Shopify (NYSE:SHOP) Rating Reiterated by Needham & Company LLC

Needham & Company LLC reissued their hold rating on shares of Shopify (NYSE:SHOP - Free Report) TSE: SHOP in a research report report published on Thursday, Benzinga reports.

A number of other equities analysts have also recently commented on SHOP. Wells Fargo & Company cut their target price on shares of Shopify from $90.00 to $85.00 and set an overweight rating on the stock in a report on Wednesday, February 14th. Scotiabank upped their target price on shares of Shopify from $70.00 to $80.00 and gave the company a sector perform rating in a report on Thursday, May 2nd. Mizuho dropped their price target on Shopify from $75.00 to $65.00 and set a neutral rating on the stock in a research report on Thursday. Truist Financial lifted their target price on Shopify from $65.00 to $90.00 and gave the company a hold rating in a research note on Monday, February 12th. Finally, Citigroup upgraded Shopify from a neutral rating to a buy rating and upped their price target for the stock from $93.00 to $105.00 in a research note on Monday, April 29th. One equities research analyst has rated the stock with a sell rating, nineteen have assigned a hold rating and seventeen have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of Hold and an average target price of $76.53.

Shopify Stock Down 0.4 %

Shopify stock traded down $0.26 during mid-day trading on Thursday, reaching $62.47. 19,793,221 shares of the company's stock were exchanged, compared to its average volume of 9,943,693. The company has a fifty day moving average of $74.74 and a 200-day moving average of $73.78. The company has a market cap of $80.37 billion, a P/E ratio of 694.33 and a beta of 2.20. The company has a quick ratio of 6.99, a current ratio of 6.99 and a debt-to-equity ratio of 0.10. Shopify has a twelve month low of $45.50 and a twelve month high of $91.57.

Shopify (NYSE:SHOP - Get Free Report) TSE: SHOP last issued its earnings results on Tuesday, February 13th. The software maker reported $0.26 EPS for the quarter, topping analysts' consensus estimates of $0.22 by $0.04. The firm had revenue of $2.14 billion during the quarter, compared to the consensus estimate of $2.07 billion. Shopify had a net margin of 1.87% and a return on equity of 4.48%. Sell-side analysts expect that Shopify will post 0.59 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the company. Baillie Gifford & Co. lifted its stake in shares of Shopify by 2.3% in the 4th quarter. Baillie Gifford & Co. now owns 64,164,758 shares of the software maker's stock worth $4,998,476,000 after acquiring an additional 1,419,749 shares during the period. Vanguard Group Inc. lifted its position in Shopify by 3.0% in the fourth quarter. Vanguard Group Inc. now owns 42,168,291 shares of the software maker's stock worth $3,284,910,000 after purchasing an additional 1,242,067 shares during the period. Capital World Investors increased its position in shares of Shopify by 28.7% during the 4th quarter. Capital World Investors now owns 39,424,769 shares of the software maker's stock valued at $3,071,197,000 after purchasing an additional 8,789,411 shares during the period. Capital International Investors raised its stake in shares of Shopify by 9.7% in the 4th quarter. Capital International Investors now owns 15,849,638 shares of the software maker's stock worth $1,235,534,000 after buying an additional 1,399,562 shares in the last quarter. Finally, Norges Bank acquired a new stake in shares of Shopify in the fourth quarter valued at $1,049,089,000. Institutional investors own 69.27% of the company's stock.

Shopify Company Profile

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.