Shopify (NYSE:SHOP) Downgraded by DZ Bank

DZ Bank lowered shares of Shopify (NYSE:SHOP) (TSE:SHOP) from a hold rating to a sell rating in a research note released on Friday morning, MarketBeat reports.

Several other research analysts have also recently issued reports on the company. Roth Mkm raised their target price on Shopify from $77.00 to $79.00 and gave the stock a buy rating in a research report on Thursday, August 8th. Needham & Company LLC restated a hold rating on shares of Shopify in a research report on Thursday, May 9th. KeyCorp started coverage on shares of Shopify in a research report on Thursday, July 25th. They issued an overweight rating and a $80.00 price target on the stock. UBS Group boosted their price objective on shares of Shopify from $71.00 to $75.00 and gave the company a neutral rating in a research report on Thursday, August 8th. Finally, Piper Sandler raised their target price on Shopify from $63.00 to $67.00 and gave the stock a neutral rating in a report on Wednesday, July 24th. One research analyst has rated the stock with a sell rating, fifteen have given a hold rating and twenty-three have given a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of Moderate Buy and a consensus price target of $77.24.

Shopify Stock Performance

SHOP stock opened at $68.33 on Friday. The stock’s 50 day simple moving average is $63.61 and its 200 day simple moving average is $69.72. The company has a current ratio of 7.14, a quick ratio of 7.14 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 stock has a market capitalization of $88.06 billion, a PE ratio of -401.94, a price-to-earnings-growth ratio of 3.14 and a beta of 2.30.

Shopify (NYSE:SHOP) (TSE:SHOP) last announced its quarterly earnings results on Wednesday, August 7th. The software maker reported $0.26 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.20 by $0.06. Shopify had a positive return on equity of 7.36% and a negative net margin of 2.82%. The firm had revenue of $2.05 billion for the quarter, compared to the consensus estimate of $2.01 billion. During the same period in the prior year, the company posted ($0.08) earnings per share. The company’s quarterly revenue was up 20.7% on a year-over-year basis. As a group, research analysts forecast that Shopify will post 0.62 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Shopify

Hedge funds have recently made changes to their positions in the company. GQG Partners LLC raised its holdings in Shopify by 197.9% in the 1st quarter. GQG Partners LLC now owns 20,901,980 shares of the software maker’s stock valued at $1,613,006,000 after acquiring an additional 13,885,473 shares during the last quarter. Norges Bank purchased a new stake in shares of Shopify in the fourth quarter valued at about $1,049,089,000. Capital World Investors increased its position in Shopify by 26.2% during the first quarter. Capital World Investors now owns 49,764,809 shares of the software maker’s stock worth $3,840,332,000 after purchasing an additional 10,340,040 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its holdings in Shopify by 21.2% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 34,239,525 shares of the software maker’s stock valued at $2,642,265,000 after purchasing an additional 5,982,434 shares during the last quarter. Finally, Toronto Dominion Bank grew its stake in shares of Shopify by 214.5% in the 1st quarter. Toronto Dominion Bank now owns 2,909,052 shares of the software maker’s stock valued at $224,492,000 after buying an additional 1,983,996 shares during the period. Institutional investors and hedge funds own 69.27% of the company’s stock.

Shopify Company Profile

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.