Shopify (NYSE:SHOP) Lifted to Buy at Redburn Atlantic

Redburn Atlantic upgraded shares of Shopify (NYSE:SHOP) (TSE:SHOP) from a neutral rating to a buy rating in a report published on Tuesday, Marketbeat Ratings reports. They currently have $99.00 price target on the software maker’s stock.

A number of other analysts also recently weighed in on SHOP. Royal Bank of Canada restated an outperform rating and issued a $85.00 target price on shares of Shopify in a report on Thursday, August 8th. Roth Mkm boosted their target price on shares of Shopify from $77.00 to $79.00 and gave the stock a buy rating in a report on Thursday, August 8th. Bank of America upgraded shares of Shopify from a neutral rating to a buy rating and boosted their target price for the stock from $78.00 to $82.00 in a report on Tuesday, July 16th. Wedbush restated a neutral rating and issued a $72.00 target price (up from $68.00) on shares of Shopify in a report on Wednesday, August 7th. Finally, Argus upgraded shares of Shopify to a strong-buy rating in a report on Thursday, August 8th. One equities research analyst has rated the stock with a sell rating, sixteen have given a hold rating, twenty-four have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of Moderate Buy and an average target price of $77.92.

Shopify Stock Performance

Shares of NYSE SHOP opened at $78.70 on Tuesday. The company has a debt-to-equity ratio of 0.10, a quick ratio of 7.32 and a current ratio of 7.32. The company has a market cap of $101.42 billion, a P/E ratio of -462.94, a P/E/G ratio of 2.47 and a beta of 2.35. The firm’s fifty day moving average is $68.13 and its two-hundred day moving average is $68.39. Shopify has a 52-week low of $45.50 and a 52-week high of $91.57.

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

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the stock. Oliver Lagore Vanvalin Investment Group grew its holdings in shares of Shopify by 100.0% during the second quarter. Oliver Lagore Vanvalin Investment Group now owns 400 shares of the software maker’s stock valued at $26,000 after buying an additional 200 shares during the last quarter. DSM Capital Partners LLC acquired a new stake in Shopify during the 4th quarter worth about $28,000. Jones Financial Companies Lllp acquired a new stake in Shopify during the 4th quarter worth about $28,000. Cultivar Capital Inc. acquired a new stake in Shopify during the 2nd quarter worth about $33,000. Finally, Hazlett Burt & Watson Inc. acquired a new stake in Shopify during the 2nd quarter worth about $33,000. Institutional investors and hedge funds 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.