Shopify (NYSE:SHOP) Receives Market Outperform Rating from JMP Securities

JMP Securities reaffirmed their market outperform rating on shares of Shopify (NYSE:SHOP) (TSE:SHOP) in a research note published on Tuesday morning, Benzinga reports. JMP Securities currently has a $80.00 price objective on the software maker’s stock.

A number of other brokerages have also issued reports on SHOP. DZ Bank lowered Shopify from a hold rating to a sell rating in a research report on Friday, August 9th. Evercore ISI increased their target price on Shopify from $75.00 to $80.00 and gave the company an outperform rating in a research report on Thursday, August 8th. Evercore increased their target price on Shopify from $75.00 to $80.00 in a research report on Thursday, August 8th. Barclays raised their price objective on Shopify from $63.00 to $65.00 and gave the company an equal weight rating in a report on Thursday, August 8th. Finally, Roth Mkm raised their price objective on Shopify from $77.00 to $79.00 and gave the company a buy rating in a report on Thursday, August 8th. One investment analyst has rated the stock with a sell rating, sixteen have given a hold rating, twenty-three have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of Moderate Buy and an average target price of $77.37.

Shopify Trading Up 1.6 %

Shares of NYSE:SHOP opened at $72.45 on Tuesday. Shopify has a 1 year low of $45.50 and a 1 year high of $91.57. The firm has a market capitalization of $93.36 billion, a price-to-earnings ratio of -426.18, a price-to-earnings-growth ratio of 2.40 and a beta of 2.35. The company has a debt-to-equity ratio of 0.10, a current ratio of 7.32 and a quick ratio of 7.32. The business’s 50 day moving average price is $67.38 and its 200-day moving average price is $68.41.

Shopify (NYSE:SHOP) (TSE:SHOP) last announced its earnings results on Wednesday, August 7th. The software maker reported $0.26 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.20 by $0.06. Shopify had a return on equity of 10.88% and a net margin of 16.40%. The firm had revenue of $2.05 billion for the quarter, compared to analyst estimates of $2.01 billion. During the same quarter last year, the firm posted ($0.08) EPS. The business’s revenue was up 20.7% on a year-over-year basis. On average, equities research analysts forecast that Shopify will post 0.76 earnings per share for the current fiscal year.

Institutional Trading of Shopify

A number of hedge funds and other institutional investors have recently modified their holdings of SHOP. Lazari Capital Management Inc. grew its position in Shopify by 2.8% in the 2nd quarter. Lazari Capital Management Inc. now owns 6,447 shares of the software maker’s stock valued at $426,000 after acquiring an additional 177 shares in the last quarter. Sanctuary Advisors LLC acquired a new position in Shopify in the 2nd quarter valued at about $9,664,000. Souders Financial Advisors grew its position in Shopify by 3.3% in the 2nd quarter. Souders Financial Advisors now owns 11,522 shares of the software maker’s stock valued at $761,000 after acquiring an additional 370 shares in the last quarter. Clearbridge Investments LLC grew its position in Shopify by 54.2% in the 2nd quarter. Clearbridge Investments LLC now owns 4,714,691 shares of the software maker’s stock valued at $311,404,000 after acquiring an additional 1,657,251 shares in the last quarter. Finally, Truist Financial Corp grew its position in Shopify by 12.5% in the 2nd quarter. Truist Financial Corp now owns 550,550 shares of the software maker’s stock valued at $36,364,000 after acquiring an additional 61,014 shares in the last quarter. 69.27% of the stock is owned by institutional investors and hedge funds.

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.