Shopify (NYSE:SHOP) Shares Up 0.1%

Shopify Inc. (NYSE:SHOP) (TSE:SHOP)’s share price shot up 0.1% during mid-day trading on Monday . The company traded as high as $60.57 and last traded at $59.99. 1,236,756 shares were traded during mid-day trading, a decline of 88% from the average session volume of 9,944,271 shares. The stock had previously closed at $59.94.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on SHOP shares. Morgan Stanley upgraded shares of Shopify from an “equal weight” rating to an “overweight” rating and increased their price objective for the stock from $74.00 to $85.00 in a research note on Friday, April 19th. Evercore upgraded shares of Shopify from an “in-line” rating to an “outperform” rating and set a $75.00 target price for the company in a research report on Friday, June 14th. Piper Sandler raised their price target on shares of Shopify from $63.00 to $67.00 and gave the company a “neutral” rating in a research note on Wednesday, July 24th. KeyCorp assumed coverage on Shopify in a research report on Thursday, July 25th. They set an “overweight” rating and a $80.00 price objective for the company. Finally, Canaccord Genuity Group decreased their price objective on Shopify from $90.00 to $80.00 and set a “buy” rating for the company in a report on Thursday, May 9th. One analyst has rated the stock with a sell rating, fifteen have issued a hold rating and twenty-three have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Shopify has a consensus rating of “Moderate Buy” and an average target price of $77.62.

Shopify Price Performance

The company has a market capitalization of $76.26 billion, a PE ratio of -348.12, a P/E/G ratio of 3.46 and a beta of 2.30. The stock has a 50 day moving average price of $63.08 and a two-hundred day moving average price of $70.94. The company has a debt-to-equity ratio of 0.10, a quick ratio of 7.14 and a current ratio of 7.14.

Shopify (NYSE:SHOP) (TSE:SHOP) last released its quarterly earnings data on Wednesday, May 8th. The software maker reported $0.12 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.08 by $0.04. The business had revenue of $1.86 billion during the quarter, compared to analyst estimates of $1.84 billion. Shopify had a negative net margin of 2.82% and a positive return on equity of 7.36%. Equities analysts forecast that Shopify Inc. will post 0.62 earnings per share for the current year.

Hedge Funds Weigh In On Shopify

Large investors have recently made changes to their positions in the business. Private Wealth Management Group LLC acquired a new stake in shares of Shopify during the 4th quarter worth approximately $26,000. DSM Capital Partners LLC bought a new position in shares of Shopify in the fourth quarter worth about $28,000. Jones Financial Companies Lllp acquired a new position in shares of Shopify during the fourth quarter worth approximately $28,000. Your Advocates Ltd. LLP increased its holdings in shares of Shopify by 4,344.4% in the fourth quarter. Your Advocates Ltd. LLP now owns 400 shares of the software maker’s stock valued at $31,000 after purchasing an additional 391 shares in the last quarter. Finally, OLD Point Trust & Financial Services N A acquired a new position in Shopify during the 4th quarter worth $39,000. Institutional investors and hedge funds 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.