Rosenblatt Securities Initiates Coverage on Shopify (NASDAQ:SHOP)

Analysts at Rosenblatt Securities began coverage on shares of Shopify (NASDAQ:SHOP) (TSE:SHOP) in a research note issued to investors on Thursday. The brokerage set a “buy” rating and a $175.00 price target on the software maker’s stock. Rosenblatt Securities’ price target points to a potential upside of 19.39% from the company’s current price.

SHOP has been the topic of several other research reports. Evercore reaffirmed an “outperform” rating and set a $175.00 target price (up from $135.00) on shares of Shopify in a report on Wednesday, August 5th. Robert W. Baird set a $150.00 price target on shares of Shopify in a research note on Wednesday, May 6th. Phillip Securities lowered shares of Shopify from a “strong-buy” rating to a “moderate buy” rating in a research report on Monday. Zacks Research cut Shopify from a “strong-buy” rating to a “hold” rating in a research note on Friday, August 7th. Finally, BMO Capital Markets set a $165.00 price objective on Shopify and gave the stock an “outperform” rating in a report on Thursday, August 6th. Thirty-six investment analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $170.84.

Shopify Price Performance

Shares of SHOP opened at $146.58 on Thursday. Shopify has a 1 year low of $94.00 and a 1 year high of $182.19. The company has a debt-to-equity ratio of 0.01, a current ratio of 5.35 and a quick ratio of 5.35. The stock has a 50 day simple moving average of $125.22 and a two-hundred day simple moving average of $120.25. The firm has a market cap of $188.60 billion, a P/E ratio of 99.04, a P/E/G ratio of 2.99 and a beta of 2.58.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last posted its quarterly earnings results on Wednesday, August 5th. The software maker reported $0.42 EPS for the quarter, topping the consensus estimate of $0.40 by $0.02. The firm had revenue of $3.58 billion for the quarter. Shopify had a net margin of 14.53% and a return on equity of 12.58%. The company’s revenue was up 33.7% compared to the same quarter last year. During the same period last year, the business posted $0.69 earnings per share. On average, analysts forecast that Shopify will post 1.45 earnings per share for the current fiscal year.

Institutional Trading of Shopify

Several institutional investors and hedge funds have recently bought and sold shares of SHOP. Brighton Jones LLC boosted its position in shares of Shopify by 2.8% during the fourth quarter. Brighton Jones LLC now owns 21,176 shares of the software maker’s stock valued at $2,252,000 after purchasing an additional 584 shares in the last quarter. AQR Capital Management LLC grew its stake in Shopify by 107.3% in the first quarter. AQR Capital Management LLC now owns 14,576 shares of the software maker’s stock worth $1,392,000 after purchasing an additional 7,544 shares during the period. Sivia Capital Partners LLC raised its holdings in Shopify by 6.6% in the second quarter. Sivia Capital Partners LLC now owns 8,190 shares of the software maker’s stock worth $945,000 after purchasing an additional 506 shares in the last quarter. Osterweis Capital Management Inc. bought a new position in Shopify in the second quarter worth $53,000. Finally, Main Street Financial Solutions LLC lifted its position in Shopify by 15.3% during the second quarter. Main Street Financial Solutions LLC now owns 11,131 shares of the software maker’s stock valued at $1,284,000 after buying an additional 1,479 shares during the period. 69.27% of the stock is currently owned by hedge funds and other institutional investors.

Shopify Company Profile

Shopify is a Canadian commerce technology company that provides a cloud-based platform for businesses to create, manage and scale online and physical retail stores. Its core offering is a software-as-a-service e-commerce platform that enables merchants to build customizable storefronts, manage product catalogs, process orders, and handle inventory. Shopify also supports omnichannel selling through integrated point-of-sale (POS) systems for in-person transactions.

Beyond storefront software, Shopify offers a range of merchant services and tools designed to simplify commerce operations.