Shopify’s (SHOP) “Neutral” Rating Reiterated at Cantor Fitzgerald

Shopify (NYSE:SHOP) (TSE:SHOP)‘s stock had its “neutral” rating reaffirmed by investment analysts at Cantor Fitzgerald in a report released on Monday, Benzinga reports. They presently have a $70.00 target price on the software maker’s stock. Cantor Fitzgerald’s price target indicates a potential downside of 10.79% from the stock’s previous close.

A number of other research analysts have also recently commented on SHOP. Citigroup lowered their target price on Shopify from $97.00 to $90.00 and set a “buy” rating for the company in a research note on Thursday, August 8th. Piper Sandler reissued a “neutral” rating and set a $67.00 price objective on shares of Shopify in a research report on Thursday, August 29th. Morgan Stanley upped their target price on shares of Shopify from $80.00 to $85.00 and gave the stock an “overweight” rating in a research report on Thursday, August 8th. Deutsche Bank Aktiengesellschaft lifted their price target on shares of Shopify from $80.00 to $85.00 and gave the company a “buy” rating in a research report on Thursday, August 8th. Finally, Truist Financial cut their price objective on shares of Shopify from $65.00 to $55.00 and set a “hold” rating on the stock in a report on Tuesday, August 6th. One investment analyst has rated the stock with a sell rating, sixteen have issued a hold rating, twenty-four have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $78.38.

Shopify Stock Down 2.1 %

Shares of NYSE SHOP opened at $78.47 on Monday. The firm has a fifty day simple moving average of $70.57 and a two-hundred day simple moving average of $68.49. Shopify has a 12 month low of $45.50 and a 12 month high of $91.57. The company has a current ratio of 7.32, a quick ratio of 7.32 and a debt-to-equity ratio of 0.10. The firm has a market capitalization of $101.12 billion, a PE ratio of -461.59, a price-to-earnings-growth ratio of 2.65 and a beta of 2.35.

Shopify (NYSE:SHOP) (TSE:SHOP) last released its quarterly earnings results on Wednesday, August 7th. The software maker reported $0.26 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.20 by $0.06. Shopify had a net margin of 16.40% and a return on equity of 10.88%. The company had revenue of $2.05 billion during the quarter, compared to the consensus estimate of $2.01 billion. During the same period in the prior year, the firm earned ($0.08) earnings per share. Shopify’s revenue was up 20.7% on a year-over-year basis. Equities analysts expect that Shopify will post 0.76 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. Jones Financial Companies Lllp bought a new position in Shopify in the 4th quarter worth $28,000. Belpointe Asset Management LLC purchased a new position in shares of Shopify during the 4th quarter valued at about $309,000. Blueshift Asset Management LLC grew its stake in shares of Shopify by 74.9% during the 4th quarter. Blueshift Asset Management LLC now owns 45,262 shares of the software maker’s stock valued at $3,526,000 after acquiring an additional 19,385 shares during the period. Armistice Capital LLC purchased a new stake in Shopify in the 4th quarter worth approximately $496,000. Finally, Capital International Investors raised its stake in Shopify by 9.7% during the 4th quarter. Capital International Investors now owns 15,849,638 shares of the software maker’s stock worth $1,235,534,000 after acquiring an additional 1,399,562 shares during the period. 69.27% of the stock is currently owned by institutional investors.

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.