Shopify (NASDAQ:SHOP) Raised to "Strong-Buy" at Zacks Research

Key Points

• Shopify was upgraded from a "hold" to a "strong-buy" rating by Zacks Research, indicating increased confidence among analysts in the company's performance.
• Other analyst firms have also raised their price targets for Shopify, with Goldman Sachs increasing it from $120 to $176, suggesting strong bullish sentiment for the stock.
• Shopify reported $2.68 billion in quarterly revenue, exceeding expectations and marking a 31.1% increase from the previous year.

Shopify (NASDAQ:SHOP - Get Free Report) TSE: SHOP was upgraded by equities research analysts at Zacks Research from a "hold" rating to a "strong-buy" rating in a research report issued to clients and investors on Tuesday,Zacks.com reports.

Other analysts also recently issued research reports about the company. The Goldman Sachs Group lifted their price objective on Shopify from $120.00 to $176.00 and gave the stock a "buy" rating in a research note on Thursday, August 7th. UBS Group lifted their price objective on Shopify from $110.00 to $145.00 and gave the stock a "neutral" rating in a research note on Thursday, August 7th. Royal Bank Of Canada lifted their price objective on Shopify from $145.00 to $170.00 and gave the stock an "outperform" rating in a research note on Thursday, August 7th. Oppenheimer reaffirmed an "outperform" rating and issued a $149.00 price objective on shares of Shopify in a research note on Tuesday, September 30th. Finally, Evercore ISI lifted their price objective on Shopify from $120.00 to $170.00 and gave the stock an "outperform" rating in a research note on Friday, August 8th. One analyst has rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating, twenty-two have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $151.95.

Shopify Trading Up 2.2%

NASDAQ SHOP opened at $156.21 on Tuesday. The stock's 50 day moving average is $147.72 and its 200 day moving average is $120.16. Shopify has a 12 month low of $69.84 and a 12 month high of $169.69. The stock has a market cap of $203.02 billion, a PE ratio of 87.27, a P/E/G ratio of 7.16 and a beta of 2.72.

Shopify (NASDAQ:SHOP - Get Free Report) TSE: SHOP last posted its quarterly earnings results on Wednesday, August 6th. The software maker reported $0.35 EPS for the quarter, topping analysts' consensus estimates of $0.29 by $0.06. Shopify had a return on equity of 12.30% and a net margin of 23.42%.The company had revenue of $2.68 billion for the quarter, compared to analysts' expectations of $2.55 billion. During the same period in the previous year, the firm earned $0.26 EPS. The firm's revenue was up 31.1% compared to the same quarter last year. On average, analysts forecast that Shopify will post 1.12 EPS for the current fiscal year.

Hedge Funds Weigh In On Shopify

Several hedge funds have recently bought and sold shares of SHOP. Brighton Jones LLC grew its position in Shopify by 2.8% in the 4th quarter. Brighton Jones LLC now owns 21,176 shares of the software maker's stock valued at $2,252,000 after acquiring an additional 584 shares during the last quarter. GAMMA Investing LLC grew its position in Shopify by 80.0% in the 1st quarter. GAMMA Investing LLC now owns 963 shares of the software maker's stock valued at $92,000 after acquiring an additional 428 shares during the last quarter. Wealth Enhancement Advisory Services LLC grew its position in Shopify by 0.5% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 154,273 shares of the software maker's stock valued at $14,730,000 after acquiring an additional 799 shares during the last quarter. Dynamic Advisor Solutions LLC bought a new position in Shopify in the 1st quarter valued at $382,000. Finally, Clarius Group LLC grew its position in Shopify by 64.1% in the 1st quarter. Clarius Group LLC now owns 7,449 shares of the software maker's stock valued at $711,000 after acquiring an additional 2,909 shares during the last quarter. Institutional investors 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.

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