts at Citigroup Inc. from $90.00 to $103.00. They now have a “buy” rating on the stock.
• 9/23/2024 – Shopify had its “neutral” rating reaffirmed by analysts at Cantor Fitzgerald. They now have a $70.00 price target on the stock.
• 9/17/2024 – Shopify was upgraded by analysts at Redburn Atlantic from a “neutral” rating to a “buy” rating. They now have a $99.00 price target on the stock.
• 9/11/2024 – Shopify had its price target raised by analysts at Wells Fargo & Company from $80.00 to $90.00. They now have an “overweight” rating on the stock.
• 9/10/2024 – Shopify had its “market outperform” rating reaffirmed by analysts at JMP Securities. They now have a $80.00 price target on the stock.
• 9/5/2024 – Shopify is now covered by analysts at Cantor Fitzgerald. They set a “neutral” rating and a $70.00 price target on the stock.
• 8/29/2024 – Shopify had its “neutral” rating reaffirmed by analysts at Piper Sandler. They now have a $67.00 price target on the stock.
• 8/20/2024 – Shopify had its price target raised by analysts at JPMorgan Chase & Co. from $74.00 to $76.00. They now have an “overweight” rating on the stock.
• 8/16/2024 – Shopify had its price target raised by analysts at Loop Capital from $68.00 to $80.00. They now have a “hold” rating on the stock.
• 8/9/2024 – Shopify was downgraded by analysts at DZ Bank AG from a “hold” rating to a “sell” rating.
• 8/8/2024 – Shopify was upgraded by analysts at Argus to a “strong-buy” rating.
• 8/8/2024 – Shopify had its price target raised by analysts at Wells Fargo & Company from $75.00 to $80.00. They now have an “overweight” rating on the stock.
• 8/8/2024 – Shopify had its price target raised by analysts at Morgan Stanley from $80.00 to $85.00. They now have an “overweight” rating on the stock.
• 8/8/2024 – Shopify had its “outperform” rating reaffirmed by analysts at Royal Bank of Canada. They now have a $85.00 price target on the stock.
• 8/8/2024 – Shopify had its price target raised by analysts at Evercore ISI from $75.00 to $80.00. They now have an “outperform” rating on the stock.
• 8/8/2024 – Shopify had its price target raised by analysts at UBS Group AG from $71.00 to $75.00. They now have a “neutral” rating on the stock.
• 8/8/2024 – Shopify had its “market outperform” rating reaffirmed by analysts at JMP Securities. They now have a $80.00 price target on the stock.
• 8/8/2024 – Shopify had its price target raised by analysts at Barclays PLC from $63.00 to $65.00. They now have an “equal weight” rating on the stock.
• 8/8/2024 – Shopify had its price target lowered by analysts at Citigroup Inc. from $97.00 to $90.00. They now have a “buy” rating on the stock.
• 8/8/2024 – Shopify had its price target raised by analysts at Deutsche Bank Aktiengesellschaft from $80.00 to $85.00. They now have a “buy” rating on the stock.
• 8/8/2024 – Shopify had its price target raised by analysts at Roth Mkm from $77.00 to $79.00. They now have a “buy” rating on the stock.
• 8/8/2024 – Shopify had its price target raised by analysts at Evercore Inc. from $75.00 to $80.00.
• 8/7/2024 – Shopify had its “neutral” rating reaffirmed by analysts at Wedbush. They now have a $72.00 price target on the stock, up previously from $68.00.
• 8/6/2024 – Shopify had its price target lowered by analysts at Truist Financial Co. from $65.00 to $55.00. They now have a “hold” rating on the stock.
• 8/6/2024 – Shopify had its “hold” rating reaffirmed by analysts at Benchmark Co..

Shopify Price Performance

Shares of SHOP stock opened at $80.11 on Friday. Shopify Inc. has a fifty-two week low of $45.50 and a fifty-two week 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 has a market capitalization of $103.24 billion, a price-to-earnings ratio of -471.24, a PEG ratio of 2.65 and a beta of 2.35. The stock’s 50-day simple moving average is $71.34 and its 200-day simple moving average is $68.63.

Shopify (NYSE:SHOP) (TSE:SHOP) last announced its quarterly earnings data on Wednesday, August 7th. The software maker reported $0.26 earnings per share for the quarter, beating analysts’ consensus estimates of $0.20 by $0.06. Shopify had a net margin of 16.40% and a return on equity of 10.88%. The firm had revenue of $2.05 billion for the quarter, compared to analyst estimates of $2.01 billion. During the same period in the previous year, the company earned ($0.08) earnings per share. The business’s quarterly revenue was up 20.7% compared to the same quarter last year. As a group, equities analysts forecast that Shopify Inc. will post 0.76 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Capital World Investors increased its holdings in shares of Shopify by 26.2% during the 1st quarter. Capital World Investors now owns 49,764,809 shares of the software maker’s stock valued at $3,840,332,000 after purchasing an additional 10,340,040 shares in the last quarter. Vanguard Group Inc. raised its position in shares of Shopify by 1.7% in the first quarter. Vanguard Group Inc. now owns 42,881,355 shares of the software maker’s stock worth $3,309,154,000 after acquiring an additional 713,064 shares during the period. Price T Rowe Associates Inc. MD boosted its stake in shares of Shopify by 21.2% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 34,239,525 shares of the software maker’s stock worth $2,642,265,000 after acquiring an additional 5,982,434 shares in the last quarter. GQG Partners LLC boosted its stake in shares of Shopify by 197.9% during the 1st quarter. GQG Partners LLC now owns 20,901,980 shares of the software maker’s stock worth $1,613,006,000 after acquiring an additional 13,885,473 shares in the last quarter. Finally, Capital International Investors grew its position in shares of Shopify by 3.4% during the 1st quarter. Capital International Investors now owns 16,392,141 shares of the software maker’s stock valued at $1,264,982,000 after acquiring an additional 542,503 shares during the period. 69.27% of the stock is currently owned by institutional investors and hedge funds.

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.