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DOW   0.72 (+6.87%)
QQQ   271.86 (+2.52%)
AAPL   452.04 (+3.32%)
MSFT   209.19 (+2.86%)
FB   259.89 (+1.47%)
GOOGL   1,507.24 (+1.80%)
AMZN   3,162.24 (+2.65%)
NVDA   457.61 (+5.44%)
CGC   17.25 (+1.77%)
BABA   255.19 (+2.73%)
TSLA   1,554.76 (+13.12%)
GE   6.72 (-0.15%)
MU   48.48 (+1.51%)
AMD   82.61 (+7.45%)
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NFLX   475.47 (+1.83%)
DIS   131.79 (+1.00%)
BAC   26.73 (-0.71%)
BA   175.44 (-2.60%)
S&P 500   0.72 (+6.87%)
DOW   0.72 (+6.87%)
QQQ   271.86 (+2.52%)
AAPL   452.04 (+3.32%)
MSFT   209.19 (+2.86%)
FB   259.89 (+1.47%)
GOOGL   1,507.24 (+1.80%)
AMZN   3,162.24 (+2.65%)
NVDA   457.61 (+5.44%)
CGC   17.25 (+1.77%)
BABA   255.19 (+2.73%)
TSLA   1,554.76 (+13.12%)
GE   6.72 (-0.15%)
MU   48.48 (+1.51%)
AMD   82.61 (+7.45%)
T   30.18 (-0.07%)
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DOW   0.72 (+6.87%)
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AAPL   452.04 (+3.32%)
MSFT   209.19 (+2.86%)
FB   259.89 (+1.47%)
GOOGL   1,507.24 (+1.80%)
AMZN   3,162.24 (+2.65%)
NVDA   457.61 (+5.44%)
CGC   17.25 (+1.77%)
BABA   255.19 (+2.73%)
TSLA   1,554.76 (+13.12%)
GE   6.72 (-0.15%)
MU   48.48 (+1.51%)
AMD   82.61 (+7.45%)
T   30.18 (-0.07%)
F   7.11 (-1.66%)
ACB   9.80 (-2.20%)
GILD   68.84 (+1.09%)
NFLX   475.47 (+1.83%)
DIS   131.79 (+1.00%)
BAC   26.73 (-0.71%)
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Shopify (NYSE:SHOP) Sets New 52-Week High on Analyst Upgrade

Posted on Thursday, June 18th, 2020 by MarketBeat

Shopify Inc (NYSE:SHOP) (TSE:SHOP)'s share price hit a new 52-week high on Thursday after Royal Bank of Canada raised their price target on the stock from $825.00 to $1,000.00. Royal Bank of Canada currently has an outperform rating on the stock. Shopify traded as high as $850.00 and last traded at $844.41, with a volume of 593335 shares. The stock had previously closed at $817.36.

Other equities analysts have also recently issued reports about the stock. DA Davidson reiterated a "hold" rating and set a $650.00 target price on shares of Shopify in a research note on Thursday, May 21st. Roth Capital reiterated a "hold" rating and set a $625.00 target price (up from $320.00) on shares of Shopify in a research note on Wednesday, May 6th. Loop Capital upped their target price on shares of Shopify from $350.00 to $700.00 and gave the company a "hold" rating in a research note on Thursday, May 7th. ValuEngine cut shares of Shopify from a "buy" rating to a "hold" rating in a research note on Friday, May 1st. Finally, Credit Suisse Group reiterated a "neutral" rating on shares of Shopify in a research note on Thursday, May 21st. Two investment analysts have rated the stock with a sell rating, eighteen have issued a hold rating and ten have issued a buy rating to the stock. The company has an average rating of "Hold" and an average price target of $663.42.

Institutional investors and hedge funds have recently bought and sold shares of the company. First Trust Advisors LP lifted its position in Shopify by 15.6% during the 1st quarter. First Trust Advisors LP now owns 3,499 shares of the software maker's stock worth $723,000 after buying an additional 472 shares in the last quarter. Clear Perspective Advisors LLC acquired a new position in Shopify during the 4th quarter worth about $200,000. State Street Corp lifted its position in Shopify by 299.3% during the 4th quarter. State Street Corp now owns 34,761 shares of the software maker's stock worth $13,820,000 after buying an additional 26,056 shares in the last quarter. Sei Investments Co. lifted its position in Shopify by 19.4% during the 4th quarter. Sei Investments Co. now owns 10,018 shares of the software maker's stock worth $3,868,000 after buying an additional 1,629 shares in the last quarter. Finally, PNC Financial Services Group Inc. lifted its position in Shopify by 13.8% during the 4th quarter. PNC Financial Services Group Inc. now owns 7,304 shares of the software maker's stock valued at $2,904,000 after purchasing an additional 888 shares during the period. 60.27% of the stock is currently owned by institutional investors and hedge funds.

The company has a debt-to-equity ratio of 0.04, a quick ratio of 9.45 and a current ratio of 9.45. The company has a market capitalization of $94.49 billion, a price-to-earnings ratio of -704.62 and a beta of 1.53. The business's 50-day simple moving average is $736.51 and its 200-day simple moving average is $515.37.

Shopify (NYSE:SHOP) (TSE:SHOP) last released its earnings results on Wednesday, May 6th. The software maker reported $0.19 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.70) by $0.89. Shopify had a negative net margin of 7.65% and a negative return on equity of 2.56%. The company had revenue of $470.00 million for the quarter, compared to the consensus estimate of $442.92 million. During the same period in the prior year, the company posted $0.09 EPS. The company's revenue was up 46.6% compared to the same quarter last year. On average, analysts forecast that Shopify Inc will post -1.63 earnings per share for the current year.

Shopify Company Profile (NYSE:SHOP)

Shopify Inc provides a cloud-based multi-channel commerce platform for small and medium-sized businesses in the United States, the United Kingdom, Canada, Australia, and internationally. Its platform provides merchants with a single view of business and customers in various sales channels, including Web and mobile storefronts, physical retail locations, social media storefronts, and marketplaces; and enables to manage products and inventory, process orders and payments, ship orders, build customer relationships, leverage analytics and reporting, and access financing.

Read More: Example of operating income, EBIT and EBITDA

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to [email protected]

7 Tech Stocks to Buy Now For a Post Coronavirus Economy

The Covid-19 pandemic has created a new “tech wreck”. But unlike the broad selloff at the end of 2018, this downturn has been more selective. Some stocks that looked like they were a little overbought have seen their share prices lowered.

In some cases, there was a legitimate reason for this. However, in other cases, it was likely a result of profit-taking disguised as something else. That’s the nature of a crisis. It gives investors the cover to do what they wanted to do anyway. But once investors start to sell, it can trigger a herd mentality.

And that’s when savvy investors start to look for opportunities. Because as Warren Buffett famously said, “Be greedy when others are fearful.” Tech stocks will lead the way back when the pandemic is over. Because if there’s one thing this moment in time is teaching us, it’s that we’re not going to be less dependent on technology. Businesses aren’t going to be doing less digital advertising. Consumers aren’t going to do less e-commerce.

But the fundamentals still matter. That’s why one of the common traits of many of these companies is that they have rock-solid balance sheets.

View the "7 Tech Stocks to Buy Now For a Post Coronavirus Economy".

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