Shopify (NYSE:SHOP) trades 0% higher after analyst upgrade

Shopify Inc. (NYSE:SHOP – Get Free Report) (TSE:SHOP) shares rose 0% on Friday after Loop Capital raised the price target on the stock from $68.00 to $80.00. Loop Capital currently has a Hold rating on the stock. Shopify traded as high as $75.36 and was last at $74.87. About 1,484,508 shares changed hands during trading, a decline of 86% from the average daily volume of 10,367,069 shares. The stock had previously closed at $74.85.

Several other analysts have also recently issued reports on the stock. Barclays raised their price target on shares of Shopify from $63.00 to $65.00 and gave the stock an “equal weight” rating in a research note on Thursday, August 8th. Citigroup lowered their price target on Shopify from $97.00 to $90.00 and gave the stock a “buy” rating in a research note on Thursday, August 8th. Argus upgraded shares of Shopify to a “strong-buy” rating in a report on Thursday, August 8th. Bank of America upgraded shares of Shopify from “neutral” to “buy” in a report on Tuesday, July 16th and increased their price target for the company from $78.00 to $82.00. Finally, DA Davidson lowered their price target on shares of Shopify from $90.00 to $84.00 and gave the stock a “buy” rating in a research report on Thursday, May 9. One investment analyst has rated the stock a “sell,” fifteen have rated it a “hold,” twenty-three have rated it a “buy,” and one has given it a “strong buy” rating. The company currently has a consensus rating of “moderate buy” and a consensus price target of $77.24, according to data from MarketBeat.com.

Check out our latest research report on Shopify

Institutional trading with Shopify

A number of institutional investors and hedge funds have recently added to or reduced their holdings in SHOP. GQG Partners LLC increased its stake in shares of Shopify by 197.9% in the first 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. Norges Bank acquired a new position in Shopify in the 4th quarter valued at about $1,049,089,000. Capital World Investors increased its stake in Shopify by 26.2% in the 1st quarter. Capital World Investors now owns 49,764,809 shares of the software maker’s stock worth $3,840,332,000 after acquiring an additional 10,340,040 shares during the same period. Price T Rowe Associates Inc. MD increased its holdings 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 worth $2,642,265,000 after acquiring an additional 5,982,434 shares in the last quarter. Finally, Mackenzie Financial Corp increased its stake in shares of Shopify by 49.9% in the second quarter. Mackenzie Financial Corp now owns 6,315,028 shares of the software maker’s stock worth $417,386,000 after acquiring an additional 2,102,939 shares during the same period. Institutional investors and hedge funds own 69.27% of the company’s stock.

Shopify trading down 0.4%

The stock has a market cap of $96.07 billion, a P/E ratio of -438.53, a PEG ratio of 2.83 and a beta of 2.30. The company’s 50-day moving average is $64.53 and its 200-day moving average is $69.63. The company has a debt-to-equity ratio of 0.10, a current ratio of 7.32 and a quick ratio of 7.32.

Shopify (NYSE:SHOP – Free Report) (TSE:SHOP) last released its quarterly results on Wednesday, August 7. The software maker reported earnings per share of $0.26 for the quarter, beating analysts’ consensus estimates of $0.20 by $0.06. Shopify had a return on equity of 10.88% and a net margin of 16.40%. The company had revenue of $2.05 billion for the quarter, compared to analyst estimates of $2.01 billion. In the same quarter last year, the company reported earnings per share of ($0.08). The company’s revenue grew 20.7% year-over-year. On average, analysts forecast that Shopify Inc. will report earnings per share of $0.63 for the current fiscal year.

Shopify Company Profile

(Get free report)

Shopify Inc., a commerce company, provides a commerce platform and services in Canada, the United States, Europe, the Middle East, Africa, Asia Pacific, Australia, China, and Latin America. The Company’s platform enables merchants to display, manage, market, and sell their 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. It enables managing products and inventory, processing orders and payments, fulfilling and shipping orders, acquiring new buyers and building customer relationships, sourcing products, using analytics and reports, managing cash, payments and transactions, and accessing financing.