Shopify (NYSE:SHOP) trades 0.2% higher after analyst upgrade

Shopify Inc. (NYSE:SHOP – Free Report) (TSE:SHOP) rose 0.2% in trading on Friday after Barclays raised the price target on the stock to $65.00 from $63.00. Barclays currently has an Equal Weight rating on the stock. Shopify traded as high as $69.14 and was last at $68.69. 3,174,169 shares traded hands during trading, a 69% decline from the average session volume of 10,373,816 shares. The stock previously closed at $68.55.

SHOP has been the subject of a number of other research reports. Mizuho decreased their price target on shares of Shopify from $75.00 to $65.00 and gave the company a “neutral” rating in a research note on Thursday, May 9th. Piper Sandler increased their price target on shares of Shopify from $63.00 to $67.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 24th. Needham & Company LLC reiterated a “hold” rating on shares of Shopify in a research report on Thursday, May 9th. KeyCorp began coverage on shares of Shopify in a report on Thursday, July 25th. They issued an “overweight” rating and an $80.00 price target on the stock. Finally, Robert W. Baird decreased their price target on shares of Shopify from $87.00 to $77.00 and gave the company an “outperform” rating in a research report on Thursday, May 9. One equities analyst has rated the stock with a sell rating, fifteen have given a hold rating and twenty-three have given a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $77.24.

Read our latest analysis on Shopify

Institutional trading with Shopify

Several major investors have recently added to or reduced their holdings in SHOP. Citizens Financial Group Inc. RI acquired a new stake in Shopify in the 2nd quarter valued at about $2,781,000. Total Clarity Wealth Management Inc. increased its stake in Shopify by 23.6% in the 2nd quarter. Total Clarity Wealth Management Inc. now owns 4,140 shares of the software maker’s stock valued at $273,000 after acquiring an additional 790 shares in the last quarter. Menard Financial Group LLC increased its stake in Shopify by 2.2% in the 2nd quarter. Menard Financial Group LLC now owns 10,991 shares of the software maker’s stock valued at $726,000 after acquiring an additional 233 shares during the same period. Sierra Summit Advisors LLC increased its stake in Shopify by 3.9% in the 2nd quarter. Sierra Summit Advisors LLC now owns 123,881 shares of the software maker’s stock valued at $8,182,000 after purchasing an additional 4,624 shares in the last quarter. Finally, Financial Perspectives Inc increased its holdings in shares of Shopify by 20.0% in the second quarter. Financial Perspectives Inc now owns 18,222 shares of the software maker’s stock valued at $1,204,000 after purchasing an additional 3,041 shares in the last quarter. Institutional investors own 69.27% of the company’s stock.

Shopify price history

The stock has a 50-day moving average of $63.43 and a 200-day moving average of $69.96. The company has a debt-to-equity ratio of 0.10, a current ratio of 7.14 and a quick ratio of 7.14. The company has a market cap of $89.32 billion, a price-to-earnings ratio of -407.71, a price-to-earnings-growth ratio of 3.14 and a beta of 2.30.

Shopify (NYSE:SHOP – Free Report) (TSE:SHOP) last announced its earnings results on Wednesday, May 8. The software maker reported earnings per share (EPS) of $0.12 for the quarter, beating analysts’ consensus estimates of $0.08 by $0.04. Shopify had a positive return on equity of 7.36% and a negative net margin of 2.82%. The company had revenue of $1.86 billion during the quarter, compared to analysts’ expectations of $1.84 billion. On average, equities analysts forecast that Shopify Inc. will post earnings per share of $0.62 for the current fiscal year.

About Shopify

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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.

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