Shopify (NASDAQ:SHOP) Stock Gets Price Target Reduction from Rosenblatt Securities

Shopify (NASDAQ:SHOP) (TSE:SHOP) had its price target reduced by Rosenblatt Securities from $186.00 to $180.00 in a research report report published on Wednesday,Benzinga reports. They currently have a buy rating on the software maker’s stock.

SHOP has been the subject of several other research reports. Mizuho set a $180.00 price target on shares of Shopify in a research report on Thursday, September 24th. National Bank Financial restated an “outperform” rating and issued a $180.00 price objective (up from $155.00) on shares of Shopify in a research report on Wednesday, August 5th. ATB Cormark Capital Markets lowered shares of Shopify from a “moderate buy” rating to a “hold” rating in a research note on Thursday, October 22nd. Stifel Nicolaus set a $210.00 target price on shares of Shopify and gave the stock a “buy” rating in a research note on Wednesday, October 14th. Finally, Piper Sandler reaffirmed an “overweight” rating on shares of Shopify in a report on Monday, October 5th. One analyst has rated the stock with a Strong Buy rating, thirty-eight have issued a Buy rating and ten have assigned a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $178.82.

Shopify Price Performance

NASDAQ:SHOP opened at $148.91 on Wednesday. Shopify has a 52 week low of $94.00 and a 52 week high of $180.88. The stock has a market capitalization of $191.59 billion, a PE ratio of 90.80, a price-to-earnings-growth ratio of 3.23 and a beta of 2.65. The stock’s 50-day moving average price is $152.51 and its 200-day moving average price is $130.07. The company has a quick ratio of 5.35, a current ratio of 5.35 and a debt-to-equity ratio of 0.01.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last released its quarterly earnings results on Tuesday, November 3rd. The software maker reported $0.49 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.33 by $0.16. Shopify had a return on equity of 12.58% and a net margin of 14.53%. The firm had revenue of $3.74 billion for the quarter. During the same quarter in the prior year, the business earned $0.34 EPS. The company’s quarterly revenue was up 31.6% compared to the same quarter last year. As a group, equities analysts expect that Shopify will post 1.47 EPS for the current fiscal year.

Institutional Investors Weigh In On Shopify

Several large investors have recently added to or reduced their stakes in SHOP. Signal Advisors Wealth LLC increased its holdings in Shopify by 0.5% in the 3rd quarter. Signal Advisors Wealth LLC now owns 12,589 shares of the software maker’s stock worth $1,867,000 after buying an additional 60 shares during the period. Canopy Partners LLC grew its holdings in Shopify by 3.0% in the 3rd quarter. Canopy Partners LLC now owns 2,109 shares of the software maker’s stock valued at $313,000 after buying an additional 61 shares during the period. Midway Capital Research & Management raised its holdings in Shopify by 0.5% in the third quarter. Midway Capital Research & Management now owns 14,008 shares of the software maker’s stock valued at $2,077,000 after acquiring an additional 65 shares in the last quarter. Eagle Wealth Advisors LLC boosted its holdings in shares of Shopify by 3.0% in the third quarter. Eagle Wealth Advisors LLC now owns 2,330 shares of the software maker’s stock valued at $346,000 after acquiring an additional 67 shares in the last quarter. Finally, Asset One Wealth Management LLC increased its stake in shares of Shopify by 0.3% in the third quarter. Asset One Wealth Management LLC now owns 24,060 shares of the software maker’s stock worth $3,568,000 after acquiring an additional 69 shares during the last quarter. 69.27% of the stock is owned by institutional investors.

More Shopify News

Here are the key news stories impacting Shopify this week:

• Positive Sentiment: Shopify reported 32% year-over-year revenue growth to about $3.7 billion, GMV growth of 30% to $119 billion, and a 22% free-cash-flow margin. Coverage also highlighted a forecast for another quarter of 30%-plus growth as the holiday shopping season approaches. Article Article
• Positive Sentiment: Several analysts remain constructive: Morgan Stanley reiterated a buy call after the pullback, Argus reaffirmed its buy rating with a $180 target, and Wedbush and RBC issued Outperform ratings. UBS raised its target to $160, though it kept a Neutral rating. Article Article
• Positive Sentiment: Traders bought a large volume of Shopify call options, suggesting some market participants are positioning for a rebound, though options activity is not a guarantee of future performance. Article
• Negative Sentiment: One report says Shopify’s results included a slight miss, which may be overshadowing its growth and prompting investors to reassess its premium valuation. Article
• Negative Sentiment: Rosenblatt lowered its expectations for the stock, while Cantor Fitzgerald issued a pessimistic forecast, adding to near-term analyst caution. Article Article

Shopify Company Profile

Shopify is a commerce technology company that provides tools for businesses to create and operate online stores. Its platform supports activities such as product management, order processing, payments, shipping, marketing and customer engagement.

Shopify also offers point-of-sale tools for merchants selling in person, connecting retail operations with online sales. Its services are used by businesses of varying sizes and are available to merchants in countries around the world.

Founded in 2006, Shopify is headquartered in Ottawa, Canada.