Wolfe Research Initiates Coverage on Shopify (NYSE:SHOP)

Wolfe Research began coverage on shares of Shopify (NYSE:SHOP) (TSE:SHOP) in a report issued on Tuesday morning, MarketBeat.com reports. The brokerage issued an outperform rating and a $80.00 price objective on the software maker’s stock.

Several other equities research analysts have also recently issued reports on SHOP. JMP Securities raised Shopify from a market perform rating to an outperform rating and set a $80.00 target price on the stock in a report on Thursday, May 9th. Wells Fargo & Company reduced their target price on Shopify from $85.00 to $75.00 and set an overweight rating on the stock in a report on Thursday, May 9th. Mizuho reduced their price objective on Shopify from $75.00 to $65.00 and set a neutral rating on the stock in a research note on Thursday, May 9th. The Goldman Sachs Group boosted their price objective on Shopify from $67.00 to $74.00 and gave the stock a buy rating in a research note on Tuesday, May 28th. Finally, BNP Paribas raised Shopify from an underperform rating to an outperform rating in a research note on Thursday, May 2nd. One equities research analyst has rated the stock with a sell rating, fifteen have assigned a hold rating and twenty-two have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of Moderate Buy and an average price target of $77.44.

Shopify Price Performance

NYSE:SHOP opened at $63.18 on Tuesday. Shopify has a 52 week low of $45.50 and a 52 week high of $91.57. The company has a quick ratio of 7.14, a current ratio of 7.14 and a debt-to-equity ratio of 0.10. The business’s 50-day simple moving average is $62.78 and its two-hundred day simple moving average is $71.85. The stock has a market cap of $81.42 billion, a PE ratio of -371.65, a P/E/G ratio of 3.76 and a beta of 2.30.

Shopify (NYSE:SHOP) (TSE:SHOP) last issued its earnings results on Wednesday, May 8th. The software maker reported $0.12 earnings per share (EPS) for the quarter, topping the consensus estimate 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 firm had revenue of $1.86 billion for the quarter, compared to analysts’ expectations of $1.84 billion. As a group, analysts forecast that Shopify will post 0.62 EPS for the current fiscal year.

Institutional Trading of Shopify

Hedge funds have recently bought and sold shares of the stock. Norden Group LLC purchased a new stake in Shopify during the first quarter worth $3,618,000. StoneCrest Wealth Management Inc. purchased a new stake in Shopify during the fourth quarter worth $1,164,000. FIL Ltd lifted its holdings in Shopify by 1.8% during the fourth quarter. FIL Ltd now owns 13,303,001 shares of the software maker’s stock worth $1,035,688,000 after buying an additional 238,596 shares during the period. Asset Management One Co. Ltd. increased its position in shares of Shopify by 4,007.4% during the fourth quarter. Asset Management One Co. Ltd. now owns 35,488 shares of the software maker’s stock worth $2,807,000 after purchasing an additional 34,624 shares in the last quarter. Finally, Wealthcare Advisory Partners LLC increased its position in shares of Shopify by 5.3% during the first quarter. Wealthcare Advisory Partners LLC now owns 4,340 shares of the software maker’s stock worth $335,000 after purchasing an additional 219 shares in the last quarter. Hedge funds and other 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.