Shopify (NYSE:SHOP) Upgraded at Morgan Stanley

Shopify (NYSE:SHOP) (TSE:SHOP) was upgraded by stock analysts at Morgan Stanley from an “equal weight” rating to an “overweight” rating in a report issued on Friday, Marketbeat Ratings reports. The firm presently has a $85.00 price target on the software maker’s stock, up from their previous price target of $74.00. Morgan Stanley’s target price suggests a potential upside of 22.28% from the company’s previous close.

Other research analysts have also issued reports about the stock. Royal Bank of Canada restated an “outperform” rating and set a $100.00 price objective on shares of Shopify in a research note on Wednesday, February 14th. The Goldman Sachs Group upped their price target on shares of Shopify from $67.00 to $75.00 and gave the stock a “neutral” rating in a report on Thursday, February 29th. StockNews.com downgraded shares of Shopify from a “hold” rating to a “sell” rating in a report on Tuesday. DA Davidson upped their price target on shares of Shopify from $86.00 to $90.00 and gave the stock a “buy” rating in a report on Wednesday, February 14th. Finally, Wedbush reaffirmed a “neutral” rating and set a $68.00 price target on shares of Shopify in a report on Tuesday, February 13th. Four investment analysts have rated the stock with a sell rating, eighteen have issued a hold rating and fifteen have assigned a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $78.30.

Shopify Price Performance

Shares of SHOP stock opened at $69.51 on Friday. The firm’s 50 day moving average price is $76.77 and its two-hundred day moving average price is $71.73. The company has a debt-to-equity ratio of 0.10, a quick ratio of 6.99 and a current ratio of 6.99. The stock has a market cap of $89.43 billion, a PE ratio of 772.42 and a beta of 2.22. Shopify has a 52-week low of $45.50 and a 52-week high of $91.57.

Shopify (NYSE:SHOP) (TSE:SHOP) last posted its quarterly earnings data on Tuesday, February 13th. The software maker reported $0.26 EPS for the quarter, beating the consensus estimate of $0.22 by $0.04. Shopify had a net margin of 1.87% and a return on equity of 4.48%. The business had revenue of $2.14 billion for the quarter, compared to analysts’ expectations of $2.07 billion. As a group, analysts forecast that Shopify will post 0.58 EPS for the current year.

Hedge Funds Weigh In On Shopify

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Baillie Gifford & Co. lifted its stake in Shopify by 2.3% during the 4th quarter. Baillie Gifford & Co. now owns 64,164,758 shares of the software maker’s stock valued at $4,998,476,000 after acquiring an additional 1,419,749 shares during the period. Vanguard Group Inc. lifted its stake in shares of Shopify by 3.0% in the 4th quarter. Vanguard Group Inc. now owns 42,168,291 shares of the software maker’s stock worth $3,284,910,000 after purchasing an additional 1,242,067 shares during the period. Capital World Investors lifted its stake in shares of Shopify by 28.7% in the 4th quarter. Capital World Investors now owns 39,424,769 shares of the software maker’s stock worth $3,071,197,000 after purchasing an additional 8,789,411 shares during the period. Capital International Investors lifted its stake in shares of Shopify by 9.7% in the 4th quarter. Capital International Investors now owns 15,849,638 shares of the software maker’s stock worth $1,235,534,000 after purchasing an additional 1,399,562 shares during the period. Finally, Norges Bank bought a new position in shares of Shopify in the 4th quarter worth approximately $1,049,089,000. Institutional investors own 69.27% of the company’s stock.

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.