Shopify (NYSE:SHOP) Receives Market Outperform Rating from JMP Securities

JMP Securities reiterated their market outperform rating on shares of Shopify (NYSE:SHOP) (TSE:SHOP) in a research report released on Tuesday morning, Benzinga reports. JMP Securities currently has a $80.00 price objective on the software maker’s stock.

Several other research analysts also recently commented on the company. DZ Bank downgraded Shopify from a hold rating to a sell rating in a report on Friday, August 9th. Citigroup reduced their price objective on Shopify from $97.00 to $90.00 and set a buy rating on the stock in a report on Thursday, August 8th. Loop Capital raised their price objective on Shopify from $68.00 to $80.00 and gave the stock a hold rating in a report on Friday, August 16th. KeyCorp assumed coverage on Shopify in a report on Thursday, July 25th. They set an overweight rating and a $80.00 price objective on the stock. Finally, Evercore ISI raised their price objective on Shopify from $75.00 to $80.00 and gave the stock an outperform rating in a report on Thursday, August 8th. One research analyst has rated the stock with a sell rating, sixteen have assigned a hold rating, twenty-three have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Shopify presently has a consensus rating of Moderate Buy and an average target price of $77.37.

Shopify Price Performance

Shares of SHOP stock opened at $72.45 on Tuesday. Shopify has a 52-week low of $45.50 and a 52-week high of $91.57. 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 firm has a market capitalization of $93.36 billion, a P/E ratio of -426.18, a P/E/G ratio of 2.40 and a beta of 2.35. The stock has a 50 day moving average price of $67.38 and a 200 day moving average price of $68.41.

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

Hedge Funds Weigh In On Shopify

Hedge funds and other institutional investors have recently bought and sold shares of the business. Private Wealth Management Group LLC acquired a new position in Shopify in the 4th quarter worth approximately $26,000. Oliver Lagore Vanvalin Investment Group grew its stake in shares of Shopify by 100.0% during the 2nd quarter. Oliver Lagore Vanvalin Investment Group now owns 400 shares of the software maker’s stock worth $26,000 after purchasing an additional 200 shares during the period. DSM Capital Partners LLC acquired a new stake in shares of Shopify during the 4th quarter worth approximately $28,000. Jones Financial Companies Lllp acquired a new stake in shares of Shopify during the 4th quarter worth approximately $28,000. Finally, Cultivar Capital Inc. acquired a new stake in shares of Shopify during the 2nd quarter worth approximately $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.