Cantor Fitzgerald Reiterates “Neutral” Rating for Shopify (NYSE:SHOP)

Shopify (NYSE:SHOP) (TSE:SHOP)‘s stock had its “neutral” rating restated by research analysts at Cantor Fitzgerald in a note issued to investors on Monday, Benzinga reports. They presently have a $70.00 target price on the software maker’s stock. Cantor Fitzgerald’s target price suggests a potential downside of 12.87% from the stock’s current price.

A number of other analysts also recently issued reports on the stock. Wells Fargo & Company lifted their price objective on shares of Shopify from $80.00 to $90.00 and gave the stock an “overweight” rating in a report on Wednesday, September 11th. Argus raised Shopify to a “strong-buy” rating in a research note on Thursday, August 8th. Deutsche Bank Aktiengesellschaft increased their price objective on Shopify from $80.00 to $85.00 and gave the company a “buy” rating in a research report on Thursday, August 8th. Redburn Atlantic upgraded Shopify from a “neutral” rating to a “buy” rating and set a $99.00 target price for the company in a research report on Tuesday, September 17th. Finally, KeyCorp assumed coverage on Shopify in a research note on Thursday, July 25th. They issued an “overweight” rating and a $80.00 target price for the company. One investment analyst has rated the stock with a sell rating, sixteen have issued a hold rating, twenty-four have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $77.92.

Shopify Price Performance

Shares of NYSE SHOP opened at $80.34 on Monday. The stock’s 50-day simple moving average is $68.94 and its two-hundred day simple moving average is $68.40. Shopify has a twelve month low of $45.50 and a twelve month high of $91.57. The firm has a market capitalization of $103.53 billion, a P/E ratio of -472.59, a P/E/G ratio of 2.47 and a beta of 2.35. The company has a quick ratio of 7.32, a current ratio of 7.32 and a debt-to-equity ratio of 0.10.

Shopify (NYSE:SHOP) (TSE:SHOP) last posted its quarterly earnings data on Wednesday, August 7th. The software maker reported $0.26 earnings per share for the quarter, topping the consensus estimate of $0.20 by $0.06. Shopify had a net margin of 16.40% and a return on equity of 10.88%. The company had revenue of $2.05 billion for the quarter, compared to analysts’ expectations of $2.01 billion. During the same period in the prior year, the business earned ($0.08) earnings per share. Shopify’s revenue for the quarter was up 20.7% compared to the same quarter last year. As a group, equities analysts anticipate that Shopify will post 0.76 EPS for the current fiscal year.

Hedge Funds Weigh In On Shopify

A number of institutional investors have recently added to or reduced their stakes in SHOP. GQG Partners LLC increased its stake in shares of Shopify by 197.9% in the 1st 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. Capital World Investors increased its stake in shares of Shopify by 26.2% during the first quarter. Capital World Investors now owns 49,764,809 shares of the software maker’s stock valued at $3,840,332,000 after purchasing an additional 10,340,040 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its holdings in shares of Shopify by 21.2% during the first quarter. Price T Rowe Associates Inc. MD now owns 34,239,525 shares of the software maker’s stock valued at $2,642,265,000 after purchasing an additional 5,982,434 shares during the last quarter. Mackenzie Financial Corp boosted its position in shares of Shopify by 49.9% in the 2nd quarter. Mackenzie Financial Corp now owns 6,315,028 shares of the software maker’s stock worth $417,386,000 after purchasing an additional 2,102,939 shares in the last quarter. Finally, Toronto Dominion Bank grew its stake in shares of Shopify by 214.5% in the 1st quarter. Toronto Dominion Bank now owns 2,909,052 shares of the software maker’s stock worth $224,492,000 after buying an additional 1,983,996 shares during the last quarter. Institutional investors own 69.27% of the company’s stock.

Shopify Company Profile

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.