Shopify (NYSE:SHOP) Upgraded at Citigroup

Shopify (NYSE:SHOP) (TSE:SHOP) was upgraded by Citigroup from a “neutral” rating to a “buy” rating in a research report issued to clients and investors on Monday, Marketbeat Ratings reports. The firm presently has a $105.00 price target on the software maker’s stock, up from their previous price target of $93.00. Citigroup’s price objective would indicate a potential upside of 49.60% from the stock’s current price.

Several other equities analysts have also recently commented on SHOP. Piper Sandler reiterated an “underweight” rating and set a $63.00 target price on shares of Shopify in a research note on Thursday, April 11th. CIBC lifted their target price on Shopify from $82.00 to $100.00 and gave the stock an “outperform” rating in a research report on Wednesday, February 7th. Needham & Company LLC reaffirmed a “hold” rating on shares of Shopify in a report on Tuesday, April 16th. Morgan Stanley raised Shopify from an “equal weight” rating to an “overweight” rating and lifted their price objective for the stock from $74.00 to $85.00 in a report on Friday, April 19th. Finally, StockNews.com upgraded Shopify from a “sell” rating to a “hold” rating in a research note on Wednesday, April 24th. Three equities research analysts have rated the stock with a sell rating, eighteen have issued a hold rating and sixteen have issued a buy rating to the company. According to MarketBeat.com, Shopify presently has an average rating of “Hold” and a consensus target price of $78.62.

Shopify Price Performance

NYSE SHOP opened at $70.19 on Monday. The company has a 50 day moving average price of $74.93 and a two-hundred day moving average price of $73.02. Shopify has a 12-month low of $45.50 and a 12-month high of $91.57. The stock has a market capitalization of $90.30 billion, a PE ratio of 779.92 and a beta of 2.22. The company has a quick ratio of 6.99, a current ratio of 6.99 and a debt-to-equity ratio of 0.10.

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

Institutional Investors Weigh In On Shopify

Several large investors have recently bought and sold shares of the company. Asset Management One Co. Ltd. bought a new stake in Shopify during the 3rd quarter worth approximately $47,000. Simplicity Solutions LLC raised its holdings in shares of Shopify by 13.9% during the third quarter. Simplicity Solutions LLC now owns 9,097 shares of the software maker’s stock worth $496,000 after acquiring an additional 1,110 shares during the period. Clarius Group LLC bought a new stake in Shopify in the 3rd quarter valued at $270,000. Commonwealth Equity Services LLC boosted its stake in Shopify by 1.6% in the 3rd quarter. Commonwealth Equity Services LLC now owns 384,168 shares of the software maker’s stock worth $20,964,000 after purchasing an additional 6,066 shares during the period. Finally, RMR Wealth Builders increased its holdings in Shopify by 12.5% during the 3rd quarter. RMR Wealth Builders now owns 12,687 shares of the software maker’s stock worth $692,000 after purchasing an additional 1,410 shares in the last quarter. Institutional investors own 69.27% of the company’s stock.

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.