Shopify (NYSE:SHOP) Upgraded to “Overweight” at Morgan Stanley

Morgan Stanley upgraded shares of Shopify (NYSE:SHOP) (TSE:SHOP) from an equal weight rating to an overweight rating in a research report sent to investors on Friday morning, MarketBeat reports. The brokerage currently has $85.00 target price on the software maker’s stock, up from their prior target price of $74.00.

A number of other equities research analysts also recently weighed in on the company. Needham & Company LLC reissued a hold rating on shares of Shopify in a research report on Tuesday. National Bankshares lifted their target price on Shopify from $80.00 to $100.00 and gave the stock an outperform rating in a research report on Friday, January 26th. Loop Capital cut their price target on shares of Shopify from $90.00 to $80.00 and set a hold rating for the company in a research note on Monday, April 15th. Piper Sandler restated an underweight rating and set a $63.00 price target on shares of Shopify in a research note on Thursday, April 11th. Finally, Roth Capital raised their price target on shares of Shopify from $85.00 to $89.00 and gave the stock a buy rating in a research note on Wednesday, February 14th. Four analysts have rated the stock with a sell rating, eighteen have assigned a hold rating and fifteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Shopify presently has a consensus rating of Hold and an average price target of $78.30.

Shopify Trading Up 0.3 %

Shopify stock opened at $69.70 on Friday. The company has a debt-to-equity ratio of 0.10, a current ratio of 6.99 and a quick ratio of 6.99. The company has a market capitalization of $89.67 billion, a price-to-earnings ratio of 774.53 and a beta of 2.22. Shopify has a one year low of $45.50 and a one year high of $91.57. The company’s fifty day moving average price is $76.35 and its two-hundred day moving average price is $71.84.

Shopify (NYSE:SHOP) (TSE:SHOP) last posted its earnings results on Tuesday, February 13th. The software maker reported $0.26 EPS for the quarter, topping the consensus estimate of $0.22 by $0.04. The firm had revenue of $2.14 billion for the quarter, compared to the consensus estimate of $2.07 billion. Shopify had a net margin of 1.87% and a return on equity of 4.48%. On average, analysts forecast that Shopify will post 0.58 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Shopify

Institutional investors have recently added to or reduced their stakes in the stock. Private Wealth Management Group LLC bought a new stake in Shopify during the 4th quarter worth about $26,000. SJS Investment Consulting Inc. lifted its position in Shopify by 59.1% during the 4th quarter. SJS Investment Consulting Inc. now owns 350 shares of the software maker’s stock worth $27,000 after buying an additional 130 shares in the last quarter. PCA Investment Advisory Services Inc. bought a new stake in Shopify during the 2nd quarter worth about $27,000. DSM Capital Partners LLC bought a new stake in Shopify during the 4th quarter worth about $28,000. Finally, Jones Financial Companies Lllp bought a new stake in Shopify during the 4th quarter worth about $28,000. 69.27% of the stock is owned by institutional investors.

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.