Shopify (NASDAQ:SHOP) Upgraded by TD Securities to Hold Rating

TD Securities upgraded shares of Shopify (NASDAQ:SHOP) (TSE:SHOP) to a hold rating in a research note released on Thursday,Zacks.com reports.

Several other equities analysts have also recently weighed in on SHOP. JPMorgan Chase & Co. lifted their price objective on shares of Shopify from $179.00 to $180.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 5th. ATB Capital downgraded Shopify to a “sector perform” rating in a research note on Thursday, August 7th. Evercore ISI lifted their target price on Shopify from $120.00 to $170.00 and gave the company an “outperform” rating in a research note on Friday, August 8th. Mizuho raised their price target on shares of Shopify from $85.00 to $150.00 and gave the stock a “neutral” rating in a report on Thursday, August 7th. Finally, BNP Paribas Exane initiated coverage on shares of Shopify in a research note on Monday, November 24th. They issued a “neutral” rating on the stock. Twenty-two investment analysts have rated the stock with a Buy rating and twenty-four have issued a Hold rating to the company. According to data from MarketBeat.com, Shopify has an average rating of “Hold” and an average target price of $166.53.

Shopify Stock Up 1.4%

SHOP opened at $162.31 on Thursday. The firm has a market cap of $211.30 billion, a PE ratio of 120.23, a P/E/G ratio of 5.94 and a beta of 2.82. The business has a fifty day simple moving average of $158.06 and a 200-day simple moving average of $137.11. Shopify has a fifty-two week low of $69.84 and a fifty-two week high of $182.19.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last announced its earnings results on Tuesday, November 4th. The software maker reported $0.27 EPS for the quarter, beating the consensus estimate of $0.24 by $0.03. The business had revenue of $2.84 billion during the quarter, compared to the consensus estimate of $2.75 billion. Shopify had a return on equity of 11.72% and a net margin of 16.65%. On average, equities research analysts anticipate that Shopify will post 1.12 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Allworth Financial LP raised its holdings in Shopify by 8.8% during the third quarter. Allworth Financial LP now owns 22,204 shares of the software maker’s stock valued at $3,300,000 after buying an additional 1,787 shares in the last quarter. Swiss Life Asset Management Ltd boosted its stake in shares of Shopify by 19.2% during the 3rd quarter. Swiss Life Asset Management Ltd now owns 166,613 shares of the software maker’s stock worth $24,788,000 after acquiring an additional 26,808 shares in the last quarter. Cambria Investment Management L.P. bought a new position in shares of Shopify in the 3rd quarter valued at approximately $375,000. Strategic Advocates LLC bought a new position in Shopify in the 3rd quarter worth $120,000. Finally, KERR FINANCIAL PLANNING Corp bought a new position in shares of Shopify in the third quarter worth about $104,000. Institutional investors own 69.27% of the company’s stock.

About Shopify

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.