Shopify Inc. (NASDAQ:SHOP) Stock Now Rated "Moderate Buy" by Wall Street Brokerages

Key Points

• Analyst sentiment is broadly positive: 49 brokerages give Shopify an average “Moderate Buy” rating, with a consensus 12-month price target of $178.82.
• Quarterly earnings beat expectations: Shopify reported EPS of $0.49 versus the $0.33 consensus, while revenue rose 31.6% year over year to $3.74 billion.
• Shares rose 0.2% to $147.09 in Friday midday trading. Institutional investors and hedge funds own 69.27% of Shopify’s stock.

Shopify Inc. (NASDAQ:SHOP - Get Free Report) TSE: SHOP has been assigned an average recommendation of "Moderate Buy" from the forty-nine brokerages that are covering the stock, Marketbeat.com reports. Ten analysts have rated the stock with a hold recommendation, thirty-eight have given a buy recommendation and one has issued a strong buy recommendation on the company. The average 1-year price target among brokerages that have issued a report on the stock in the last year is $178.82.

Several equities analysts have recently commented on the company. Argus reaffirmed a "buy" rating and issued a $180.00 target price on shares of Shopify in a research report on Thursday, November 5th. Barclays set a $145.00 price target on Shopify and gave the stock an "equal weight" rating in a report on Thursday, August 6th. Stifel Nicolaus set a $210.00 price target on Shopify and gave the company a "buy" rating in a research note on Wednesday, October 14th. Jefferies Financial Group restated a "buy" rating on shares of Shopify in a research note on Wednesday, October 14th. Finally, KeyCorp upped their price objective on Shopify from $180.00 to $185.00 and gave the company an "overweight" rating in a report on Monday, November 2nd.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the business. Fortitude Family Office LLC acquired a new position in Shopify during the third quarter valued at approximately $29,000. MADDEN SECURITIES Corp acquired a new position in shares of Shopify during the 3rd quarter worth $30,000. Laurel Wealth Advisors LLC acquired a new position in shares of Shopify during the 3rd quarter worth $32,000. Graney & King LLC acquired a new position in shares of Shopify during the 1st quarter worth $27,000. Finally, Trellis Wealth Advisors LLC bought a new stake in shares of Shopify during the 3rd quarter worth $37,000. Institutional investors and hedge funds own 69.27% of the company's stock.

Shopify Stock Up 0.2%

Shares of NASDAQ SHOP traded up $0.31 during midday trading on Friday, hitting $147.09. 4,360,690 shares of the company's stock were exchanged, compared to its average volume of 8,820,674. The firm has a market capitalization of $189.25 billion, a PE ratio of 89.69, a price-to-earnings-growth ratio of 3.49 and a beta of 2.65. Shopify has a 12 month low of $94.00 and a 12 month high of $180.88. The company's 50 day moving average price is $152.79 and its 200 day moving average price is $130.34.

Shopify (NASDAQ:SHOP - Get Free Report) TSE: SHOP last posted its quarterly earnings results on Tuesday, November 3rd. The software maker reported $0.49 earnings per share for the quarter, beating analysts' consensus estimates of $0.33 by $0.16. The business had revenue of $3.74 billion for the quarter. Shopify had a return on equity of 14.03% and a net margin of 15.01%. The firm's revenue was up 31.6% on a year-over-year basis. During the same quarter last year, the company posted $0.34 EPS. On average, equities research analysts anticipate that Shopify will post 1.48 EPS for the current year.

About Shopify

Shopify is a commerce technology company that provides tools for businesses to create and operate online stores. Its platform supports activities such as product management, order processing, payments, shipping, marketing and customer engagement. Shopify also offers point-of-sale tools for merchants selling in person, connecting retail operations with online sales. Its services are used by businesses of varying sizes and are available to merchants in countries around the world. Founded in 2006, Shopify is headquartered in Ottawa, Canada.

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