Shopify (NYSE:SHOP) Sets New 1-Year High After Analyst Upgrade

Shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) reached a new 52-week high during mid-day trading on Tuesday after Jefferies Financial Group raised their price target on the stock from $110.00 to $130.00. Jefferies Financial Group currently has a hold rating on the stock. Shopify traded as high as $129.37 and last traded at $127.18, with a volume of 40790 shares trading hands. The stock had previously closed at $128.35.

Other analysts also recently issued research reports about the company. Wells Fargo & Company increased their target price on Shopify from $120.00 to $135.00 and gave the company an “overweight” rating in a research note on Wednesday, February 12th. Oppenheimer increased their price objective on Shopify from $130.00 to $150.00 and gave the company an “outperform” rating in a research report on Wednesday, February 12th. Atb Cap Markets lowered shares of Shopify from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, November 12th. Scotiabank increased their price target on shares of Shopify from $115.00 to $120.00 and gave the company a “sector perform” rating in a report on Wednesday, February 12th. Finally, New Street Research started coverage on shares of Shopify in a research report on Friday, January 10th. They issued a “neutral” rating and a $115.00 price target on the stock. One research analyst has rated the stock with a sell rating, fifteen have given a hold rating, twenty-four have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $126.31.

Institutional Investors Weigh In On Shopify

A number of hedge funds have recently added to or reduced their stakes in SHOP. Norges Bank acquired a new position in shares of Shopify during the fourth quarter worth approximately $1,542,262,000. Baillie Gifford & Co. raised its position in Shopify by 14.7% in the 3rd quarter. Baillie Gifford & Co. now owns 63,366,308 shares of the software maker’s stock worth $5,078,176,000 after purchasing an additional 8,131,160 shares during the last quarter. Arrowstreet Capital Limited Partnership lifted its holdings in Shopify by 79.8% during the 4th 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 in the last quarter. FMR LLC boosted its position in Shopify by 16.1% in the 3rd quarter. FMR LLC now owns 42,306,077 shares of the software maker’s stock valued at $3,389,637,000 after buying an additional 5,869,795 shares during the last quarter. Finally, Alliancebernstein L.P. increased its stake in shares of Shopify by 631.3% in the 4th quarter. Alliancebernstein L.P. now owns 4,459,580 shares of the software maker’s stock valued at $474,187,000 after buying an additional 3,849,796 shares during the period. Institutional investors own 69.27% of the company’s stock.

Shopify Trading Up 0.7 %

The company has a quick ratio of 7.10, a current ratio of 7.10 and a debt-to-equity ratio of 0.09. The company has a market cap of $166.94 billion, a P/E ratio of 120.75, a P/E/G ratio of 2.49 and a beta of 2.47. The business has a 50-day moving average price of $112.16 and a two-hundred day moving average price of $93.70.

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

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.