Wedbush Reiterates Outperform Rating for Shopify (NYSE:SHOP)

Shopify (NYSE:SHOP) (TSE:SHOP)‘s stock had its “outperform” rating reaffirmed by stock analysts at Wedbush in a research report issued to clients and investors on Tuesday,RTT News reports. They currently have a $125.00 target price on the software maker’s stock. Wedbush’s price objective would suggest a potential upside of 0.82% from the company’s current price.

A number of other research firms have also weighed in on SHOP. New Street Research began coverage on Shopify in a research report on Friday, January 10th. They set a “neutral” rating and a $115.00 price objective for the company. Truist Financial raised their price objective on shares of Shopify from $65.00 to $110.00 and gave the company a “hold” rating in a research note on Wednesday, November 13th. Mizuho upped their target price on shares of Shopify from $68.00 to $105.00 and gave the stock a “neutral” rating in a research note on Wednesday, November 13th. Scotiabank boosted their price objective on shares of Shopify from $75.00 to $80.00 and gave the stock a “sector perform” rating in a report on Thursday, October 24th. Finally, Piper Sandler increased their target price on Shopify from $67.00 to $94.00 and gave the company a “neutral” rating in a research note on Wednesday, November 13th. One investment analyst has rated the stock with a sell rating, fourteen have issued a hold rating, twenty-four have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $103.80.

Shopify Stock Up 3.4 %

SHOP stock traded up $4.08 during midday trading on Tuesday, hitting $123.98. The stock had a trading volume of 34,820,389 shares, compared to its average volume of 7,711,520. The business has a 50-day moving average of $111.05 and a two-hundred day moving average of $91.37. The firm has a market cap of $160.19 billion, a price-to-earnings ratio of 115.87, a price-to-earnings-growth ratio of 2.49 and a beta of 2.47. The company has a debt-to-equity ratio of 0.09, a current ratio of 7.10 and a quick ratio of 7.10. Shopify has a 52-week low of $48.56 and a 52-week high of $125.95.

Shopify (NYSE:SHOP) (TSE:SHOP) last posted its quarterly earnings data on Tuesday, February 11th. The software maker reported $0.34 EPS for the quarter, missing the consensus estimate of $0.44 by ($0.10). Shopify had a return on equity of 11.60% and a net margin of 16.84%. As a group, equities research analysts forecast that Shopify will post 0.91 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Shopify

A number of hedge funds have recently made changes to their positions in the business. Baillie Gifford & Co. boosted its position in shares of Shopify by 14.7% during the 3rd quarter. Baillie Gifford & Co. now owns 63,366,308 shares of the software maker’s stock valued at $5,078,176,000 after acquiring an additional 8,131,160 shares during the last quarter. FMR LLC boosted its stake in Shopify by 16.1% during the third quarter. FMR LLC now owns 42,306,077 shares of the software maker’s stock worth $3,389,637,000 after buying an additional 5,869,795 shares during the period. Connor Clark & Lunn Investment Management Ltd. increased its position in Shopify by 30.2% during the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 7,095,382 shares of the software maker’s stock valued at $754,201,000 after acquiring an additional 1,647,374 shares during the last quarter. National Bank of Canada FI lifted its holdings in shares of Shopify by 28.0% in the 3rd quarter. National Bank of Canada FI now owns 7,408,880 shares of the software maker’s stock worth $593,588,000 after acquiring an additional 1,621,981 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA boosted its stake in shares of Shopify by 52.5% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 3,848,143 shares of the software maker’s stock worth $308,390,000 after purchasing an additional 1,325,350 shares during the period. Institutional investors own 69.27% of the company’s stock.

Shopify Company Profile

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.