Shopify (NYSE:SHOP) Given “Outperform” Rating at Wedbush

Shopify (NYSE:SHOP) (TSE:SHOP)‘s stock had its “outperform” rating reaffirmed by investment analysts at Wedbush in a report released on Tuesday,RTT News reports. They currently have a $125.00 price objective on the software maker’s stock. Wedbush’s price target would indicate a potential upside of 0.82% from the stock’s previous close.

A number of other equities analysts also recently weighed in on the stock. KeyCorp lifted their target price on shares of Shopify from $80.00 to $130.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 13th. New Street Research started coverage on Shopify in a research report on Friday, January 10th. They issued a “neutral” rating and a $115.00 price objective for the company. Truist Financial raised their target price on Shopify from $65.00 to $110.00 and gave the stock a “hold” rating in a research note on Wednesday, November 13th. Atb Cap Markets lowered Shopify from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, November 12th. Finally, Canaccord Genuity Group lifted their price objective on shares of Shopify from $80.00 to $125.00 and gave the company a “buy” rating in a research note on Wednesday, November 13th. One equities research analyst has rated the stock with a sell rating, fourteen have assigned a hold rating, twenty-four have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $103.80.

Shopify Price Performance

Shares of SHOP traded up $4.08 during mid-day trading on Tuesday, reaching $123.98. The company had a trading volume of 34,820,389 shares, compared to its average volume of 7,711,520. The company has a market capitalization of $160.19 billion, a price-to-earnings ratio of 115.87, a P/E/G ratio of 2.49 and a beta of 2.47. The company has a debt-to-equity ratio of 0.09, a quick ratio of 7.10 and a current ratio of 7.10. The company’s 50 day simple moving average is $111.05 and its 200 day simple moving average is $91.37. Shopify has a 1-year low of $48.56 and a 1-year high of $125.95.

Shopify (NYSE:SHOP) (TSE:SHOP) last released its quarterly earnings data on Tuesday, February 11th. The software maker reported $0.34 earnings per share for the quarter, missing the consensus estimate of $0.44 by ($0.10). Shopify had a net margin of 16.84% and a return on equity of 11.60%. Analysts expect that Shopify will post 0.91 EPS for the current year.

Hedge Funds Weigh In On Shopify

Institutional investors have recently made changes to their positions in the stock. Jennison Associates LLC purchased a new stake in Shopify in the fourth quarter worth approximately $132,323,000. Swiss National Bank boosted its holdings in Shopify by 0.9% during the 3rd quarter. Swiss National Bank now owns 3,657,800 shares of the software maker’s stock valued at $293,507,000 after acquiring an additional 33,300 shares during the period. Watts Gwilliam & Co. LLC increased its stake in Shopify by 53.0% in the 4th quarter. Watts Gwilliam & Co. LLC now owns 13,401 shares of the software maker’s stock worth $1,431,000 after purchasing an additional 4,641 shares during the period. Teachers Retirement System of The State of Kentucky lifted its position in Shopify by 29.3% in the third quarter. Teachers Retirement System of The State of Kentucky now owns 342,030 shares of the software maker’s stock valued at $27,409,000 after purchasing an additional 77,500 shares during the last quarter. Finally, Oppenheimer & Co. Inc. boosted its stake in shares of Shopify by 26.4% during the third quarter. Oppenheimer & Co. Inc. now owns 33,609 shares of the software maker’s stock valued at $2,693,000 after purchasing an additional 7,027 shares during the period. 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.