Shopify (NASDAQ:SHOP) Sets New 52-Week High on Analyst Upgrade

Key Points

• Shopify shares reached a new 52-week high following an upgrade by TD Securities, raising their price target from $130.00 to $156.00.
• The stock is currently rated as a hold by several analysts, with a consensus price target of $150.59 from a blend of buy and hold ratings.
• In the last quarter, Shopify reported a 31.1% year-over-year increase in revenue, totaling $2.68 billion, and earnings per share of $0.35, surpassing expectations.

Shares of Shopify Inc. (NASDAQ:SHOP - Get Free Report) TSE: SHOP reached a new 52-week high during trading on Friday after TD Securities raised their price target on the stock from $130.00 to $156.00. TD Securities currently has a hold rating on the stock. Shopify traded as high as $160.96 and last traded at $158.23, with a volume of 3660848 shares traded. The stock had previously closed at $151.30.

SHOP has been the topic of several other reports. Arete Research upgraded shares of Shopify to a "hold" rating in a research report on Wednesday, July 23rd. Atb Cap Markets downgraded shares of Shopify from a "strong-buy" rating to a "hold" rating in a report on Wednesday, August 6th. CIBC boosted their target price on shares of Shopify from $145.00 to $185.00 and gave the stock an "outperform" rating in a report on Thursday, August 7th. Citigroup upped their price target on Shopify from $155.00 to $195.00 and gave the company a "buy" rating in a report on Friday, August 8th. Finally, Needham & Company LLC initiated coverage on Shopify in a report on Monday, July 14th. They issued a "buy" rating and a $135.00 price target on the stock. Twenty-two equities research analysts have rated the stock with a Buy rating, twenty-two have assigned a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $150.59.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. Central Pacific Bank Trust Division increased its stake in shares of Shopify by 39.9% in the third quarter. Central Pacific Bank Trust Division now owns 7,179 shares of the software maker's stock worth $1,067,000 after acquiring an additional 2,046 shares during the last quarter. GAMMA Investing LLC increased its stake in shares of Shopify by 36.2% in the third quarter. GAMMA Investing LLC now owns 1,299 shares of the software maker's stock worth $193,000 after acquiring an additional 345 shares during the last quarter. Bank of New Hampshire increased its position in Shopify by 885.4% in the 3rd quarter. Bank of New Hampshire now owns 12,810 shares of the software maker's stock worth $1,904,000 after purchasing an additional 11,510 shares during the last quarter. Rydar Equities Inc. acquired a new position in Shopify in the 2nd quarter worth about $516,000. Finally, Corient Private Wealth LLC increased its position in Shopify by 5.2% in the 2nd quarter. Corient Private Wealth LLC now owns 84,841 shares of the software maker's stock worth $9,786,000 after purchasing an additional 4,163 shares during the last quarter. Institutional investors and hedge funds own 69.27% of the company's stock.

Shopify Trading Up 6.7%

The firm has a 50-day simple moving average of $142.04 and a two-hundred day simple moving average of $116.66. The company has a market capitalization of $209.86 billion, a price-to-earnings ratio of 90.21, a price-to-earnings-growth ratio of 7.09 and a beta of 2.72.

Shopify (NASDAQ:SHOP - Get Free Report) TSE: SHOP last released its quarterly earnings data 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 firm had revenue of $2.68 billion for the quarter, compared to the consensus estimate of $2.55 billion. During the same quarter in the prior year, the company posted $0.26 earnings per share. The firm's revenue was up 31.1% on a year-over-year basis. On average, sell-side analysts forecast that Shopify Inc. will post 1.12 earnings per share for the current 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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