Shopify (NYSE:SHOP) Coverage Initiated by Analysts at BMO Capital Markets

BMO Capital Markets started coverage on shares of Shopify (NYSE:SHOP) (TSE:SHOP) in a research note published on Tuesday, Marketbeat reports. The brokerage issued an outperform rating and a $120.00 price target on the software maker’s stock.

Other equities analysts have also recently issued research reports about the stock. Wells Fargo & Company increased their price target on shares of Shopify from $120.00 to $135.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 12th. Jefferies Financial Group reduced their target price on Shopify from $130.00 to $110.00 and set a “hold” rating on the stock in a report on Monday. Phillip Securities downgraded shares of Shopify from a “strong-buy” rating to a “moderate buy” rating in a research report on Monday, February 17th. Citigroup raised their target price on Shopify from $143.00 to $175.00 and gave the company a “buy” rating in a research note on Tuesday, February 11th. Finally, Robert W. Baird boosted their price objective on Shopify from $126.00 to $135.00 and gave the stock an “outperform” rating in a research report on Wednesday, February 12th. One research analyst has rated the stock with a sell rating, sixteen have given a hold rating, twenty-six have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $116.00.

Shopify Trading Down 0.3 %

Shares of SHOP stock opened at $94.26 on Tuesday. Shopify has a twelve month low of $48.56 and a twelve month high of $129.38. The company has a market capitalization of $122.05 billion, a PE ratio of 60.81, a price-to-earnings-growth ratio of 4.82 and a beta of 2.66. The firm has a fifty day simple moving average of $93.49 and a 200-day simple moving average of $102.66.

Shopify (NYSE:SHOP) (TSE:SHOP) last issued its quarterly earnings results on Thursday, May 8th. The software maker reported ($0.53) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.26 by ($0.79). Shopify had a return on equity of 12.00% and a net margin of 22.74%. The firm’s revenue was up 26.8% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.20 earnings per share. Equities research analysts predict that Shopify will post 1.12 EPS for the current year.

Hedge Funds Weigh In On Shopify

Several large investors have recently bought and sold shares of SHOP. Jennison Associates LLC acquired a new stake in Shopify during the fourth quarter worth about $132,323,000. Watts Gwilliam & Co. LLC grew its holdings in shares of Shopify by 53.0% during the 4th quarter. Watts Gwilliam & Co. LLC now owns 13,401 shares of the software maker’s stock worth $1,431,000 after purchasing an additional 4,641 shares in the last quarter. Synovus Financial Corp bought a new stake in shares of Shopify during the third quarter valued at approximately $481,000. Western Financial Corp CA acquired a new position in shares of Shopify in the fourth quarter valued at $239,000. Finally, Kessler Investment Group LLC bought a new position in Shopify in the fourth quarter worth $6,105,000. 69.27% of the stock is currently owned by institutional investors and hedge funds.

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.