Shopify (NASDAQ:SHOP – Get Free Report) (TSE:SHOP) was downgraded by Phillip Securities from a “strong-buy” rating to a “moderate buy” rating in a note issued to investors on Monday,Zacks.com reports.
SHOP has been the topic of a number of other reports. Piper Sandler reiterated an “overweight” rating and set a $150.00 price target (down from $165.00) on shares of Shopify in a research note on Tuesday, May 5th. Citizens Jmp lifted their price objective on shares of Shopify from $150.00 to $185.00 and gave the company a “market outperform” rating in a report on Thursday, August 6th. Seaport Research Partners reaffirmed a “buy” rating and set a $175.00 target price on shares of Shopify in a research note on Monday. Weiss Ratings reiterated a “hold (c-)” rating on shares of Shopify in a report on Monday, August 3rd. Finally, Susquehanna started coverage on shares of Shopify in a research report on Friday, July 10th. They issued a “neutral” rating for the company. Thirty-five analysts have rated the stock with a Buy rating and ten have given a Hold rating to the company’s stock. According to data from MarketBeat.com, Shopify has an average rating of “Moderate Buy” and a consensus target price of $170.72.
View Our Latest Stock Analysis on Shopify
Shopify Trading Down 3.7%
Shopify (NASDAQ:SHOP – Get Free Report) (TSE:SHOP) last posted its earnings results on Wednesday, August 5th. The software maker reported $0.42 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.40 by $0.02. Shopify had a return on equity of 12.58% and a net margin of 14.53%.The firm had revenue of $3.58 billion for the quarter. During the same period in the previous year, the company posted $0.69 EPS. Shopify’s revenue was up 33.7% on a year-over-year basis. On average, equities analysts forecast that Shopify will post 1.45 earnings per share for the current year.
Hedge Funds Weigh In On Shopify
Institutional investors and hedge funds have recently made changes to their positions in the stock. Kingdom Financial Group LLC. purchased a new position in Shopify in the fourth quarter worth approximately $26,000. Curio Wealth LLC purchased a new stake in shares of Shopify in the 4th quarter valued at approximately $27,000. Mowery & Schoenfeld Wealth Management LLC purchased a new stake in shares of Shopify in the 4th quarter valued at approximately $29,000. Lloyd Advisory Services LLC. acquired a new stake in shares of Shopify in the 4th quarter valued at $31,000. Finally, Navalign LLC acquired a new stake in shares of Shopify in the 4th quarter valued at $34,000. 69.27% of the stock is owned by institutional investors and hedge funds.
About Shopify
Shopify is a Canadian commerce technology company that provides a cloud-based platform for businesses to create, manage and scale online and physical retail stores. Its core offering is a software-as-a-service e-commerce platform that enables merchants to build customizable storefronts, manage product catalogs, process orders, and handle inventory. Shopify also supports omnichannel selling through integrated point-of-sale (POS) systems for in-person transactions.
Beyond storefront software, Shopify offers a range of merchant services and tools designed to simplify commerce operations.
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