Needham & Company LLC Reaffirms Hold Rating for Shopify (NYSE:SHOP)

Needham & Company LLC reiterated their hold rating on shares of Shopify (NYSE:SHOP) (TSE:SHOP) in a research report released on Tuesday, Benzinga reports.

Several other equities research analysts have also issued reports on SHOP. JMP Securities reiterated a market perform rating on shares of Shopify in a research report on Monday, December 18th. StockNews.com upgraded shares of Shopify from a sell rating to a hold rating in a research report on Saturday, January 27th. Wedbush reiterated a neutral rating and set a $68.00 target price on shares of Shopify in a research report on Tuesday, February 13th. UBS Group lifted their target price on shares of Shopify from $75.00 to $80.00 and gave the company a neutral rating in a research report on Wednesday, February 14th. Finally, Piper Sandler reiterated an underweight rating and set a $63.00 target price on shares of Shopify in a research report on Thursday, April 11th. Four investment analysts have rated the stock with a sell rating, nineteen have given a hold rating and fourteen have given a buy rating to the company. According to data from MarketBeat.com, Shopify has a consensus rating of Hold and an average price target of $78.00.

Shopify Price Performance

SHOP stock opened at $69.51 on Tuesday. The firm has a 50 day moving average of $76.77 and a 200-day moving average of $71.73. The company has a current ratio of 6.99, a quick ratio of 6.99 and a debt-to-equity ratio of 0.10. Shopify has a 12 month low of $45.50 and a 12 month high of $91.57. The firm has a market capitalization of $89.43 billion, a P/E ratio of 772.42 and a beta of 2.22.

Shopify (NYSE:SHOP) (TSE:SHOP) last released its quarterly earnings data on Tuesday, February 13th. The software maker reported $0.26 EPS for the quarter, beating analysts’ consensus estimates of $0.22 by $0.04. Shopify had a net margin of 1.87% and a return on equity of 4.48%. The company had revenue of $2.14 billion during the quarter, compared to analyst estimates of $2.07 billion. As a group, sell-side analysts predict that Shopify will post 0.58 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Shopify

A number of hedge funds have recently bought and sold shares of SHOP. Norges Bank bought a new position in Shopify in the 4th quarter worth about $1,049,089,000. Capital World Investors boosted its stake in Shopify by 28.7% in the 4th quarter. Capital World Investors now owns 39,424,769 shares of the software maker’s stock worth $3,071,197,000 after purchasing an additional 8,789,411 shares in the last quarter. Nuveen Asset Management LLC bought a new position in Shopify in the 4th quarter worth about $432,659,000. Artisan Partners Limited Partnership boosted its stake in Shopify by 78.4% in the 3rd quarter. Artisan Partners Limited Partnership now owns 4,809,633 shares of the software maker’s stock worth $262,462,000 after purchasing an additional 2,113,773 shares in the last quarter. Finally, Legal & General Group Plc boosted its stake in Shopify by 30.2% in the 4th quarter. Legal & General Group Plc now owns 8,066,800 shares of the software maker’s stock worth $631,054,000 after purchasing an additional 1,870,515 shares in the last quarter. 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.