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 issued on Tuesday, MarketBeat Ratings reports. They currently have $99.00 price target on the software maker’s stock.

A number of other equities research analysts have also recently weighed in on SHOP. JPMorgan Chase & Co. upped their price objective on shares of Shopify from $74.00 to $76.00 and gave the stock an overweight rating in a report on Tuesday, August 20th. Cantor Fitzgerald began coverage on shares of Shopify in a report on Thursday, September 5th. They issued a neutral rating and a $70.00 price objective on the stock. Deutsche Bank Aktiengesellschaft upped their price objective on shares of Shopify from $80.00 to $85.00 and gave the stock a buy rating in a report on Thursday, August 8th. KeyCorp began coverage on shares of Shopify in a report on Thursday, July 25th. They issued an overweight rating and a $80.00 price objective on the stock. Finally, Citigroup cut their price objective on shares of Shopify from $97.00 to $90.00 and set a buy rating on the stock in a report on Thursday, August 8th. One analyst has rated the stock with a sell rating, sixteen have issued a hold rating, twenty-four have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of Moderate Buy and an average price target of $77.92.

Shopify Price Performance

Shares of NYSE SHOP opened at $78.70 on Tuesday. 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 7.32 and a quick ratio of 7.32. The company’s 50-day moving average is $68.13 and its 200 day moving average is $68.39. The stock has a market capitalization 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.

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 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 quarter in the previous year, the company earned ($0.08) earnings per share. Shopify’s quarterly revenue was up 20.7% on a year-over-year basis. On average, sell-side analysts expect that Shopify will post 0.76 earnings per share for the current year.

Institutional Trading of Shopify

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Tradition Wealth Management LLC increased its stake in shares of Shopify by 7.5% in the fourth quarter. Tradition Wealth Management LLC now owns 2,007 shares of the software maker’s stock worth $156,000 after purchasing an additional 140 shares in the last quarter. Willis Johnson & Associates Inc. increased its stake in shares of Shopify by 5.8% in the first quarter. Willis Johnson & Associates Inc. now owns 2,728 shares of the software maker’s stock worth $211,000 after purchasing an additional 149 shares in the last quarter. Nations Financial Group Inc. IA ADV increased its stake in shares of Shopify by 3.2% in the fourth quarter. Nations Financial Group Inc. IA ADV now owns 4,839 shares of the software maker’s stock worth $377,000 after purchasing an additional 150 shares in the last quarter. Valley National Advisers Inc. increased its stake in shares of Shopify by 11.4% in the first quarter. Valley National Advisers Inc. now owns 1,482 shares of the software maker’s stock worth $114,000 after purchasing an additional 152 shares in the last quarter. Finally, Checchi Capital Advisers LLC increased its stake in shares of Shopify by 4.0% in the first quarter. Checchi Capital Advisers LLC now owns 4,178 shares of the software maker’s stock worth $322,000 after purchasing an additional 162 shares in the last quarter. 69.27% of the stock is owned by hedge funds and other institutional investors.

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.