Shopify (NYSE:SHOP) Trading 1% Higher After Analyst Upgrade

Posted by Defense World Staff on May 29th, 2024

Shares of Shopify Inc. (NYSE:SHOP – Get Free Report) (TSE:SHOP) traded up 1% during mid-day trading on Tuesday after The Goldman Sachs Group raised their price target on the stock from $67.00 to $74.00. The Goldman Sachs Group currently has a buy rating on the stock. Shopify traded as high as $57.74 and last traded at $57.53. 3,318,896 shares changed hands during trading, a decline of 68% from the average session volume of 10,348,780 shares. The stock had previously closed at $56.97.

Several other research firms have also issued reports on SHOP. Scotiabank dropped their target price on Shopify from $80.00 to $75.00 and set a “sector perform” rating on the stock in a report on Thursday, May 9th. ATB Capital raised their target price on shares of Shopify from $105.00 to $110.00 and gave the company a “sector perform” rating in a research note on Wednesday, February 14th. Canaccord Genuity Group dropped their price target on shares of Shopify from $90.00 to $80.00 and set a “buy” rating on the stock in a research report on Thursday, May 9th. Morgan Stanley raised shares of Shopify from an “equal weight” rating to an “overweight” rating and lifted their price objective for the company from $74.00 to $85.00 in a research report on Friday, April 19th. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of Shopify in a report on Thursday, May 9th. One research analyst has rated the stock with a sell rating, sixteen have assigned a hold rating and nineteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $77.06.

Get Our Latest Analysis on Shopify

Institutional Investors Weigh In On Shopify

Several large investors have recently added to or reduced their stakes in SHOP. GQG Partners LLC raised its stake in shares of Shopify by 197.9% during the first quarter. GQG Partners LLC now owns 20,901,980 shares of the software maker’s stock worth $1,613,006,000 after acquiring an additional 13,885,473 shares in the last quarter. Norges Bank purchased a new position in shares of Shopify in the fourth quarter worth about $1,049,089,000. Capital World Investors boosted its holdings in Shopify by 26.2% during the 1st quarter. Capital World Investors now owns 49,764,809 shares of the software maker’s stock valued at $3,840,332,000 after acquiring an additional 10,340,040 shares during the period. Price T Rowe Associates Inc. MD boosted its stake in shares of Shopify by 21.2% during the first 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 period. Finally, Artisan Partners Limited Partnership boosted its position in Shopify by 78.4% during the 3rd quarter. Artisan Partners Limited Partnership now owns 4,809,633 shares of the software maker’s stock valued at $262,462,000 after buying an additional 2,113,773 shares during the period. Institutional investors own 69.27% of the company’s stock.

Shopify Stock Up 2.2 %

The company has a market capitalization of $75.00 billion, a P/E ratio of -342.35, a PEG ratio of 2.60 and a beta of 2.20. The company has a 50 day moving average of $69.47 and a 200-day moving average of $74.24. The company has a debt-to-equity ratio of 0.10, a current ratio of 7.14 and a quick ratio of 7.14.

Shopify (NYSE:SHOP – Get Free Report) (TSE:SHOP) last announced its quarterly earnings results on Wednesday, May 8th. The software maker reported $0.12 EPS for the quarter, topping analysts’ consensus estimates of $0.08 by $0.04. Shopify had a positive return on equity of 7.36% and a negative net margin of 2.82%. The company had revenue of $1.86 billion during the quarter, compared to analyst estimates of $1.84 billion. As a group, equities analysts anticipate that Shopify Inc. will post 0.59 EPS for the current year.

Shopify Company Profile

(Get Free Report)

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.

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