Shopify (NYSE:SHOP) Upgraded to "Strong-Buy" at Atb Cap Markets

Atb Cap Markets upgraded shares of Shopify (NYSE:SHOP - Free Report) TSE: SHOP from a hold rating to a strong-buy rating in a report issued on Thursday,Zacks.com reports.

SHOP has been the subject of several other research reports. Oppenheimer decreased their price target on Shopify from $150.00 to $125.00 and set an "outperform" rating for the company in a research note on Wednesday, April 30th. DA Davidson dropped their price objective on Shopify from $150.00 to $115.00 and set a "buy" rating for the company in a report on Monday, April 14th. Evercore ISI raised their price target on Shopify from $125.00 to $140.00 and gave the stock an "outperform" rating in a research report on Wednesday, February 12th. Deutsche Bank Aktiengesellschaft raised their price objective on Shopify from $125.00 to $150.00 and gave the company a "buy" rating in a report on Wednesday, February 12th. Finally, Piper Sandler lifted their price objective on shares of Shopify from $94.00 to $104.00 and gave the company a "neutral" rating in a research report on Wednesday, February 12th. One analyst has rated the stock with a sell rating, fourteen have issued a hold rating, twenty-six have issued a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $115.37.

Shopify Stock Performance

SHOP stock traded up $3.39 during midday trading on Thursday, hitting $107.73. 3,751,139 shares of the stock were exchanged, compared to its average volume of 10,634,373. The stock's 50-day moving average price is $93.25 and its 200-day moving average price is $103.23. Shopify has a fifty-two week low of $48.56 and a fifty-two week high of $129.38. The stock has a market cap of $139.48 billion, a price-to-earnings ratio of 69.50, a PEG ratio of 4.82 and a beta of 2.66.

Shopify (NYSE:SHOP - Get Free Report) TSE: SHOP last posted its quarterly earnings results on Tuesday, February 11th. The software maker reported $0.34 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.44 by ($0.10). Shopify had a return on equity of 12.00% and a net margin of 22.74%. Research analysts anticipate that Shopify will post 1.12 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the business. Diversified Trust Co bought a new stake in Shopify during the 4th quarter worth approximately $279,000. Fulton Bank N.A. purchased a new position in Shopify in the fourth quarter worth $286,000. First Hawaiian Bank purchased a new stake in shares of Shopify during the 4th quarter valued at $744,000. Aprio Wealth Management LLC boosted its holdings in shares of Shopify by 18.8% in the 4th quarter. Aprio Wealth Management LLC now owns 3,502 shares of the software maker's stock worth $372,000 after buying an additional 555 shares during the last quarter. Finally, Fiduciary Alliance LLC grew its position in Shopify by 13.2% during the fourth quarter. Fiduciary Alliance LLC now owns 13,865 shares of the software maker's stock valued at $1,474,000 after buying an additional 1,615 shares during the period. Institutional investors and hedge funds 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.