Shopify (NYSE:SHOP) Rating Reiterated by Needham & Company LLC

Shopify (NYSE:SHOP) (TSE:SHOP)‘s stock had its “hold” rating restated by Needham & Company LLC in a research report issued to clients and investors on Tuesday, Benzinga reports.

A number of other brokerages have also recently commented on SHOP. Wells Fargo & Company decreased their price objective on Shopify from $90.00 to $85.00 and set an “overweight” rating for the company in a research note on Wednesday, February 14th. UBS Group boosted their target price on Shopify from $75.00 to $80.00 and gave the company a “neutral” rating in a research note on Wednesday, February 14th. ATB Capital boosted their target price on Shopify from $105.00 to $110.00 and gave the company a “sector perform” rating in a research note on Wednesday, February 14th. The Goldman Sachs Group boosted their target price on Shopify from $67.00 to $75.00 and gave the company a “neutral” rating in a research note on Thursday, February 29th. Finally, Wedbush reissued a “neutral” rating and issued a $68.00 target price on shares of Shopify in a research note on Tuesday, February 13th. Four analysts have rated the stock with a sell rating, nineteen have issued a hold rating and fourteen have issued a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $78.00.

Shopify Stock Up 1.1 %

NYSE SHOP opened at $69.43 on Tuesday. The stock has a fifty day moving average of $77.14 and a 200-day moving average of $71.75. The stock has a market capitalization of $89.33 billion, a P/E ratio of 771.53 and a beta of 2.22. Shopify has a 52 week low of $45.50 and a 52 week high of $91.57. The company has a debt-to-equity ratio of 0.10, a quick ratio of 6.99 and a current ratio of 6.99.

Shopify (NYSE:SHOP) (TSE:SHOP) last released its earnings results on Tuesday, February 13th. The software maker reported $0.26 EPS for the quarter, beating the consensus estimate of $0.22 by $0.04. The company had revenue of $2.14 billion during the quarter, compared to analysts’ expectations of $2.07 billion. Shopify had a return on equity of 4.48% and a net margin of 1.87%. On average, equities research analysts forecast that Shopify will post 0.58 EPS for the current year.

Institutional Trading of Shopify

A number of large investors have recently bought and sold shares of SHOP. Norges Bank acquired a new stake in Shopify during the 4th quarter worth about $1,049,089,000. Capital World Investors grew its stake in shares of Shopify by 28.7% in the 4th quarter. Capital World Investors now owns 39,424,769 shares of the software maker’s stock valued at $3,071,197,000 after buying an additional 8,789,411 shares during the period. Nuveen Asset Management LLC acquired a new stake in shares of Shopify in the 4th quarter valued at about $432,659,000. Artisan Partners Limited Partnership grew its stake in shares of Shopify by 78.4% in the 3rd quarter. Artisan Partners Limited Partnership now owns 4,809,633 shares of the software maker’s stock valued at $262,462,000 after buying an additional 2,113,773 shares during the period. Finally, Legal & General Group Plc grew its stake in shares of Shopify by 30.2% in the 4th quarter. Legal & General Group Plc now owns 8,066,800 shares of the software maker’s stock valued at $631,054,000 after buying an additional 1,870,515 shares during the period. 69.27% of the stock is currently owned by institutional investors and hedge funds.

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.