Shopify (NYSE:SHOP) Earns Outperform Rating from Royal Bank of Canada

Royal Bank of Canada reissued their outperform rating on shares of Shopify (NYSE:SHOP) (TSE:SHOP) in a report issued on Thursday morning, Benzinga reports. Royal Bank of Canada currently has a $85.00 price objective on the software maker’s stock.

Several other brokerages have also commented on SHOP. Canaccord Genuity Group decreased their price objective on shares of Shopify from $90.00 to $80.00 and set a buy rating for the company in a research report on Thursday, May 9th. Wedbush reaffirmed a neutral rating and issued a $72.00 price target (up previously from $68.00) on shares of Shopify in a report on Wednesday. The Goldman Sachs Group boosted their price objective on shares of Shopify from $67.00 to $74.00 and gave the company a buy rating in a report on Tuesday, May 28th. JPMorgan Chase & Co. assumed coverage on Shopify in a research note on Tuesday, June 11th. They issued an overweight rating and a $74.00 target price for the company. Finally, UBS Group lifted their price target on Shopify from $71.00 to $75.00 and gave the stock a neutral rating in a research report on Thursday. One analyst has rated the stock with a sell rating, fifteen have assigned a hold rating and twenty-three have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of Moderate Buy and a consensus price target of $77.24.

Shopify Stock Up 1.1 %

NYSE SHOP traded up $0.75 on Thursday, hitting $69.30. The stock had a trading volume of 10,931,244 shares, compared to its average volume of 10,422,090. The business’s fifty day moving average price is $63.43 and its 200 day moving average price is $69.89. The stock has a market cap of $89.31 billion, a price-to-earnings ratio of -407.65, a price-to-earnings-growth ratio of 3.14 and a beta of 2.30. The company has a debt-to-equity ratio of 0.10, a current ratio of 7.14 and a quick ratio of 7.14. Shopify has a 52-week low of $45.50 and a 52-week high of $91.57.

Shopify (NYSE:SHOP) (TSE:SHOP) last announced its earnings results on Wednesday, August 7th. The software maker reported $0.26 earnings per share for the quarter, topping the consensus estimate of $0.20 by $0.06. Shopify had a positive return on equity of 7.36% and a negative net margin of 2.82%. The firm had revenue of $2.05 billion for the quarter, compared to the consensus estimate of $2.01 billion. During the same period in the previous year, the business earned ($0.08) EPS. The firm’s revenue for the quarter was up 20.7% on a year-over-year basis. Equities research analysts anticipate that Shopify will post 0.62 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the stock. Norden Group LLC acquired a new stake in Shopify during the 1st quarter worth $3,618,000. Silvercrest Asset Management Group LLC grew its stake in Shopify by 735.0% during the 1st quarter. Silvercrest Asset Management Group LLC now owns 52,928 shares of the software maker’s stock valued at $4,084,000 after acquiring an additional 46,589 shares in the last quarter. DekaBank Deutsche Girozentrale raised its holdings in Shopify by 5.8% in the 1st quarter. DekaBank Deutsche Girozentrale now owns 523,257 shares of the software maker’s stock valued at $40,838,000 after acquiring an additional 28,639 shares during the last quarter. FIL Ltd lifted its stake in Shopify by 1.8% in the 4th quarter. FIL Ltd now owns 13,303,001 shares of the software maker’s stock worth $1,035,688,000 after purchasing an additional 238,596 shares in the last quarter. Finally, Asset Management One Co. Ltd. boosted its holdings in shares of Shopify by 4,007.4% during the 4th quarter. Asset Management One Co. Ltd. now owns 35,488 shares of the software maker’s stock worth $2,807,000 after purchasing an additional 34,624 shares during the last quarter. Institutional investors and hedge funds 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.