Evercore ISI Upgrades Shopify (NYSE:SHOP) to “Outperform”

Shopify (NYSE:SHOP) (TSE:SHOP) was upgraded by equities research analysts at Evercore ISI from an “in-line” rating to an “outperform” rating in a research note issued to investors on Friday, MarketBeat.com reports. The brokerage currently has a $75.00 target price on the software maker’s stock. Evercore ISI’s price target would suggest a potential upside of 10.85% from the company’s current price.

A number of other equities research analysts have also recently issued reports on the stock. Robert W. Baird dropped their target price on shares of Shopify from $87.00 to $77.00 and set an “outperform” rating on the stock in a report on Thursday, May 9th. CIBC dropped their target price on shares of Shopify from $100.00 to $85.00 and set an “outperformer” rating on the stock in a report on Thursday, May 9th. Canaccord Genuity Group dropped their target price on shares of Shopify from $90.00 to $80.00 and set a “buy” rating on the stock in a report on Thursday, May 9th. StockNews.com raised shares of Shopify from a “sell” rating to a “hold” rating in a report on Wednesday, April 24th. Finally, JMP Securities upgraded shares of Shopify from a “market perform” rating to an “outperform” rating and set a $80.00 price target on the stock in a research note on Thursday, May 9th. One investment analyst has rated the stock with a sell rating, sixteen have given a hold rating and twenty-one have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $76.49.

Shopify Trading Up 4.6 %

Shares of NYSE:SHOP opened at $67.66 on Friday. The company’s 50-day moving average price is $65.35 and its two-hundred day moving average price is $73.55. 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 has a one year low of $45.50 and a one year high of $91.57. The stock has a market capitalization of $87.19 billion, a PE ratio of -398.00, a price-to-earnings-growth ratio of 3.27 and a beta of 2.27.

Shopify (NYSE:SHOP) (TSE:SHOP) last issued its quarterly earnings results on Wednesday, May 8th. The software maker reported $0.12 EPS for the quarter, topping the consensus estimate of $0.08 by $0.04. The firm had revenue of $1.86 billion for the quarter, compared to analysts’ expectations of $1.84 billion. Shopify had a negative net margin of 2.82% and a positive return on equity of 7.36%. On average, equities analysts forecast that Shopify will post 0.61 EPS for the current fiscal year.

Hedge Funds Weigh In On Shopify

Several institutional investors and hedge funds have recently added to or reduced their stakes in SHOP. GQG Partners LLC lifted its stake 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 purchasing an additional 13,885,473 shares during the last quarter. Norges Bank bought a new position in Shopify in the 4th quarter valued at approximately $1,049,089,000. Capital World Investors raised its stake in shares of Shopify by 26.2% during the first 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 last quarter. Price T Rowe Associates Inc. MD raised 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 acquiring an additional 5,982,434 shares during the last quarter. Finally, Toronto Dominion Bank raised its stake in shares of Shopify by 214.5% during the first quarter. Toronto Dominion Bank now owns 2,909,052 shares of the software maker’s stock valued at $224,492,000 after acquiring an additional 1,983,996 shares during the last quarter. Institutional investors own 69.27% of the company’s stock.

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.