Shopify (NYSE:SHOP) Upgraded by Redburn Atlantic to “Buy”

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

Several other research analysts have also issued reports on the stock. JPMorgan Chase & Co. raised their target price on shares of Shopify from $74.00 to $76.00 and gave the company an overweight rating in a research note on Tuesday, August 20th. Cantor Fitzgerald began coverage on shares of Shopify in a research note on Thursday, September 5th. They issued a neutral rating and a $70.00 price objective on the stock. The Goldman Sachs Group upped their target price on shares of Shopify from $67.00 to $74.00 and gave the company a buy rating in a research report on Tuesday, May 28th. Evercore raised their price target on Shopify from $75.00 to $80.00 in a research report on Thursday, August 8th. Finally, Wolfe Research started coverage on Shopify in a research note on Tuesday, July 16th. They set an outperform rating and a $80.00 price objective for the company. One analyst has rated the stock with a sell rating, sixteen have assigned a hold rating, twenty-four have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Shopify currently has an average rating of Moderate Buy and a consensus price target of $77.92.

Shopify Stock Performance

SHOP stock opened at $78.71 on Tuesday. The company has a 50 day moving average price of $68.41 and a 200 day moving average price of $68.41. Shopify has a fifty-two week low of $45.50 and a fifty-two week 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 stock has a market capitalization of $101.43 billion, a PE ratio of -463.00, a price-to-earnings-growth ratio of 2.47 and a beta of 2.35.

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

Institutional Investors Weigh In On Shopify

A number of institutional investors have recently made changes to their positions in the company. Capital World Investors boosted its stake in shares of Shopify by 26.2% in 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 buying an additional 10,340,040 shares during the period. Vanguard Group Inc. boosted its stake in shares of Shopify by 1.7% in the first quarter. Vanguard Group Inc. now owns 42,881,355 shares of the software maker’s stock valued at $3,309,154,000 after buying an additional 713,064 shares during the period. Price T Rowe Associates Inc. MD boosted its stake in shares of Shopify by 21.2% in 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 buying an additional 5,982,434 shares during the period. GQG Partners LLC boosted its stake in shares of Shopify by 197.9% in the first quarter. GQG Partners LLC now owns 20,901,980 shares of the software maker’s stock valued at $1,613,006,000 after buying an additional 13,885,473 shares during the period. Finally, Capital International Investors boosted its stake in shares of Shopify by 3.4% in the first quarter. Capital International Investors now owns 16,392,141 shares of the software maker’s stock valued at $1,264,982,000 after buying an additional 542,503 shares during the period. Institutional investors own 69.27% of the company’s stock.

About Shopify

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.