Shopify (NYSE:SHOP) Receives New Coverage from Analysts at JPMorgan Chase & Co.

Analysts at JPMorgan Chase & Co. started coverage on shares of Shopify (NYSE:SHOPGet Free Report) (TSE:SHOP) in a report issued on Tuesday, Marketbeat reports. The firm set an “overweight” rating and a $74.00 price target on the software maker’s stock. JPMorgan Chase & Co.‘s price objective would indicate a potential upside of 13.00% from the stock’s previous close.

A number of other research firms have also commented on SHOP. Atb Cap Markets raised shares of Shopify from a “sector perform” rating to an “outperform” rating in a research note on Wednesday, May 8th. BNP Paribas raised Shopify from an “underperform” rating to an “outperform” rating in a research report on Thursday, May 2nd. Wells Fargo & Company dropped their price target on Shopify from $85.00 to $75.00 and set an “overweight” rating on the stock in a research report on Thursday, May 9th. Robert W. Baird decreased their price objective on Shopify from $87.00 to $77.00 and set an “outperform” rating for the company in a research report on Thursday, May 9th. Finally, Loop Capital dropped their target price on Shopify from $90.00 to $80.00 and set a “hold” rating on the stock in a report on Monday, April 15th. One research analyst has rated the stock with a sell rating, seventeen have issued a hold rating and nineteen have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $76.67.

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Shopify Stock Up 2.6 %

Shares of Shopify stock opened at $65.49 on Tuesday. Shopify has a 12-month low of $45.50 and a 12-month high of $91.57. The firm has a market capitalization of $84.39 billion, a PE ratio of -385.21, a price-to-earnings-growth ratio of 2.88 and a beta of 2.27. The company has a quick ratio of 7.14, a current ratio of 7.14 and a debt-to-equity ratio of 0.10. The stock’s fifty day moving average is $65.70 and its 200-day moving average is $73.65.

Shopify (NYSE:SHOPGet Free Report) (TSE:SHOP) last posted its quarterly earnings data on Wednesday, May 8th. The software maker reported $0.12 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.08 by $0.04. Shopify had a positive return on equity of 7.36% and a negative net margin of 2.82%. The firm had revenue of $1.86 billion for the quarter, compared to the consensus estimate of $1.84 billion. Equities analysts anticipate that Shopify will post 0.59 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the company. StoneCrest Wealth Management Inc. bought a new stake in Shopify during the 4th quarter valued at approximately $1,164,000. Asset Management One Co. Ltd. boosted its position in shares of Shopify by 4,007.4% in the fourth quarter. Asset Management One Co. Ltd. now owns 35,488 shares of the software maker’s stock valued at $2,807,000 after acquiring an additional 34,624 shares during the period. SeaCrest Wealth Management LLC bought a new stake in shares of Shopify in the fourth quarter valued at approximately $433,000. Evoke Wealth LLC bought a new position in Shopify during the fourth quarter worth $2,551,000. Finally, Bleakley Financial Group LLC raised its stake in Shopify by 18.5% during the 4th quarter. Bleakley Financial Group LLC now owns 10,778 shares of the software maker’s stock valued at $840,000 after purchasing an additional 1,681 shares during the last quarter. Institutional investors and hedge funds own 69.27% of the company’s stock.

About Shopify

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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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