Rosenblatt Securities Upgrades Shopify (NASDAQ:SHOP) to Strong-Buy

Shopify (NASDAQ:SHOP) (TSE:SHOP) was upgraded by equities researchers at Rosenblatt Securities to a “strong-buy” rating in a report released on Wednesday,Zacks.com reports.

Several other equities research analysts have also commented on the stock. Needham & Company LLC reaffirmed a “buy” rating and set a $180.00 price target on shares of Shopify in a research report on Tuesday, May 5th. Wells Fargo & Company restated an “overweight” rating and issued a $180.00 price target (up from $144.00) on shares of Shopify in a research report on Friday, August 7th. Royal Bank Of Canada set a $180.00 price target on Shopify and gave the company an “outperform” rating in a report on Thursday, August 6th. National Bank Financial reiterated an “outperform” rating and issued a $180.00 price target (up from $155.00) on shares of Shopify in a report on Wednesday, August 5th. Finally, Stifel Nicolaus set a $150.00 target price on Shopify and gave the stock a “buy” rating in a research report on Thursday, July 9th. One investment analyst has rated the stock with a Strong Buy rating, thirty-five have assigned a Buy rating and ten have given a Hold rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $170.84.

Shopify Stock Up 0.4%

Shares of Shopify stock opened at $147.18 on Wednesday. The stock has a market capitalization of $189.37 billion, a PE ratio of 99.45, a price-to-earnings-growth ratio of 2.99 and a beta of 2.58. The company has a debt-to-equity ratio of 0.01, a quick ratio of 5.35 and a current ratio of 5.35. The company has a 50-day simple moving average of $125.96 and a two-hundred day simple moving average of $120.36. Shopify has a 52-week low of $94.00 and a 52-week high of $182.19.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last released its quarterly earnings data on Wednesday, August 5th. The software maker reported $0.42 EPS for the quarter, beating 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 company had revenue of $3.58 billion for the quarter. During the same period last year, the business earned $0.69 earnings per share. The company’s quarterly revenue was up 33.7% on a year-over-year basis. On average, analysts anticipate that Shopify will post 1.45 EPS for the current fiscal year.

Hedge Funds Weigh In On Shopify

A number of hedge funds and other institutional investors have recently made changes to their positions in SHOP. Kingdom Financial Group LLC. purchased a new stake in Shopify in the fourth quarter worth about $26,000. Curio Wealth LLC purchased a new position in Shopify during the 4th quarter valued at about $27,000. Evolution Wealth Management Inc. raised its holdings in shares of Shopify by 203.9% in the 1st quarter. Evolution Wealth Management Inc. now owns 231 shares of the software maker’s stock valued at $27,000 after purchasing an additional 155 shares in the last quarter. Graney & King LLC bought a new stake in shares of Shopify in the 1st quarter valued at about $27,000. Finally, Mowery & Schoenfeld Wealth Management LLC purchased a new stake in shares of Shopify in the 4th quarter worth approximately $29,000. Institutional investors own 69.27% of the company’s stock.

Shopify Company Profile

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.