Shopify (NASDAQ:SHOP) Upgraded by Rosenblatt Securities to Strong-Buy Rating

Rosenblatt Securities upgraded shares of Shopify (NASDAQ:SHOP) (TSE:SHOP) to a strong-buy rating in a research report released on Wednesday morning,Zacks.com reports.

Other equities research analysts have also issued reports about the company. The Goldman Sachs Group raised their price target on Shopify from $170.00 to $194.00 and gave the stock a “buy” rating in a research note on Thursday, August 6th. Truist Financial set a $180.00 price objective on Shopify and gave the stock a “buy” rating in a research note on Wednesday, August 5th. Bank of America assumed coverage on Shopify in a report on Tuesday, July 7th. They issued a “buy” rating and a $150.00 price objective for the company. Evercore reissued an “outperform” rating and set a $175.00 target price (up from $135.00) on shares of Shopify in a research report on Wednesday, August 5th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $180.00 price objective on shares of Shopify in a research note on Tuesday, May 5th. One equities research analyst has rated the stock with a Strong Buy rating, thirty-five have given a Buy rating and ten have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $170.84.

Shopify Stock Up 0.4%

SHOP opened at $147.18 on Wednesday. Shopify has a 52 week low of $94.00 and a 52 week high of $182.19. The company has a quick ratio of 5.35, a current ratio of 5.35 and a debt-to-equity ratio of 0.01. The firm has a 50-day simple moving average of $125.96 and a two-hundred day simple moving average of $120.36. The company has a market capitalization of $189.37 billion, a PE ratio of 99.45, a price-to-earnings-growth ratio of 2.99 and a beta of 2.58.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last announced its quarterly earnings results on Wednesday, August 5th. The software maker reported $0.42 earnings per share for the quarter, topping the consensus estimate of $0.40 by $0.02. The company had revenue of $3.58 billion for the quarter. Shopify had a net margin of 14.53% and a return on equity of 12.58%. The company’s revenue for the quarter was up 33.7% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.69 EPS. Analysts forecast that Shopify will post 1.45 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Shopify

Large investors have recently modified their holdings of the business. Kingdom Financial Group LLC. acquired a new stake in Shopify during the 4th quarter worth about $26,000. Curio Wealth LLC purchased a new position in Shopify during the fourth quarter valued at approximately $27,000. Evolution Wealth Management Inc. lifted its holdings in Shopify by 203.9% in the first quarter. Evolution Wealth Management Inc. now owns 231 shares of the software maker’s stock valued at $27,000 after acquiring an additional 155 shares during the period. Graney & King LLC purchased a new stake in Shopify in the 1st quarter worth approximately $27,000. Finally, Mowery & Schoenfeld Wealth Management LLC purchased a new stake in Shopify in the 4th quarter worth approximately $29,000. Hedge funds and other institutional investors own 69.27% of the company’s stock.

Shopify Company Profile

Shopify is a Canadian commerce technology company that provides a cloud-based platform for businesses to create, manage and scale online and physical retail stores. Its core offering is a software-as-a-service e-commerce platform that enables merchants to build customizable storefronts, manage product catalogs, process orders, and handle inventory. Shopify also supports omnichannel selling through integrated point-of-sale (POS) systems for in-person transactions.

Beyond storefront software, Shopify offers a range of merchant services and tools designed to simplify commerce operations.