Shopify (NYSE:SHOP) Upgraded by Benchmark to “Buy” Rating

Benchmark upgraded shares of Shopify (NYSE:SHOP) (TSE:SHOP) from a hold rating to a buy rating in a report published on Monday, MarketBeat.com reports. They currently have $150.00 price target on the software maker’s stock.

Several other research analysts also recently weighed in on the company. Loop Capital upgraded Shopify from a “hold” rating to a “buy” rating and lifted their target price for the company from $110.00 to $140.00 in a research note on Friday, December 6th. Royal Bank of Canada reiterated an “outperform” rating and issued a $130.00 target price on shares of Shopify in a research note on Wednesday, January 22nd. Piper Sandler lifted their target price on Shopify from $67.00 to $94.00 and gave the company a “neutral” rating in a research note on Wednesday, November 13th. Scotiabank lifted their target price on Shopify from $75.00 to $80.00 and gave the company a “sector perform” rating in a research note on Thursday, October 24th. Finally, Atb Cap Markets downgraded Shopify from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, November 12th. One analyst has rated the stock with a sell rating, fourteen have issued a hold rating, twenty-five have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Shopify currently has a consensus rating of “Moderate Buy” and a consensus target price of $125.14.

Shopify Trading Down 2.5 %

SHOP opened at $120.46 on Monday. The firm has a market cap of $155.65 billion, a price-to-earnings ratio of 112.58, a price-to-earnings-growth ratio of 2.49 and a beta of 2.47. Shopify has a 52 week low of $48.56 and a 52 week high of $125.95. The business’s 50 day moving average is $111.29 and its two-hundred day moving average is $91.82. The company has a quick ratio of 7.10, a current ratio of 7.10 and a debt-to-equity ratio of 0.09.

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

Institutional Trading of Shopify

Several institutional investors and hedge funds have recently made changes to their positions in SHOP. Norges Bank purchased a new position in Shopify during the fourth quarter worth about $1,542,262,000. Baillie Gifford & Co. lifted its position in Shopify by 14.7% during the third quarter. Baillie Gifford & Co. now owns 63,366,308 shares of the software maker’s stock worth $5,078,176,000 after buying an additional 8,131,160 shares during the period. Arrowstreet Capital Limited Partnership lifted its position in Shopify by 79.8% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 16,487,579 shares of the software maker’s stock worth $1,752,834,000 after buying an additional 7,316,862 shares during the period. FMR LLC lifted its position in Shopify by 16.1% during the third quarter. FMR LLC now owns 42,306,077 shares of the software maker’s stock worth $3,389,637,000 after buying an additional 5,869,795 shares during the period. Finally, Alliancebernstein L.P. lifted its position in Shopify by 631.3% during the fourth quarter. Alliancebernstein L.P. now owns 4,459,580 shares of the software maker’s stock worth $474,187,000 after buying an additional 3,849,796 shares during the period. 69.27% of the stock is currently 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.