Shopify (NYSE:SHOP) Rating Increased to Buy at Redburn Atlantic

Shopify (NYSE:SHOP) (TSE:SHOP) was upgraded by investment analysts at Redburn Atlantic from a “neutral” rating to a “buy” rating in a research note issued on Tuesday, FinViz reports. The brokerage presently has a $99.00 price objective on the software maker’s stock. Redburn Atlantic’s target price indicates a potential upside of 34.53% from the stock’s current price.

SHOP has been the subject of a number of other reports. Cantor Fitzgerald started coverage on Shopify in a research report on Thursday, September 5th. They set a “neutral” rating and a $70.00 target price for the company. Loop Capital lifted their price objective on Shopify from $68.00 to $80.00 and gave the company a “hold” rating in a report on Friday, August 16th. Evercore increased their target price on shares of Shopify from $75.00 to $80.00 in a report on Thursday, August 8th. UBS Group boosted their price target on shares of Shopify from $71.00 to $75.00 and gave the company a “neutral” rating in a report on Thursday, August 8th. Finally, Wells Fargo & Company increased their price objective on shares of Shopify from $80.00 to $90.00 and gave the company an “overweight” rating in a research note on Wednesday, September 11th. One equities research analyst has rated the stock with a sell rating, sixteen have assigned a hold rating, twenty-four have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $77.92.

Shopify Stock Up 1.6 %

Shares of SHOP opened at $73.59 on Tuesday. The firm has a market capitalization of $94.83 billion, a P/E ratio of -432.88, a P/E/G ratio of 2.39 and a beta of 2.35. Shopify has a 12-month low of $45.50 and a 12-month high of $91.57. The firm has a fifty day moving average price of $67.50 and a 200-day moving average price of $68.28. The company has a current ratio of 7.32, a quick ratio of 7.32 and a debt-to-equity ratio of 0.10.

Shopify (NYSE:SHOP) (TSE:SHOP) last issued its earnings results on Wednesday, August 7th. The software maker reported $0.26 EPS for the quarter, topping analysts’ consensus estimates of $0.20 by $0.06. Shopify had a net margin of 16.40% and a return on equity of 10.88%. The business 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 firm earned ($0.08) EPS. The company’s revenue for the quarter was up 20.7% compared to the same quarter last year. Equities research analysts expect that Shopify will post 0.76 earnings per share for the current year.

Institutional Trading of Shopify

Several institutional investors have recently bought and sold shares of SHOP. Tradition Wealth Management LLC lifted its position in shares of Shopify by 7.5% during the 4th quarter. Tradition Wealth Management LLC now owns 2,007 shares of the software maker’s stock valued at $156,000 after buying an additional 140 shares in the last quarter. Willis Johnson & Associates Inc. grew its position in shares of Shopify by 5.8% in the first quarter. Willis Johnson & Associates Inc. now owns 2,728 shares of the software maker’s stock valued at $211,000 after purchasing an additional 149 shares during the period. Nations Financial Group Inc. IA ADV increased its stake in shares of Shopify by 3.2% during the fourth quarter. Nations Financial Group Inc. IA ADV now owns 4,839 shares of the software maker’s stock worth $377,000 after purchasing an additional 150 shares in the last quarter. Valley National Advisers Inc. raised its position in shares of Shopify by 11.4% during the 1st quarter. Valley National Advisers Inc. now owns 1,482 shares of the software maker’s stock worth $114,000 after purchasing an additional 152 shares during the last quarter. Finally, Checchi Capital Advisers LLC boosted its holdings in Shopify by 4.0% in the 1st quarter. Checchi Capital Advisers LLC now owns 4,178 shares of the software maker’s stock worth $322,000 after buying an additional 162 shares during the last quarter. 69.27% of the stock is owned by institutional investors and hedge funds.

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.