Shopify (NASDAQ:SHOP) Rating Increased to Strong-Buy at Rosenblatt Securities

Key Points

• Rosenblatt Securities upgraded Shopify to “strong buy,” while analysts overall maintain a “Moderate Buy” consensus with an average price target of $170.84.
• Shopify reported quarterly EPS of $0.42, beating estimates of $0.40, alongside $3.58 billion in revenue, up 33.7% year over year.
• The stock opened at $147.18 and has traded between $94.00 and $182.19 over the past year; institutional investors own approximately 69.27% of Shopify’s shares.

Shopify (NASDAQ:SHOP - Get Free Report) TSE: SHOP was upgraded by Rosenblatt Securities to a "strong-buy" rating in a report released on Wednesday,Zacks.com reports.

Several other equities research analysts have also recently weighed in on the company. Stifel Nicolaus set a $150.00 price target on Shopify and gave the stock a "buy" rating in a research note on Thursday, July 9th. Seaport Research Partners restated a "buy" rating and set a $175.00 target price on shares of Shopify in a report on Monday. Weiss Ratings raised shares of Shopify from a "hold (c-)" rating to a "hold (c)" rating in a research report on Monday. Morgan Stanley lowered shares of Shopify from an "overweight" rating to a "buy" rating in a research note on Monday, July 13th. Finally, Zacks Research cut shares of Shopify from a "strong-buy" rating to a "hold" rating in a research report on Friday, August 7th. One research analyst has rated the stock with a Strong Buy rating, thirty-five have given a Buy rating and ten have given a Hold rating to the stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $170.84.

Shopify Price Performance

SHOP stock opened at $147.18 on Wednesday. Shopify has a 1 year low of $94.00 and a 1 year high of $182.19. The company has a market cap of $189.37 billion, a P/E ratio of 99.45, a PEG ratio of 2.99 and a beta of 2.58. The firm has a 50-day moving average of $125.96 and a 200 day moving average of $120.36. The company has a debt-to-equity ratio of 0.01, a current ratio of 5.35 and a quick ratio of 5.35.

Shopify (NASDAQ:SHOP - Get Free Report) TSE: SHOP last issued its quarterly earnings data on Wednesday, August 5th. The software maker reported $0.42 EPS for the quarter, topping the consensus estimate of $0.40 by $0.02. The business had revenue of $3.58 billion during the quarter. Shopify had a net margin of 14.53% and a return on equity of 12.58%. The business's quarterly revenue was up 33.7% on a year-over-year basis. During the same quarter last year, the business earned $0.69 earnings per share. On average, sell-side analysts forecast that Shopify will post 1.45 EPS for the current year.

Institutional Investors Weigh In On Shopify

A number of institutional investors have recently modified their holdings of the stock. Brighton Jones LLC grew its position in Shopify by 2.8% during the 4th quarter. Brighton Jones LLC now owns 21,176 shares of the software maker's stock valued at $2,252,000 after purchasing an additional 584 shares during the last quarter. AQR Capital Management LLC raised its holdings in Shopify by 107.3% in the first quarter. AQR Capital Management LLC now owns 14,576 shares of the software maker's stock worth $1,392,000 after buying an additional 7,544 shares during the last quarter. Sivia Capital Partners LLC raised its holdings in Shopify by 6.6% in the second quarter. Sivia Capital Partners LLC now owns 8,190 shares of the software maker's stock worth $945,000 after buying an additional 506 shares during the last quarter. Osterweis Capital Management Inc. bought a new position in shares of Shopify in the second quarter worth approximately $53,000. Finally, Main Street Financial Solutions LLC grew its holdings in shares of Shopify by 15.3% during the second quarter. Main Street Financial Solutions LLC now owns 11,131 shares of the software maker's stock valued at $1,284,000 after buying an additional 1,479 shares during the last quarter. 69.27% of the stock is owned by hedge funds and other institutional investors.

Shopify Company Profile

Shopify is a Canadian commerce technology company that provides a cloud-based platform for businesses to create, manage and scale online and physical retail stores. Its core offering is a software-as-a-service e-commerce platform that enables merchants to build customizable storefronts, manage product catalogs, process orders, and handle inventory. Shopify also supports omnichannel selling through integrated point-of-sale (POS) systems for in-person transactions.

Beyond storefront software, Shopify offers a range of merchant services and tools designed to simplify commerce operations.

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