Shopify (NYSE:SHOP) Reaches New 1-Year High on Earnings Beat

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Shopify Inc (NYSE:SHOP) (TSE:SHOP) reached a new 52-week high during mid-day trading on Wednesday after the company announced better than expected quarterly earnings. The company traded as high as $1,107.92 and last traded at $1,089.94, with a volume of 3077698 shares changing hands. The stock had previously closed at $985.00.

The software maker reported $1.05 earnings per share for the quarter, topping the consensus estimate of $0.01 by $1.04. Shopify had a negative net margin of 7.65% and a negative return on equity of 2.56%. The business had revenue of $714.34 million for the quarter, compared to analysts’ expectations of $511.56 million. During the same period in the previous year, the company earned $0.10 earnings per share. The firm’s revenue for the quarter was up 97.3% compared to the same quarter last year.

A number of research analysts have weighed in on the stock. Citigroup boosted their target price on shares of Shopify from $998.00 to $1,200.00 and gave the company a “neutral” rating in a research note on Thursday. Canaccord Genuity boosted their target price on shares of Shopify from $700.00 to $1,000.00 and gave the company a “hold” rating in a research note on Thursday. Barclays boosted their target price on shares of Shopify from $960.00 to $1,040.00 and gave the company an “equal weight” rating in a research note on Thursday. Jefferies Financial Group reiterated a “hold” rating and issued a $725.00 target price on shares of Shopify in a research note on Tuesday. Finally, Wells Fargo & Co boosted their target price on shares of Shopify from $700.00 to $1,000.00 and gave the company a “hold” rating in a research note on Thursday. Two investment analysts have rated the stock with a sell rating, nineteen have assigned a hold rating and eleven have assigned a buy rating to the company’s stock. Shopify has an average rating of “Hold” and an average target price of $927.71.

Several large investors have recently modified their holdings of the company. Cetera Advisor Networks LLC increased its holdings in shares of Shopify by 0.5% in the 1st quarter. Cetera Advisor Networks LLC now owns 2,707 shares of the software maker’s stock worth $1,129,000 after buying an additional 14 shares during the last quarter. Baldwin Investment Management LLC grew its holdings in shares of Shopify by 1.1% during the 1st quarter. Baldwin Investment Management LLC now owns 1,516 shares of the software maker’s stock valued at $632,000 after purchasing an additional 16 shares during the last quarter. New Capital Management LP grew its holdings in shares of Shopify by 180.0% during the 2nd quarter. New Capital Management LP now owns 28 shares of the software maker’s stock valued at $27,000 after purchasing an additional 18 shares during the last quarter. Asset Dedication LLC grew its holdings in shares of Shopify by 20.0% during the 1st quarter. Asset Dedication LLC now owns 120 shares of the software maker’s stock valued at $50,000 after purchasing an additional 20 shares during the last quarter. Finally, Osborn Williams & Donohoe LLC grew its holdings in shares of Shopify by 4.0% during the 1st quarter. Osborn Williams & Donohoe LLC now owns 525 shares of the software maker’s stock valued at $219,000 after purchasing an additional 20 shares during the last quarter. 60.17% of the stock is currently owned by hedge funds and other institutional investors.

The firm has a market cap of $122.99 billion, a PE ratio of -904.17 and a beta of 1.61. The company has a debt-to-equity ratio of 0.04, a quick ratio of 9.45 and a current ratio of 9.45. The company’s 50-day simple moving average is $929.03 and its two-hundred day simple moving average is $638.32.

Shopify Company Profile (NYSE:SHOP)

Shopify Inc provides a cloud-based multi-channel commerce platform for small and medium-sized businesses in the United States, the United Kingdom, Canada, Australia, and internationally. Its platform provides merchants with a single view of business and customers in various sales channels, including Web and mobile storefronts, physical retail locations, social media storefronts, and marketplaces; and enables to manage products and inventory, process orders and payments, ship orders, build customer relationships, leverage analytics and reporting, and access financing.

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