Shopify (NASDAQ:SHOP) Sets New 1-Year High After Analyst Upgrade

Key Points

• Shopify's shares reached a new 52-week high after National Bankshares upgraded their price target from $180.00 to $200.00, currently rating the stock as "outperform."
• Several brokerages have issued upgraded target prices for Shopify, with a consensus rating of "Moderate Buy" and an average target price of $153.30 based on recent analyst reports.
• Shopify reported quarterly earnings of $0.35 per share, surpassing estimates, and experienced a 31.1% increase in revenue year-over-year, totaling $2.68 billion.

Shares of Shopify Inc. (NASDAQ:SHOP - Get Free Report) TSE: SHOP reached a new 52-week high during trading on Friday after National Bankshares raised their price target on the stock from $180.00 to $200.00. National Bankshares currently has an outperform rating on the stock. Shopify traded as high as $172.33 and last traded at $171.96, with a volume of 1109364 shares changing hands. The stock had previously closed at $167.03.

A number of other brokerages have also recently issued reports on SHOP. Truist Financial lifted their price objective on Shopify from $95.00 to $150.00 and gave the company a "hold" rating in a research note on Thursday, August 7th. TD Cowen reissued a "hold" rating and issued a $156.00 target price on shares of Shopify in a report on Friday, October 3rd. Evercore ISI raised their target price on shares of Shopify from $120.00 to $170.00 and gave the stock an "outperform" rating in a report on Friday, August 8th. Benchmark reissued a "buy" rating and issued a $140.00 target price (up previously from $125.00) on shares of Shopify in a report on Tuesday, August 5th. Finally, Weiss Ratings reiterated a "hold (c)" rating on shares of Shopify in a research note on Wednesday, October 8th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-two have given a Buy rating, twenty-two have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, Shopify has a consensus rating of "Moderate Buy" and an average target price of $153.30.

Institutional Trading of Shopify

Several institutional investors have recently made changes to their positions in SHOP. Heartwood Wealth Advisors LLC bought a new stake in shares of Shopify during the third quarter valued at approximately $27,000. Family Legacy Financial Solutions LLC purchased a new stake in shares of Shopify in the second quarter worth about $25,000. Rothschild Investment LLC grew its holdings in Shopify by 47.5% during the 2nd quarter. Rothschild Investment LLC now owns 233 shares of the software maker's stock valued at $27,000 after buying an additional 75 shares in the last quarter. Financial Gravity Companies Inc. bought a new stake in Shopify in the 2nd quarter worth approximately $27,000. Finally, Tradewinds Capital Management LLC raised its holdings in shares of Shopify by 71.4% during the 2nd quarter. Tradewinds Capital Management LLC now owns 240 shares of the software maker's stock worth $28,000 after acquiring an additional 100 shares in the last quarter. Hedge funds and other institutional investors own 69.27% of the company's stock.

Shopify Stock Up 3.7%

The business's fifty day moving average is $149.30 and its two-hundred day moving average is $123.18. The stock has a market capitalization of $225.10 billion, a PE ratio of 96.76, a price-to-earnings-growth ratio of 7.58 and a beta of 2.72.

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

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.

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