Needham & Company LLC Reiterates Hold Rating for Shopify (NYSE:SHOP)

Shopify (NYSE:SHOP) (TSE:SHOP)‘s stock had its “hold” rating restated by stock analysts at Needham & Company LLC in a research note issued to investors on Thursday, Benzinga reports.

A number of other research analysts have also weighed in on SHOP. CIBC raised their price objective on Shopify from $82.00 to $100.00 and gave the company an “outperform” rating in a research report on Wednesday, February 7th. ATB Capital boosted their price objective on shares of Shopify from $105.00 to $110.00 and gave the stock a “sector perform” rating in a report on Wednesday, February 14th. Roth Capital increased their target price on Shopify from $85.00 to $89.00 and gave the company a “buy” rating in a research note on Wednesday, February 14th. Wells Fargo & Company decreased their price target on Shopify from $90.00 to $85.00 and set an “overweight” rating for the company in a research note on Wednesday, February 14th. Finally, Benchmark reaffirmed a “hold” rating on shares of Shopify in a research report on Tuesday. One equities research analyst has rated the stock with a sell rating, nineteen have issued a hold rating and eighteen have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $78.67.

Shopify Stock Performance

Shares of SHOP stock opened at $62.81 on Thursday. The company has a quick ratio of 6.99, a current ratio of 6.99 and a debt-to-equity ratio of 0.10. The stock has a fifty day moving average of $74.74 and a 200 day moving average of $73.78. The firm has a market capitalization of $80.81 billion, a price-to-earnings ratio of 697.89 and a beta of 2.20. Shopify has a 52 week low of $45.50 and a 52 week high of $91.57.

Shopify (NYSE:SHOP) (TSE:SHOP) last posted its earnings results on Tuesday, February 13th. The software maker reported $0.26 earnings per share for the quarter, topping analysts’ consensus estimates 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 return on equity of 4.48% and a net margin of 1.87%. As a group, research analysts expect that Shopify will post 0.59 earnings per share for the current year.

Institutional Investors Weigh In On Shopify

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Norges Bank purchased a new stake in shares of Shopify during the fourth quarter worth about $1,049,089,000. Capital World Investors raised its position in shares of Shopify by 28.7% during the fourth quarter. Capital World Investors now owns 39,424,769 shares of the software maker’s stock valued at $3,071,197,000 after buying an additional 8,789,411 shares during the last quarter. Artisan Partners Limited Partnership lifted its holdings in shares of Shopify by 78.4% in the third quarter. Artisan Partners Limited Partnership now owns 4,809,633 shares of the software maker’s stock worth $262,462,000 after buying an additional 2,113,773 shares in the last quarter. William Blair Investment Management LLC boosted its position in shares of Shopify by 5,918.3% during the first quarter. William Blair Investment Management LLC now owns 1,930,003 shares of the software maker’s stock worth $148,938,000 after acquiring an additional 1,897,934 shares during the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund grew its stake in Shopify by 118.9% during the fourth quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 3,382,000 shares of the software maker’s stock valued at $263,452,000 after acquiring an additional 1,837,000 shares in the last quarter. 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.