Shopify (NYSE:SHOP) Raised to “Buy” at Citigroup

Citigroup upgraded shares of Shopify (NYSE:SHOP) (TSE:SHOP) from a neutral rating to a buy rating in a research report sent to investors on Monday, MarketBeat.com reports. The brokerage currently has $105.00 price target on the software maker’s stock, up from their previous price target of $93.00.

A number of other research analysts have also recently commented on the company. Barclays dropped their price target on Shopify from $70.00 to $68.00 and set an equal weight rating for the company in a research note on Wednesday, February 14th. Royal Bank of Canada restated an outperform rating and issued a $100.00 price objective on shares of Shopify in a report on Wednesday, February 14th. The Goldman Sachs Group increased their price objective on Shopify from $67.00 to $75.00 and gave the company a neutral rating in a report on Thursday, February 29th. Needham & Company LLC restated a hold rating on shares of Shopify in a report on Tuesday, April 16th. Finally, Mizuho increased their price objective on Shopify from $65.00 to $75.00 and gave the company a neutral rating in a report on Wednesday, February 14th. Two equities research analysts have rated the stock with a sell rating, eighteen have issued a hold rating and seventeen have assigned a buy rating to the company. Based on data from MarketBeat.com, Shopify has an average rating of Hold and a consensus price target of $79.03.

Shopify Trading Up 2.3 %

Shares of NYSE:SHOP opened at $72.02 on Monday. The company has a market capitalization of $92.66 billion, a P/E ratio of 800.31 and a beta of 2.20. Shopify has a 1 year low of $45.50 and a 1 year high of $91.57. The company has a debt-to-equity ratio of 0.10, a current ratio of 6.99 and a quick ratio of 6.99. The business’s 50 day simple moving average is $74.77 and its 200 day simple moving average is $73.00.

Shopify (NYSE:SHOP) (TSE:SHOP) last released its earnings results on Tuesday, February 13th. The software maker reported $0.26 earnings per share for the quarter, topping the consensus estimate of $0.22 by $0.04. Shopify had a return on equity of 4.48% and a net margin of 1.87%. The firm had revenue of $2.14 billion during the quarter, compared to analysts’ expectations of $2.07 billion. On average, research analysts anticipate that Shopify will post 0.58 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the company. StoneCrest Wealth Management Inc. bought a new stake in shares of Shopify during the 4th quarter worth $1,164,000. Asset Management One Co. Ltd. lifted its holdings in shares of Shopify by 4,007.4% during the 4th quarter. Asset Management One Co. Ltd. now owns 35,488 shares of the software maker’s stock worth $2,807,000 after acquiring an additional 34,624 shares during the last quarter. SeaCrest Wealth Management LLC bought a new stake in shares of Shopify during the 4th quarter worth $433,000. Bleakley Financial Group LLC lifted its holdings in shares of Shopify by 18.5% during the 4th quarter. Bleakley Financial Group LLC now owns 10,778 shares of the software maker’s stock worth $840,000 after acquiring an additional 1,681 shares during the last quarter. Finally, Advisor Resource Council bought a new stake in Shopify in the fourth quarter worth $1,488,000. 69.27% of the stock is currently owned by hedge funds and other institutional investors.

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.